Reserve Bank of Zimbabwe is showing affection to local and foreign companies that are willing to offer Financial Technology (Fintech) services and products in the country as a way to solve the economic crisis in Zimbabwe.
Fintech is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. The use of smartphones for mobile banking, investing services and cryptocurrency are examples of technologies aiming to make financial services more accessible to the general public.
With the problem of cash selling that is occurring in Zimbabwe, Fintech is not what the Zimbabweans need because it will cause the problem worse than it is because it’s not money it’s just a way as was said by the CEO of Econet Strive Masiiwa.
“EcoCash is not a currency. It is simply a mechanism that money moves through. You don’t dig up a road, simply because a thief came on a road!, EcoCash is just a road for money, it is not the money!”
An outcry of cash shortages the Zimbabweans are having is what the RBZ should be solving, not making matters of cash shortages worse by installing the electronic currency where the people will have to purchase cash so as to perform a transaction that cannot be done electronically.
Cash is being sold for more than 50% and that’s making lives of the poor harder because for someone who earns 400RTGS to have access to cash you have to purchase it for 200RTGS thus making someone’s salary less than it already was.
If RBZ is regarding this act as a big step in improving the economy of the country, it shows that the powers be, don’t even have a clue problem the people are facing or they are working on something which they are failing to pitch to Zimbabweans.