Cash less transactions can help Zimbabweans out- Musewe

Cash less transactions can help Zimbabweans out- Musewe
Published: 20 April 2017 (194 Views)
Economic and political analyst Vince Musewe  has said the cashless transactions can help Zimbabweans in their day to day buying demands as the

cash shortages continue to rock the nation.

He said A cashless society is a term describing the economic eco-system in which palpable, physical money, namely paper banknotes and metal coins, are replaced with virtual, digital money, and where cash circulation is substituted with payments done by using numerous types of cards, mobile devices and various other equipment connected to the internet.

"The benefits of a cashless society to the transacting public are much more than just convenience and safety associated with the payment system.

Current tight liquidity conditions and the need for financial transparency and inclusion can be solved through the adoption of plastic money," he

said.

"This also has the potential to contribute to GDP growth as the majority of the populace is brought into the banking system. In addition, a significant

percentage of GDP can be realized in the form of savings if Zimbabweans shift from cash to an electronic-based transaction system as money remains in the bank longer."

Musewe said because cashless payments can be traced, since they leave digital trails, it is argued that illegal market activities and illicit

fund flows can be restrained and possibly even eliminated in the long term thus benefiting the economy.

"This would help Zimbabwe tremendously especially given the increasing illegal externalisation of scarce foreign currency," he said.



- Byo24News

Tags: Cash, Musewe, banks,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

'Men hit on Nyasha Mushekwi's wife every day'

by Staff reporter | 30 May 2017 | 24 Views

Naison Khutshwekhaya Ndlovu declared national hero

by Staff reporter | 30 May 2017 | 21 Views

Bosso, Majaivana and other taboos

by Cetshwayo Zindabazezwe Mabhena writes from South Africa | 30 May 2017 | 17 Views

Mujuru suspends the NPP elected structures in Bulawayo province

by Sindisiwe Mkandla | 30 May 2017 | 19 Views

Mazhindu crowned Miss CUT 2017

by CUT Fate Club | 30 May 2017 | 13 Views

Madzibaba whose congregants assaulted cops loses farm

by Staff reporter | 30 May 2017 | 17 Views

Tsvangirai advised to dump Mujuru coalition

by Staff reporter | 30 May 2017 | 15 Views

Ex-Zupco employees locked out of premises

by Staff reporter | 30 May 2017 | 85 Views

4 dead, 8 seriously injured

by Staff reporter | 30 May 2017 | 131 Views

Makandiwa revival conference draws multitudes

by Staff reporter | 30 May 2017 | 83 Views

Mugabe, youths meeting date changed

by Staff reporter | 30 May 2017 | 101 Views

Bosso condemn hooliganism

by Staff reporter | 30 May 2017 | 57 Views

Armed 'prophet, aide' raid shop

by Staff reporter | 30 May 2017 | 70 Views

CIO boss piles pressure on 'corrupt' senior cops

by Staff reporter | 30 May 2017 | 79 Views

Mass 'gukurahundi' grave found in Kezi

by Staff reporter | 30 May 2017 | 97 Views

Police, prison services get bonuses

by Staff reporter | 30 May 2017 | 75 Views

Leadership wrangle rocks Zanu-PF

by Staff reporter | 30 May 2017 | 67 Views

Turk Mine workers' wives join protest

by Staff reporter | 30 May 2017 | 53 Views

RBZ, Zesa strike Eskom payment deal

by Staff reporter | 30 May 2017 | 57 Views

Mphoko mourns Khutshwekhaya Ndlovu

by Staff reporter | 30 May 2017 | 56 Views

Chief fines traditional leaders for incompetence

by Staff reporter | 30 May 2017 | 51 Views

Zanu-PF bigwig acquitted of rape

by Staff reporter | 30 May 2017 | 63 Views

Mzembi takes on Chombo over roadblocks

by Staff reporter | 30 May 2017 | 69 Views

Mutambara rips into Grace Mugabe

by Staff reporter | 30 May 2017 | 102 Views

'DA, MDC-T an alliance meant to protect white interests'

by Farirai Machivenyika | 30 May 2017 | 46 Views

Black CEO forced out of Liberty Holdings

by Staff reporter | 30 May 2017 | 85 Views

Kariba Dam renovation boost for Sadc power

by Staff reporter | 30 May 2017 | 32 Views

Steward bank buckles

by Staff reporter | 30 May 2017 | 55 Views

Tsvangirai slams 'small-minded opportunists'

by Staff reporter | 30 May 2017 | 77 Views

Dokora escapes death by whisker

by Staff reporter | 30 May 2017 | 79 Views

Condemning Nikuv's continued interference in Zimbabwe elections

by Wilbert Mukori | 30 May 2017 | 53 Views

Mugabe has never done anything wrong in Zimbabwe

by Staff reporter | 30 May 2017 | 48 Views

Mthwakazi rally in South Africa a huge success

by Stephen Jakes | 30 May 2017 | 24 Views

Villagers not benefiting from their natural resources

by Stephen Jakes | 30 May 2017 | 25 Views

Fake prophet secretly place man-made goblin in a bus

by Staff reporter | 29 May 2017 | 133 Views

Mugabe is right about land reform

by David Anderson | 29 May 2017 | 106 Views

Margaret Thatcher's letter to Mugabe

by Online | 29 May 2017 | 198 Views

Reprieve for Mugabe death pastor

by Stephen Jakes | 29 May 2017 | 110 Views