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because the initiative is costly to implement, BAZ president Mr John Mushayavanhu said yesterday.
BAZ has been mulling plans to import $5 million worth of coins in various denominations to ease change challenges businesses were facing since the adoption of a multi-currency system in February 2009.
“We have shelved plans to import coins from the United States because it has been noted that the initiative is expensive to implement as the importation of the coins is charged on weight.
“For example, if we are to import $5 million worth of coins in various denominations, we would need another $5 million to pay for them,” he said.
He said when plans to import coins from America hit a brick wall his association came up with two options to address coins shortages facing the country.
“We came up with two choices that is importing South African coins on behalf of the local supermarkets and also as banks to introduce debit cards,” he said.
“We offered the local retailers that as BAZ we could import the coins from South Africa on their behalf to ease change challenges. Under this arrangement, we had proposed that the change would be given to customers in line with official exchange rate currency.
“For example, if the rate is at 1: 7 rand and a customer has to get a change of $0.50 and when converted to rands the customer should be given R3.50 as change.
“However, the retailers refused to buy into the idea,” said Mr Mushayavanhu.
He said as a country the banking industry was now moving towards increased use of debit cards to alleviate coins shortages.
“The local banks will now be increasing the use of debit cards on their clients. Obviously the system has to be accepted, and to do this, the financial institutions are introducing more Point Of Sale (POS) terminals in supermarkets,” he said.
The Consumer Council of Zimbabwe (CCZ) has in the past expressed concern over the failure by businesses to issue out change to consumers.
In most cases, due to coins shortages when businesses particularly retailers fail to give change to a customer, the consumer would be asked to buy a product with a value equivalent to the supposed change.
This way, CCZ said, the consumers were being fleeced as they made impulse buying.
Meanwhile, Mr Mushayavanhu, who is the group chief executive of FBC Holdings, said his bank was striving to provide a variety of financial services to its clients.
“At FBC, we assure you that we shall continue to provide you with appropriate flexible products that meet your business and individual needs.
“We are a diversified financial services group, whose main focus is to provide a variety of financial services to our valued customers, who include commercial banking, stock-broking, mortgages and underwriting services,” he told the bank’s clients and workers at a cocktail in Bulawayo last week.
He said despite the challenges that characterised Zimbabwe’s financial services sector in 2011, FBC remained resilient.
“FBC Holdings like any other financial institution has been working diligently to obtain the trust of the market through meeting financial needs of our customers.
“We have achieved a commendable performance since the introduction of the multi-currency system in 2009. The past year alone saw us posting a lucrative $15,7 million group profit before tax,” he said.
The bank has also collaborated with MasterCard International in championing the return of MasterCard in a multi-currency economy.
He said the holding company through its subsidiary, FBC Building Society, was engaged in property development projects in various towns and cities.
In Harare, FBC has developed properties in Glaudina, Mainway Meadows and Montgomery medium density suburbs and work is in progress in Gweru’s Mkoba 14 where the society has 213 units to cater for the middle to lower income level prospective house owners.
Online Reporter