Vusumuzi Dube
Rutendo Nyeve, Sunday News Reporter
MONEY transfer service, InnBucks, which was on Wednesday ordered to stop operations has engaged the Reserve Bank of Zimbabwe while assuring its clients that their accounts remain secure with all transactions set to be honoured as per regulations.
The Reserve Bank of Zimbabwe ordered Simbisa Brands (Private) Limited to cease operating the money transfer service, InnBucks after it allegedly failed to apply for and obtain necessary approvals in order to continue offering the service.
In a statement, InnBucks said they were engaged with the regulator with a view to find an amicable solution.
“InnBucks has been and remains engaged with the regulator in respect of its ADLA license. Regrettably an impasse has occurred in respect of which the Simbisa Board is engaging the regulator with a view of achieving a speedy and amicable resolution,” reads the statement.
The company said all product purchases and cash withdrawals will be honoured as per the directive from RBZ.
“Pending further statements, we assure you that funds held in the InnBucks accounts remain secure and all product purchases and cash withdrawals will be honoured as per regulation.”
In shutting down the service, RBZ governor said InnBucks failed to register the platform despite repeated efforts by the central bank to get it to comply with the regulations.
Online Reporter