Zimbabwe’s financial sector has since January experienced over 60 percent rise on point of sale machines (POS) inquiries from industry and commerce with revelations that banks are battling to source foreign currency to import the devices.

Official information shows that traders, vendors, the informal sector, industry and commerce have since January been submitting proposals to banks to avail POS machines.

An economist, Mr Zack Murerwa said allocation of adequate foreign currency will enable banks to import the point of sale machines.

“The need to engage relevant authorities over the machines is critical as we want to boost productivity,” he said.

With small to medium enterprises (SMEs) now also embracing the plastic money transactions, limitations of POS machines is hindering the smooth flow of business, according to Harare Chamber of Commerce Secretary General, Mr Donald Gwisai.

“The need to increase allocation of the POS machines is now vital, otherwise we are likely to be doomed,” he said.

Deposit Protection Corporation of Zimbabwe CEO, Mr John Chikura said an anticipated rebound in hard cash deposits is likely to strike a balance between demand for POS machines and savings in the economy.

According to the 2018 Monetary Policy statement, more than 96 percent of the $97,5 billion transactions processed last year were through electronic and mobile banking systems.