Educate the public on the benefits of digital banking

THE rise in US dollar cash transactions has led to an alarming spike in violent crime in Zimbabwe, with armed robbers increasingly targeting businesses, banks, and individuals.

This trend has left the country vulnerable to daring attacks on cash-in-transit vehicles, commercial establishments, and even private homes.

The situation is compounded by a 11 percent surge in robberies, underscoring the growing threat posed by these criminals. High-profile incidents such as the Ecobank robbery in Bulawayo, the heist in Cowdray Park, and multiple attacks on luxury vehicles are stark reminders of the audacity of these criminals.

The frequency and scale of these robberies are troubling. Criminals are no longer content with small-time thefts; they are now bold enough to rob banks of millions of dollars, as evidenced by the recent $4 million stolen from Ecobank.

Other incidents, including the $2,775 million heist from a cash-in-transit vehicle on the Harare-Chinhoyi Road, demonstrate a dangerous trend.

The involvement of insider knowledge, as Commissioner Paul Nyathi pointed out, makes these crimes particularly difficult to prevent. Employees, whether intentionally or inadvertently, are often complicit, providing criminals with crucial information that leads to robberies.

The rise in these brazen robberies has created a climate of fear, especially among business owners and individuals who deal in foreign currency.

Businessman Mr Louis Herbst has called for urgent action emphasising that banks must take the lead in restoring trust by enhancing their security measures.

Businesses, he argues, should invest in robust surveillance systems and foster a culture of security awareness among staff.

The role of banks cannot be overstated. With criminals attracted to the vast amounts of money circulating in the economy, it is crucial that the banking sector not only provides secure transaction services but also educates the public on the benefits of digital banking.

A shift towards electronic transactions would reduce the need for large cash holdings, which in turn would reduce the risk of becoming a target.