New kwacha notes meet public scepticisms
By Tony Nkhoma
UNCERTAINTY has gripped operators of small businesses in Lusaka who have received the new family of currency notes and coins with scepticism on whether they are the original ones or counterfeit, The Mast can report.
A snap survey showed that various small business were still sceptical about trading in the new money with some completely rejecting them preferring the old money.
In most parts of Lusaka small street vendors, shop owners, marketeers and selected mobile money booth operators are still not sure whether to accept the new money saying they have doubts on the genuineness of the notes.
Stakeholders have appealed to the Ministry of Finance and National planning and the Bank of Zambia to step up sensitisation of the public for the new to win public acceptability.
Centre For Policy Trade and Development (CTPD) head of research Ibrahim Kamara said the behaviour could be attributed to significant factors, among them being that people do not have confidence in the currency.
Kamara said the other factor for the resistance, especially by those dealing with the larger notes, was the the exchange or conversion of the bigger notes.
He said there could be some myths which government and the central bank needed to debunk for the new cash to gain general acceptability.
“Primary is the issue around uncertainty as to whether the currency which they’ve been given is original or not. So for instance, if people are unsure whether other people accept this currency, there has to be general acceptability,” Kamara said.
Speaking in an interview, Kamara said if the public doubts escalates then it could be difficult for people to accept the new money.
He said there was a need to consistently equip people especially in the informal sector with enough information on the new notes and coins for businesses to thrive in the country.
Kamara said if not urgently addressed the public suspicion had the potential to reduce business activity.
“They need a sense of confidence and comfort that they can trade with the new currency. This is something which needs to be rectified,” he said.
On Monday, government introduction the new family of bank notes and coins set to replace the current ones with an addition of higher value notes of K200 and K500.
