Business Correspondent
On national Radio Stations, a jingle plays, telling all and ssundry that the new Zimbabwe currency is the way to go.
The jingle profers that the new currency is found everywhere, it is now in use everywhere, there is no more challenges with change.
In reality, the opposite is true.
The Zimbabwe Gold, ZiG in short, is scarce and is unwanted by any business person.
Some supermarkets in Masvingo, including Nyaningwe Supermarket and Bhola Hypermarket, are reportedly rejecting electronic payments in ZiG (swipe), leaving civil servants who receive their salaries in ZiG currency unable to make purchases.
Mthokozisi Nkosi, chairperson of the Consumer Protection Commission (CPC), warned businesses that reject ZiG payments, saying,
“We understand technology fails at times, but we cannot be bystanders when they flagrantly violate consumer laws. The law is clear that we are in a multi-currency regime, and consumers have a choice on which currency to use as they transact. We are coming after these unscrupulous businesses.”
Nkosi emphasized that the Commission will take action against shops that unlawfully reject ZiG payments, stating,
“Let these businesses be warned that we cannot be bystanders when they flagrantly violate consumer laws.
Meanwhile it is the same in Bulawayo especially with informal sector. They do not accept the ZiG, whether swipe of hard cash. This has forced the formalized supermarkets to feign loss of network on swipe or faulty swipe machines.
Generally, the ZiG has not been accepted and the government is failing to choke it down consumer throats.
Nkosi promised that their Bulawayo office will soon be descending on these rogue elements. “
We strongly warn them to stop this practice forthwith.”
Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu noted that the ZiG now accounts for approximately 30% of all transactions in the economy, up from 20% at the time of its introduction in April 2024.
Zim GBC News©2024