HARARE – InnBucks, a popular money transfer service owned by Simbisa Brands was on Wednesday ordered to cease operations by the Reserve Bank of Zimbabwe (RBZ) which accused the company of failing to comply with regulations.
The central bank said InnBucks customers had a 30-day window to withdraw their money, but they would not be allowed to make deposits or transfers.
Simbisa said it had requested an urgent meeting with the RBZ on Thursday. The company denies it is non-compliant.
In a statement, the RBZ said: “The Reserve 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.”
A statement from Simbisa said the company “has been and remains engaged with the regulator in respect of its ADLA licence. 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.”
The company assured its customers that “funds held in the InnBucks accounts remain secure and all product purchases and cash withdrawals will be honoured.”