CRZA bemoans failed transactions spike

by Sunday News Online | Sunday, Feb 4, 2018 | 704 views
Mr Denford Mutashu

Mr Denford Mutashu

Clinton Moyo, Business Reporter
THE Confederation of Zimbabwe Retailers Association (CZRA) has noted with concern frequent delays by banks to address failed electronic transactions which is prejudicing both retailers and customers resulting in irregularities in their bank statements.

CZRA president Mr Denford Mutashu told Sunday Business that his association has since engaged retailers to run audits to iron out irregularities that are caused by failed transactions.

“We have received a lot of complaints of late because most of the times some of the electronic transactions take time to go through and it takes time for banks to do the reversals of failed translations. You will even realise that there are irregularities in their bank statements in terms of the money that comes in and out because some of the money gets into some account or gets stuck in the air,” he said.

Mr Mutashu called on the banking sector to own up to the failed transactions.

“So far we have aided retailers to engage their auditors to run effective audits for them, but banks should own up for those failed transactions. It will be best for audit companies to effectively reconcile those statements,” he said.

One of the retail operators Mr Joseph Marshall Steward who owns Beluge clothing shop in Hillside in Bulawayo said he had to wait for three months to get his money back after a transaction with a client failed.

“I had to wait for about three months for the transaction to be reversed and get my money back and this is not the first time, even for mobile transactions the customers can get a confirmation message that he or she has paid but it takes time for the transaction to reflect on our machines and we end up letting them go even before we get those confirmations on our system because it usually takes time,” said Mr Steward.

This comes at a time when electronic transactions have become the widely used form of payment with official statistics showing that 70 percent of the retail transactions were done electronically countrywide last year.

Finance and Economic Development Minister Patrick Chinamasa has also engaging banks to extend their banking facilities to rural marginalised areas amid the cash crisis. -@clintonmoyo2

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  • zibulo

    Thats today’s banker , crooked to the tooth, much in the same way as ZANU. No one will arrest the Bankers because they are in cahoots with ZANU. Can anyone or the culprits themselves explain, how do police commissioners, ministers , civil servants have direct dealings with Govts through Tenders? Bankers receive monies/new notes through RBZ, if RBZ does that today , then the notes go to the streets instead of to bank clients. Whilst they delay processing the transactions mentioned herewin, they will be trading on the overnight markets inter-bank markets or busy trading the cash and making millions. ARREST THE BANKERS PLEASE. No one will because they know a lot that was done by ZANU/Mgabe and Co when they stole our parents’ pensions and dollarized our financial market. The banklers know a lot , they are partners in crim e with ZANU/Govt, both sides know very well what is happening, who has the money, how the money flows to sphathelenis. Its only the Citizenry, and not the Army (wich is ZANU-controlled , which can stop this rot. Lets start a movement, a people’s march and block off everything . All other Business Organizations cannot help us, they are selfish and have also benefited from black market prices. Its time people held the Bull By The Horns now , since ZRP is partisan to ZANU. Let all cities march and grind business to a halt let all businesses participate, Industry, Commercial, Transportation, etc , because no one is in proper and normal business environment now, and only the Voice of ZANU is heard “explaining” their failures through their mouthpieces Zimpapers and ZBC/ZTV spewing propaganda and blaming the West, MDC, G-40, Dissidents, all OPPOSITON Organizations, the list of people they blame is endless, yet they never point to themselves. The world is watching now and no massacre can take place without any repurcussions from the world now. If we are afraid we will die eating the crumbs from the Bankers’ and ZNNU’s tables, as we are doing now. Sidla izimvuthuluka zokudla kwabo, yet the laws/constitution allow us to organize ourselves and state our concerns and demands for normal living. ASIVUKENI.