European SDG Summit 2021: For Climate Action & a Just Transition – Registrations Open
23 September 2021
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In July 2014, the Central Bank of Malta and the GRTU Malta Chamber of SMEs agreed upon the organisation of a continuous educational programme for the retail sector.
In order to better assess their members’ needs, in October 2014, the GRTU,
in consultation with the Bank, launched a survey with the supermarkets, mini-markets, retail outlets, petrol stations, pharmacies and appliances & IT outlets with the feedback bringing to light a number of areas where the retail sector needed assistance in terms of information and training needs.
Being the retail business, a significant percentage of employees deal with payments and cash handling on a day-to-day basis. Through the survey however it transpired that only 52% of these employees are given general or specific training in relation to handling cash and dealing with payments. Amongst the most common issues the sector finds problematic are post-dated cheques, counterfeits, too many or too few coins, cheques not honoured, safety concerns, issues at reconciliation stage and late payments.
Even though counterfeits is a main concern only 50% of respondents own a bank authentication device and most are not aware that the machine should be upgraded regularly to keep abreast with developments in counterfeiting. 10% of retailers that do not own such devices do not accept all denominations.
On the new Europa Series of banknotes the absolute majority of retailers said their employees received no training on the security and other features of the new banknotes and in most cases the identification devices they own and the vending machines they have do not cater for the new series.
In the light of the above findings, a programme has been developed to assist the retail sector. The Programme’s main objectives are: (i) to raise awareness on the risks existing in the areas of counterfeiting and money laundering; (ii) provide the necessary training to the retailers’ employees in the fight against counterfeiting and money laundering thus reducing financial damage/legal risks; and (iii) to inform the retail sector on the use of more efficient payment instruments.
The CBM-GRTU Joint Educational Programme includes:
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).