RBZ Bans Innbucks, Orders Simbisa Brands To Stop Service With Immediate Effect
The Reserve Bank of Zimbabwe (RBZ) has banned Innbucks, a money transfer service run by Simbisa Brands, from operating with immediate effect.
According to the RBZ, Innbucks failed to regularise the service despite being warned to do so by the fiscal authorities.
Due to the ban, customers will not be able to deposit any money into their Innbucks accounts.
However, they have been given 30 days to withdraw their funds from the service or to use the money to purchase goods from Simbisa outlets.
Below is the statement released by RBZ governor John Panonetsa Mangudya announcing the ban of Simbisa Brands’ Innbucks from operating as a money transfer service with immediate effect.
CESSATION OF INNBUCKS OPERATING AS A MONEY TRANSFER SERVICE PROVIDER
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 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.
What Exactly Is Innbucks?
Simbisa Brands, which runs Chicken Inn, Pizza Inn, Bakers Inn, and Creamy Inn, among other quick-service restaurants, launched Innbucks, a mobile online payment platform, last November.
One of the platform’s aims was to solve the problem of lack of US$ change.
The service also allowed customers to deposit United States Dollars into their accounts, up to US$200, and transfer it to other Innbucks customers.
This money transfer service became very popular with customers as it had no transaction fees.
And it is this service that seems to have attracted the ire of the RBZ, which is accusing Innbucks of failing to get the necessary approval to run the money transfer service.
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