An employee at Mahommed Mussa Wholesalers, a company in Zimbabwe, recently stole a substantial amount of money, totalling $195,000. He used some of the stolen funds to pay for lobola, a traditional marriage payment.
Information Secretary Nick Mangwana said the incident came to light on Christmas day when police officers swooped in and confiscated both the stolen money and the groceries that were purchased with it. He said:
MAMPARA MUKWASHA So this guy stole US$195k from Mahomed Mussa Wholesalers where he worked, and went to pay Lobola with some of it. Imagine during Christmas detectives pouncing at the in-laws’ homestead confiscating all grocery items brought in and lobola money. Crime doesn’t pay
Some commentators said while theft is an unquestionably condemnable act, the focus should be on why the company was keeping large sums of cash on their premises instead of depositing it in a bank. They say the case highlights the lack of confidence that exists within the traditional banking sector in Zimbabwe. Award-winning journalist Hopewell Chin’ono aid:
Chin’ono said the root cause is what the government represented by Nick Mangwana should address, not just the symptoms. Police wouldn’t need to have their time and personnel deployed for these types of crimes if the banking system was working and citizens had confidence in it.
According to Chin’ono, the government should address the root cause of this issue rather than merely focusing on the symptoms. He said if the banking system was functioning effectively and citizens had faith in it, the police would not need to devote their time and resources to crimes of this nature.
Confidence in the banking sector has been diminishing in Zimbabwe since the hyperinflation crisis in 2008, which resulted in the erosion of depositors’ bank balances. Matters were further exacerbated when the Zimbabwe dollar was reintroduced in 2019. Initially, the government set the local currency at an equal value to the United States dollar, leading banks to convert USD balances into Zimbabwe dollars. However, the Zimbabwe dollar subsequently lost value, causing depositors to suffer losses.
As a consequence of these events, many individuals have resorted to “pillow banking,” whereby they choose to keep their money at home or in alternative locations instead of placing it in banks. This behaviour stems from a fear that changes in government policies could potentially erode their savings. Unfortunately, this trend has made businesses and individuals prime targets for armed robberies, as criminals are aware that substantial amounts of cash are being stored outside of banks.