HARARE – Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has announced the suspension of money transfer service provider InnBucks owned by Simbisa Brands for operating ‘illegally’.
In a statement on Wednesday, the Central Bank said the company did not comply with the directive to apply for proper regulation as stipulated by RBZ.
“The Reserve Bank of Zimbabwe (the Bank) advises the public that it has ordered Simbisa Brands (Private) Ltd to cease operating the money transfer service branded or styled InnBucks, with immediate effect.
“In November 2021, the Bank directed InnBucks to apply for and obtain necessary approvals in order to continue offering the service.
“To date, the company has not yet regularised the service as directed, hence the inevitable regulatory intervention by the Bank,” the RBZ said in a statement.
Mangudya said the company has been given a window to reimburse customers their money but will not be allowed to make new transactions.
“The cessation of the service means that customers shall no longer be able to deposit funds into the InnBucks account or transfer the funds to third parties.
“However, customers may redeem their balances for cash or goods at Simbisa Brands (Private) Ltd outlets within a period of 30 days from date of this Press Statement,” said Mangudya.
Mangudya also announced the suspension of MetBank and Rolink Finance over foreign currency dealings.
