RBZ Launches 'Swipe for ZiG' Service
Analysts say it is more effective to allow retailers to provide cashback services.
RBZ Launches ‘Swipe for ZiG' Service
In a bid to distribute the scarce ZiG, the Reserve Bank of Zimbabwe (RBZ) has launched a new initiative called “Swipe for ZiG Cash.”
In April, the RBZ launched the Zimbabwe Gold (ZiG) as the country’s official currency. However, despite the introduction of small ZiG denominations, the lack of small change remains a persistent challenge.
To tackle this problem, the RBZ has partnered with Homelink to expand access to ZiG cash. This initiative aims to ensure the availability of small denominations such as ZiG1, ZiG2, ZiG5, and ZiG10 across the economy.
In a statement released on Tuesday, the RBZ urged individuals, commuters, public transport operators, retailers, informal traders, vendor associations, and other key stakeholders to visit their nearest Homelink branch starting next Monday.
At these branches, they can use their local currency debit or credit cards to “swipe” and obtain the desired ZiG cash.
RBZ Launches ‘Swipe for ZiG' Service
Additionally, the central bank advised that people can legally exchange their foreign currency cash for ZiG cash at the Homelink branches, using the prevailing interbank exchange rate.
The RBZ further stated that this arrangement with Homelink to ensure the widespread availability of ZiG cash will be expanded to include other bureau de change operators in the future, although a specific timeline was not provided.
However, many have described the move as inadequate as Homelink has less than 15 branches spread across 5 cities and towns. This, the citizens said, means that transacting public in rural areas would have to travel to the urban centres to get the services.
Analysts also weighed in suggesting that the RBZ should allow retail shops which have a wider market to do cashback transactions adding that this was once very normal in Zimbabwe.
