RBZ partners with Homelink to increase access to Z...

RBZ partners with Homelink to increase access to ZiG cash

Nyashadzashe Ndoro
CHIEF REPORTER

The Reserve Bank of Zimbabwe has announced a new partnership with Homelink to increase access to ZiG cash, the local currency, across the country.

Initially, the extreme shortage of ZiG banknotes and coins in circulation was attributable to RBZ’s hesitation to distribute the new currency extensively, due to concerns that a mass release of notes and coins could inadvertently fuel the growth of the parallel market.

But RBZ governor, John Mushayavanhu announced new measures to increase access to ZiG cash.

“The Bank is committed to ensuring sufficient local currency circulation in the economy to support normal business transactions and economic activity,” Mushayavanhu said.

The partnership will allow individuals to access ZiG cash by swiping their local currency debit/credit cards at any Homelink branch. The governor said the service will be available starting Monday, June 10, 2024.

The RBZ also announced that the exchange of foreign currency cash for ZiG cash can be made at Homelink branches at the reigning interbank exchange rate.

The Bank plans to expand the service to other bureau de changes in the future. The list of participating Homelink branches is attached and can be accessed on the RBZ website.

“The Bank wishes to appeal to all individuals, commuters, public transport operators, retailers, informal traders, and their associations, vendor associations, and other key stakeholders to take advantage of this service,” added Mushayavanhu.

The government launched the ZiG on April 5, 2024, in an attempt to stabilise the economy.