Mahomed Mussa denies cash stashing allegations

Mahomed Mussa denies cash stashing allegations
Published: 16 January 2018 (663 Views)
Mahomed Mussa, arguably one of Zimbabwe's largest wholesalers, has denied allegations it stashes cash "under the pillow," saying it deposits its cash with local banks in line with the country's monetary laws.

This comes as calls were made for bankers to engage Asian businesses as well as other individuals who are reportedly holding on to cash for speculative purposes to be roped into any currency debates to boost circulation in official channels.

Following over a year-long cash challenge in the country, illegal dealers have taken advantage of this to trade both the US dollar and bond notes on the streets at a premium, worsening the situation.

In an interview with The Herald Business, Mahomed Mussa (MM) director Sharif Mussa, said the MM group that comprises wholesale, electrical, home-centre, hardware and LP gas retail, has been fully compliant with the country's laws and regulations governing the handling of cash.

"We do not know about those who hold on to cash, as for the MM brand, we do comply with the law. We actually have authorities who always check our confidential reports so that they see we are complying with the law," he said.

Most downtown retailers sale low value goods through exclusively cash transactions, amid allegations they hold on to cash for speculative purposes.

In a telephone interview, Finance and Economic Planning Deputy Minister Terence Mukupe, said it was also imperative for bankers to come up with products and services that entice shop owners and other individuals who are unbanked to use formal banking channels and deposit their cash.

He, however, highlighted the point that the problem was not only with the Asian wholesalers and retailers, but also prevalent among local business people and individuals who are speculative and bent on making a quick buck.

"There is also need for banks to come up with products that are all-encompassing, for people of various religions and backgrounds.

"As a Government, we want to continue working on improving the environment that should encourage people to comply with laws and regulations. At the end of the day, it is not about being an Asian business person that stops one from going to the bank, but about speculative individuals," he said adding Government was working on enhancing electronic platforms for transactions.

In the wake of the increasing cash challenges, Mr Mussa said the MM group was also working on increasing convenient methods of transacting such as mobile money as they are currently swiping.

"We have swipe machines in our shops, we immediately responded to the call made by Government to use plastic money following the cash shortages experienced, it is for the benefits of everybody.

"As for Ecocash, work is in progress and we should be re-engaging the mobile network company on this," he said.

The MM group has also been considering opening up facilities for local manufacturers as part of efforts to boost the sector and employment creation.

This, Mr Mussa, said, would be one of their contributions to supporting local brands, under the Buy Zimbabwe initiative.

The group's merchandise, from groceries, furniture and electrical goods is 100 percent locally manufactured.

This has won the group some recognition as the preferred supplier, best wholesaler, retailer and employer of the year at the Buy Zimbabwe and Zimbabwe Confederation of Retailers awards ceremonies.

"Our thrust has always been to support local industry that is why we give priority to local manufacturers. There may be challenges here and there but we do not fill up the gap importing foreign products to compete locals.

"We have full faith in our economy, our Government and its policies so we feel we also have to step up efforts towards reviving and strengthening our economy and our brands," said Mr Mussa.

- the herald

Tags: Mussa, Cash, Stash,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Emergency recovery measures to stop Zimbabwe economic free-fall

by Dr Tapiwa Mashakada | 23 October 2018 | 28 Views

Chamisa demands 2% tax refunds

by Staff reporter | 23 October 2018 | 38 Views

Zanu-PF chefs fail to pay workers

by Staff reporter | 23 October 2018 | 18 Views

Chamisa's youths to avenge vendor's death

by Staff reporter | 23 October 2018 | 30 Views

Zimbabwe motorists sleep in fuel queues

by Staff reporter | 23 October 2018 | 22 Views

Police pounce on Kadoma Forex dealers

by Stephen Jakes | 23 October 2018 | 51 Views

Dogs maul boy at Beitbridge border post - WhatsApp update

by Concerned Citizen | 23 October 2018 | 31 Views

Indosakusa leaves injiva in stitches

by Future Moyo aka Jamelah | 23 October 2018 | 28 Views

Kombis spend more time in queues these days

by Stephen Jakes | 23 October 2018 | 25 Views

How to find a safe and reliable online casino

by Staff Reporter | 23 October 2018 | 34 Views

Learning Factory: studying History and modern technology in Zimbabwe

by Brian Maregedze | 23 October 2018 | 25 Views

Mugabe's son-in-law appears in court, gets US$30 bail

by Staff Reporter | 23 October 2018 | 53 Views

NSSA reviews retirement grants

by Staff reporter | 23 October 2018 | 43 Views

Zimbabwe teachers to boycott Zanu-PF businesses

by Staff reporter | 23 October 2018 | 33 Views

Mthuli Ncube on a trajectory of vendettas?

by The Banker | 23 October 2018 | 262 Views

Chiyangwa demands respect he doesn't deserve

by Staff reporter | 23 October 2018 | 141 Views

Mnangagwa's Politburo, Central Committee to meet

by Staff reporter | 23 October 2018 | 176 Views

Mines Permanent Secretary in 'baptism of fire'

by Staff reporter | 23 October 2018 | 112 Views

Bid to block Mthuli Ncube's 2% tax hits brick wall

by Staff reporter | 23 October 2018 | 102 Views

Operation Restore Legacy hits RBZ

by Staff reporter | 23 October 2018 | 157 Views

Acie Lumumba fired?

by Staff reporter | 23 October 2018 | 155 Views

Vandalism, theft cost Zesa $20million

by Staff reporter | 23 October 2018 | 69 Views

Zimbabwe draws down $199 million for Hwange project

by Staff reporter | 23 October 2018 | 81 Views

Man loses $10,000 to thieves while watching street fight

by Staff reporter | 23 October 2018 | 106 Views

Woe unto enemies of Mnangagwa's 2nd Republic

by Nduduzo Tshuma | 23 October 2018 | 110 Views

Zimbabwe Parliamentary committee to engage US congress on sanctions

by Staff reporter | 23 October 2018 | 59 Views

Zanu-PF in another court victory 'on a technicality'

by Staff reporter | 23 October 2018 | 70 Views

Matebeleland North registers unemployed teachers

by Staff reporter | 23 October 2018 | 70 Views

Mthuli Ncube has started working towards restoring property rights

by Staff reporter | 23 October 2018 | 89 Views

RBZ avails $10m to manufacturing sector

by Staff reporter | 23 October 2018 | 61 Views

Minister Chitando faces contempt of Parly charges

by Staff reporter | 23 October 2018 | 69 Views

Grace Mugabe PhD: Nyagura bid to stop trial hits brickwall

by Staff reporter | 23 October 2018 | 76 Views

Zimbabwe baby boom ruled out after price hikes

by Staff reporter | 23 October 2018 | 88 Views

MDC Alliance meeting ends in chaos

by Staff reporter | 23 October 2018 | 75 Views

High taxes lead to more poverty, underdevelopment

by David Mhlanga | 23 October 2018 | 34 Views