The Consumer Protection Commission is targeting businesses that are rejecting Point-of-Sale (POS) machine transactions to ensure that all businesses accept POS transactions.
POS machines can be linked to ZiG and US dollar bank accounts, allowing consumers to choose the currency for transactions.
One major advantage of POS machines is that they reduce the risk of robberies by eliminating the need for people to carry large amounts of cash.
In a statement issued over the weekend, the commission said it noted with concern the practice by some unscrupulous businesses that were operating without point-of-sale machines.
The CPC said that failure by businesses to avail POS machines is in clear violation of the laws of the country and infringes on consumers’ right to choose when carrying out their daily transactions. It said:
<blockquote>
To protect consumers from unfair business practices, the Consumer Protection Commission is carrying out an enforcement blitz, starting with the fuel retail industry where several service stations have been found wanting and issued with compliance notices by the commission in line with Section 68 of the Act.
The commission found out that out of the 27 service stations inspected, 80 per cent of them did not have point-of-sale machines…
Those businesses found not to be complying will be penalised in line with the requirements of the law.
</blockquote>
The CPC said the Finance Act Number One of 2018, which amended Section 10 of the Bank Use Promotion and Suppression of Money Laundering Act, mandates businesses to obtain any device that enables electronic payment for their goods or services.
This law also stipulates that businesses must facilitate electronic payments through mobile phones or computers.
In an interview with <a href="https://www.herald.co.zw/swipe-machines-now-mandatory-commission/">The Herald</a>, Confederation of Zimbabwe Retailers (CZR) President Denford Mutashu stressed the importance of compliance among all businesses. Said Mutashu:
<blockquote>
CZR implores all shops formal or informal to comply with regulatory and statutory obligations guiding their operations like installation of working point-of-sale machines for the convenience of transacting public.
The multi-currency policy is law and both the ZiG and USD are legal tender in equal measure. Banks should expedite the issuance of point-of-sale machines across the country’s economy.
It is illegal to deny a consumer access to swipe or pay via mobile platforms in local currency.
</blockquote>
Meanwhile, the CPC has urged the public to help the commission by reporting businesses that do not provide the option of swiping for goods and services. Reports can be made through hotline numbers.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

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All businesses must have swipe machines for electronic payments. This helps customers choose currency and reduces risk of robberies. Businesses without swipe machines are breaking the law and will be punished. All shops must follow the law and provide swipe machines for customers. If you see a business not following the rules, report them. The law says businesses must accept electronic payments and have swipe machines. Let's all work together to make sure businesses follow the rules and keep customers safe.

Swipe Machines Now Mandatory For All Businesses - Commission

The Reserve Bank of Zimbabwe Financial Intelligence Unit (FIU) said that retailers and manufacturers who were exclusively charging certain goods in foreign currency and using the street market rate for currency conversion have agreed to reconsider their pricing models.
In an interview with <a href="https://www.sundaynews.co.zw/16-bank-accounts-frozen-in-rbz-price-blitz-overpricing-shops-penalised/">State media</a>, FIU director-general Oliver Chiperesa said that the Unit has received assurances from retailers that they will adjust their prices in line with the prevailing official exchange rate while also accepting Zimbabwe dollars for all products. Said Chiperesa:
<blockquote>
We engaged with them and they have assured us that they are relooking into their pricing models.
Yes, some had items that they were not allowing clients to pay for using the local currency, but we have told them that is not acceptable and they agreed to rectify it.
They also assured us that customers will be able to pay in local currency for all goods whose prices have been marked in foreign currency only.
</blockquote>
He, however, said there were still some rogue businesses who they continue to monitor to ensure that they were brought to book.
Chiperesa gave an example of one supermarket in Belvedere, Harare, saying it had a rate higher than the parallel market. He said:
<blockquote>
On Friday we found out that this supermarket was using an exchange rate of US$1:ZW$10 000 which has no relationship with even the parallel market.
So it is just a rate they came up with as forward pricing just to destabilise the rates because the most extreme parallel market rates were 8 000, but they are beginning to go down.
</blockquote>
Last week, the RBZ set the official exchange rate at US$1: ZW$5 900 while the street rate was hovering at US$1: ZW$9 000.
However, some large retailers were using at least US$1: ZW$10 000 for selected products while popular fast-food outlets were rejecting the local currency on the pretext that their point-of-sale machines were not working and therefore could not accept swipe and EcoCash payments.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

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