SME Chamber

GRTU and CBM launches joint educational programme

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:

  • A ‘Continuing Educational Programme’  mainly focusing on cash related matters and payment instruments;
  • The ‘Certification of Cash Handlers Programme’; and
  • Meetings with the main supermarkets at their main offices; and
  • Advice on the purchase of banknote authentication devices and vending machines.


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