RBZ to introduce POS machines which can be shared by 10 operators

The Deputy Governor of the Reserve Bank of Zimbabwe, Dr. Kupukile Mlambo has revealed that the central bank will soon introduce Point of Sale (POS) machines which can be shared by up to 10 different operators. These machines are meant to promote the use of plastic money, due to the ongoing cash shortages in the country.

Dr. Mlambo said:

Zimbabwe is experiencing a cash crisis due to shortage of foreign currency where cash movement was 30 percent in 2009 and now it’s five percent. You can see our challenge but we are making progress through export incentives and bond notes,

Let’s use plastic money because cash is a problem. We are planning to increase use of POS machines in the informal sector. We are going to have some being used by 10 users but all with different pin codes. We are looking into that. We have compelled a lot of companies that don’t have bank accounts to open one.

We are talking to all retailers so they have to do this and also accept rand, bond notes and swiping. It’s illegal for retailers to operate a three tier pricing system hence we encourage them to use one pricing system.

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