Mnangagwa to command financial sector to reduce charges

Mnangagwa to command financial sector to reduce charges
Published: 10 July 2017 (386 Views)
Vice-President Emmerson Mnangagwa has again called on the financial sector to reduce charges on the use of debit and credit cards to ease the cost of transacting in the country, in view of the current cash shortages.

Speaking at the just-ended Buy Zimbabwe 7th Buy Local Summit and Investment Forum in Victoria Falls, Mnangagwa said for the country to successfully industrialise and promote the purchase of local products, it required symbiotic efforts from the financial sector, retailers, wholesalers and suppliers, among others, to ease the cost of transacting.

"I want to recognise some of the players in the financial sector who heeded my recent call to reduce charges on the use of debit and credit cards. It is my hope that those who have not reviewed the charges will follow suit," Mnangagwa said.

"Allow me to reiterate, once again, that the reduction of such charges will have a ripple effect on the transactional, precautionary and speculative demand for hard cash. No one will have an incentive to hold or hoard money and eventually the long winding queues at our banking halls are bound to disappear."

He said in order to fully industrialise and integrate the mainstream economy there is need to ensure that consumers are willing and able to buy products and services for their needs.

"This can be assured by a market where it is cheap and convenient to transact as financial literacy levels are improving the Buy Zimbabwe campaign should be blended with more use of plastic money," he said.

He said stakeholders are encouraged to remain engaged under the Buy Zimbabwe initiative, in the quest to develop a local content policy as this will be a key step in shaping procurement and industrial policy of the country.

Mnangagwa said the industrial sector is the major driving force in turning around the fortunes of the economy not only from a productivity point of view, but also for its potential to enhance the country's export earnings.

"Local production and value chains as well as forward and backward linkages need to be successful with the long-term objective of penetrating the global market.

"To enhance industrialisation, the country must have a fully functional robust and competitive economy which is inclusive of micro, small and medium enterprises. To this end, Buy Zimbabwe should not in any way be an opportunity to inculcate a monopolistic behaviour, but companies must, instead, be cognisant of the regional and international pricing and productivity trends to ensure that our products are globally competitive," he said.

According to official statistics the country processed point-of-sale (POS) transactions worth $2,9 billion in 2016 with POS volumes increasing by 260% during the same period.

POS transactions are all payments made at swipe machines using plastic money in the form of debit and credit cards.

- newsday

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Zimbabwe urgently need a youthful leader

by Tinotenda Samukange | 21 September 2017 | 13 Views

Junior officer accused of insulting 'idiot' Charamba off the hook

by Staff reporter | 21 September 2017 | 49 Views

Tambaoga back with anti-corruption song

by Staff reporter | 21 September 2017 | 35 Views

Jealous 'suitor' stabs rival over prostitute

by Staff reporter | 21 September 2017 | 32 Views

War veterans elect new executive

by Staff reporter | 21 September 2017 | 36 Views

Man bashes his kidnapper, leaves him for dead

by Simbarashe Sithole | 21 September 2017 | 42 Views

Thieving rapist jailed

by Staff reporter | 21 September 2017 | 24 Views

Castle launches national braai day

by Staff reporter | 21 September 2017 | 28 Views

Duo fined for tortoise possession

by Staff reporter | 21 September 2017 | 27 Views

Zimbabwe's banking system as a hindrance to business and trade

by Staff reporter | 21 September 2017 | 31 Views

Chapungu, Dembare in limbo

by Staff reporter | 21 September 2017 | 25 Views

Savannah Madamombe facing resistance in New York

by Peacemaker Zano | 21 September 2017 | 21 Views

Madlela welcomes new baby

by Staff reporter | 21 September 2017 | 26 Views

'Sekeramayi destabilising war veterans'

by Staff reporter | 21 September 2017 | 18 Views

Pressure awaits cancer-stricken Tsvangirai

by Staff reporter | 21 September 2017 | 37 Views

President Trump a threat to world peace

by Tererai Danga | 21 September 2017 | 30 Views

Chinamasa grilled over illegal cash dealers

by Staff reporter | 21 September 2017 | 23 Views

BCC in $3.1m emergency roadworks

by Staff reporter | 21 September 2017 | 21 Views

Woman 'rapes' two, infects nephew with STI

by Staff reporter | 21 September 2017 | 31 Views

Issuing of emergency passports resumes

by Staff reporter | 21 September 2017 | 23 Views

US govt working on normalising ties with Zimbabwe

by Staff reporter | 21 September 2017 | 21 Views

Ozias boost for Bosso strikeforce

by Staff reporter | 21 September 2017 | 21 Views

Air Zimbabwe ordered to reinstate 300 workers within 6o days

by Staff reporter | 21 September 2017 | 24 Views

Man sues bus company over wife's death in accident

by Staff reporter | 21 September 2017 | 13 Views

Motorists, public urged to acquaint with new road signs

by Staff reporter | 21 September 2017 | 15 Views

Tsvangirai expected back in Zimbabwe at the weekend

by Staff reporter | 21 September 2017 | 18 Views

Zanu-PF must stop abusing school properties, pupils

by Staff reporter | 21 September 2017 | 15 Views

Prophet Magaya to face rape trial

by Staff reporter | 21 September 2017 | 23 Views

Air Zimbabwe to take delivery of 6 small planes

by Staff reporter | 21 September 2017 | 15 Views

Mnangagwa caught up in $1m Zifa bailout storm

by Staff reporter | 21 September 2017 | 20 Views

Jonathan Moyo faces arrest

by Staff reporter | 21 September 2017 | 19 Views

Chinamasa cornered over Grace Mugabe's lavish lifestyle

by Staff reporter | 21 September 2017 | 16 Views

Zimbabwe passport seekers swindled in SA

by Stephen Jakes | 21 September 2017 | 13 Views

Exiled MDC-T founding member Pfebve earn a doctorate

by Stephen Jakes | 21 September 2017 | 26 Views

Mugabe engages generals for war vets congress

by Staff reporter | 21 September 2017 | 18 Views