Staff Reporter

The Government’s successful launch of the Homelink swipe for ZiG cash initiative has seen the financial institution introducing mobile banking in high traffic areas due to the demand of small denominations.  

According to a source at Homelink, decentralizing the mobile banking system to other high traffic areas became a priority to satisfy the demand.

“For the convenience of the transacting public, Homelink has intensified the massive distribution of ZiG small denominations by planning to replicate the introduction of mobile banking to high traffic areas like the Simon Muzenda bus terminal station, Mbare Musika and other places outside Harare,” said the source.

Economist Mr Batanai Matsika, applauded the introduction of mobile banking in high traffic areas as he noted that it would strengthen the gold backed currency.

“The introduction of mobile banking in high traffic areas is a welcome innovative move to strengthen the use of ZiG in the market. High traffic areas such as Mbare Musika have high demand for small denominations and are a key player in the acceptance of the use of our local currency,” he said.

Furthermore, Matsika said sufficient ZiG circulation was necessary to support business transactions, and also to stabilize the rate of ZiG.

“The informal sector has been hesitant to accept ZiG especially with its scarcity, bringing mobile banking to the people simply means change is not going to be a problem as witnessed during the introduction of ZiG where 7 ZiG coins were half US$1 whilst 10ZiG note was also half a US$1, which happened to confuse consumers who in the end would reject ZiG,” he said.

A weekly survey of basic commodities has shown that prices have stabilized as   Homelink intensifies the disbursement of small denominations to its agent.

In the month of June, approximately US$5 500 was received by Homelink and US$55 555 has been distributed nationwide to economic players.