The Confederation of Zimbabwe Retailers (CZR) has urged the Government to rein in mobile money companies to protect consumers as their merchants are charging up to 25 percent premium on mobile transactions.
CZR president Mr Denford Mutashu said the malpractice needs to be curbed as it is defrauding consumers and affecting their confidence in the use of plastic money.“The charging of 25 percent premium by various merchants is criminal and should be abolished immediately as consumers have suffered.
“The CZR feels Government must direct mobile telecommunication companies to deal with their merchants who are charging the premium. Banks should help restore confidence to ensure the public and business bank cash and encourage savings,” he said.
Amid the prevailing cash crisis, a number of unscrupulous businesses have resorted to behaviours tantamount to selling cash by charging exorbitant prices for goods and services.
There has also been an emergence of four-tier pricing models where businesses charge different prices for cash transactions, mobile money and electronic transactions.
The Reserve Bank of Zimbabwe (RBZ) last year warned bankers and cash barons against selling cash on the market.
In a bid to curb the menace, the Government has gazetted regulations that criminalise cash vending without permission from the exchange control authority and empowered police to arrest money peddlers.
Finance and Economic Planning Minister Patrick Chinamasa is on record saying measures would be put in place to end the four-tier pricing system where prices for one commodity differ depending on the mode of payment. The Chronicle
Source: Nehanda Radio