The Reserve Bank of Zimbabwe (RBZ) is collaborating with various agencies as it pushes for businesses to formalise their transactions, NewsDay Business can report.
In his 2025 Monetary Policy Statement released last month, RBZ governor John Mushayavanhu directed all banks and payment service providers to ensure that new and existing business accounts were equipped with point-of-sale (POS) machines or an approved digital transaction method.
The initiative is intended to facilitate transactions in the domestic currency, the Zimbabwean Gold (ZiG), and US dollars.
It is also meant to record transactions for tax purposes.
The move comes at a time when some unscrupulous businesses were evading tax through selling in cash.
RBZ also directed all local authorities and other entities to license businesses that have a bank account and a functional POS machine at the point of licensing and/or renewal.
“It’s (formalisation of transactions) supposed to have started. I think the mechanisms to work on compliance are still being put in place by various agencies and teams across agencies as well,” RBZ deputy governor Innocent Matshe told NewsDay Business in an interview.
“So, it’s coming. It’s just that, it’s too soon to have all that in place. But as far as the authorities are concerned, this is something that should begin right away. It has begun.”
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The RBZ will also monitor inactive POS machines, investigate their lack of use for transactions and warned that businesses failing to comply could jeopardise their operating licences.
The bank is also encouraging local authorities to revoke licences of businesses that do not comply with the new regulations.
“Every business that has acted with the public needs a position because that’s the only way we can continue to modernise our economy and increase the transparency of the system,” Matshe said.
A 2022 RBZ study found that the informal sector is estimated to generate an annual turnover of US$14,2 billion.
It is estimated that about US$2,5 billion cash is circulating in the informal sector.
