Published: 06 October 2017

THE Reserve Bank of Zimbabwe (RBZ) is considering importing more Point of Sale (POS) machines as part of grand efforts to increase transaction points and arrest the high costs being levied by traders.

This comes as 75 percent of transactions in the country are now conducted through non-cash payment systems which include POS, mobile money, and Real Time Gross Settlement (RTGS). Finance and Economic Development Minister Patrick Chinamasa told the National Assembly last week that allegations of banks and merchants overcharging consumers when transacting using electronic means of payment have been "brought to our attention and we continue monitoring to ensure compliance".

Currently, there has been a 189 percent increase in the number of POS machines deployed across the country, rising from 16,363 in 2015 to 47,362 by end July 2017. Similarly, there is a corresponding surge in POS transactions, jumping from 398 986 in 2009 to 181 251 082 (annualised). 
- the herald

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