The Simbisa brands local remittance well known as Innbucks was suspended by The RBZ with immediate effect.Innbucks was swiftly gaining ground due to their affordable charges . The institute failed to produce necessary legal requirements to continue operating.
CESSATION OF INNBUCKS OPERATING ASA 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 regulator 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.
The Simbisa brands money transfer agent was officially allowed to trade in November when they were given the license.
However Innbucks failed produce necessary requirements to secure their continuity. Subscribers are tittled to 30 days grace period to withdraw their funds after that the service won’t be available
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