RBZ orders Innbucks to cease operating as a money transfer service provider

Judith Phiri, Business Reporter

The Reserve Bank of Zimbabwe has ordered Simbisa Brands (Private) Limited to cease operating the money transfer service, InnBucks.

This comes after InnBucks failed to apply for and obtain necessary approvals in order to continue offering the service.

In a statement, RBZ Governor Dr John Mangudya said: “THE Reserve Bank of Zimbabwe (RBZ) has ordered Simbisa Brands Pvt (Ltd) to stop operating its money transfer platform, InnBucks.

InnBucks had become one of the country’s main US dollar transfer platforms, less than a year after its launch.

The ban is with immediate effect.

In a statement Tuesday, RBZ governor John Mangudya said InnBucks failed to register the platform despite repeated efforts by the central bank to get it to comply with the regulations.

“The RBZ (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 operating. To date, the company has not regularised the service as directed, hence the inevitable regulatory intervention by the Bank.”

Dr Mangudya said 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.

He however, said customers may redeem their balances for cash or goods at Simbisa Brands outlets within a period of 30 days from date of the press statement.

Simbisa operates brands such as Chicken Inn, Pizza Inn, Bakers Inn, Creamy Inn, Fish Inn, Haefelis, Grab & Go, Nandos and Steers.

The InnBucks platform allowed customers to load/deposit US dollars into their accounts which could be used later for purchasing at any of the Simbisa outlets or transfered to another person in any part of the country.