SMEs demand bureau de change for Smooth ZiG transactions

Providence Moyo

Small and medium enterprises (SMEs) are urging the government to establish bureau de change centers nationwide to facilitate hassle-free trading in the Zimbabwean dollar (ZIG) and other currencies circulating in the country.

In an interview with Community Podium, Nothando Ncube, owner of HOF Nothando, emphasized the critical need for these centers to allow businesses to trade in local currency without incurring losses.

“Selling in ZiG is a bit tricky,” Ncube explained, “because once you have it, you’re forced to sell it immediately. Most foreign currency trading happens on the black market, which fuels inflation as SMEs scramble for forex. But if the government sets up structures that make it easier to access foreign currency, there’d be no reason not to trade in local currency.”

Anele Moyo, a market vendor who deals in groceries, echoed Ncube’s concerns. “The problem arises when you need to restock after selling your products,” Moyo said. “ZiG can’t be used to buy fuel or make payments like passports needed for restocking. That’s why we need the government to set up bureau de change centers for easy access to forex. Everyone would benefit, and ZiG would become the preferred currency for local businesses. Look at Botswana, Zambia, Namibia, and South Africa – you can’t use forex there; you have to go to a bureau de change to get local currency. These bureaus are essential for smooth business operations. The government has a responsibility to ensure the implementation of the local currency empowers businesses, not hinders them.”

The Confederation of Zimbabwe Retailers (CZR) president, economist, also called for the establishment of bureau de changes across the country to cater to small transactions, especially for financially excluded communities. “This will also make ZiG more accessible to the public,” he said. “The CZR urges SMEs to accept ZiG for easier transactions. It’s illegal to offer goods exclusively in USD without giving customers the option to pay in ZiG.”

The ZiG currency was announced on 5 April 2024, taking the name from ZiG digital tokens, which are now available as GBDT. The ZiG is Zimbabwe’s sixth attempt since 2008 at creating a new currency