Business and Technology

RBZ Partners Homelink to End ZiG Cash Shortages

The Reserve Bank of Zimbabwe (RBZ) has taken a new initiative to address the persistent challenge of small change shortage with the launch of “Swipe for ZiG Cash” by partnering with HomeLink.

This move is expected to bring relief to the transacting public by easing the scarcity of small denominations in the economy.

The introduction of the Zimbabwe Gold (ZiG) as the official currency in April was aimed at stabilizing the country’s monetary system. However, the shortage of small ZiG denominations has continued to pose difficulties for the public in their day-to-day transactions.

Also Read:IMF applauds introduction of Zimbabwe Gold (ZiG) 

To combat this issue, the RBZ has collaborated with Homelink to extend the accessibility of ZiG cash. The primary objective of this partnership is to ensure the availability of small denominations such as ZiG1, ZiG2, ZiG5, and ZiG10 across various sectors of the economy.

In a recent statement, the RBZ encouraged individuals, commuters, public transport operators, retailers, informal traders, vendor associations, and other stakeholders to visit their nearest Homelink branch starting next Monday. At these branches, they will be able to use their local currency debit or credit cards to “swipe” and acquire the required ZiG cash.

Furthermore, the central bank has informed the public that they can legally exchange their foreign currency cash for ZiG cash at the Homelink branches, utilizing the prevailing interbank exchange rate.

The RBZ has also outlined its plans to expand this arrangement with Homelink to include other Bureau de change operators in the future, although a specific timeline for this expansion was not provided.

This initiative by the RBZ and Homelink is expected to significantly alleviate the challenges associated with the scarcity of small change in the economy. By providing easier access to small ZiG denominations, the “Swipe for ZiG Cash” initiative is poised to enhance the efficiency of transactions and contribute to the overall economic stability.

The collaboration between the RBZ and Homelink to facilitate the widespread availability of ZiG cash through card swiping represents a positive step towards addressing the persistent issue of small change scarcity. This initiative is likely to garner widespread support from the transacting public and various sectors of the economy.

For the convenience of the public, here is the full list of Homelink branches where individuals can use their bank cards to obtain ZiG cash:

Homelink Branches where you can Swipe for ZiG Cash (Image: RBZ/X)

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