Retailers Must Have Bank Accounts & PoS Machines – GoZ
The Zimbabwean government is taking a firm stance with retailers, introducing new requirements as part of their licensing process.
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According to a report, Information Minister Jenfan Muswere announced these measures to address issues related to unofficial exchange rates and the circulation of smuggled and counterfeit goods.
Background: The Unofficial Exchange Rate Challenge
Cabinet discussions highlighted that some retailers and manufacturers have been using unofficial exchange rates in their business operations. To encourage the adoption of digital payment methods, the Reserve Bank of Zimbabwe will now enhance the licensing criteria for all business operators. Retailers will be required to have a bank account and a point-of-sale (PoS) machine under the Shop and Shop Licensing Act.
Retailers Must Have Bank Accounts & PoS Machines – GoZ
Government Inspectors to Ensure Compliance
In an effort to maintain price stability and ensure the availability of essential goods, government inspectors will be deployed. Their task is to address any misdemeanors that undermine these goals. However, critics argue that citizens are wary of plastic money due to high bank charges.
Smuggled and Counterfeit Goods: A Growing Concern
Muswere also highlighted the proliferation of smuggled and counterfeit goods, which unfairly compete with locally produced items. These illicit products often evade taxation and import duties.
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To tackle this issue, the Zimbabwean government plans to increase border patrols, expand the number of inspectors, and adopt a comprehensive approach across all government agencies.
