RBZ shuts down Simbisa’s InnBucks

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RBZ

BY SIZALOKUHLE NCUBE
THE Reserve Bank of Zimbabwe (RBZ) has shut down Simbisa’s InnBucks platform, saying the company has not applied for approval to offer the forex-based transaction service.


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“In November 2021, the bank directed InnBucks to apply for and obtain necessary approvals in order to continue offering the service,” central bank governor John Mangudya said in a statement last night.

 

“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.”

Simbisa brand outlet, Chicken Inn

Simbisa launched its InnBucks service in 2021, which allowed customers to send and receive money as well as buy food at its outlets.

In its latest financial results, Simbisa said the service had been well received without giving figures.

The central bank also suspended MetBank and Rolink Finance from dealing in foreign currency for breaching the exchange control regulations. However, Rolink Finance was fined US$120,000 for the undisclosed breaches.

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