Zimbabwe: RBZ Shuts Down InnBucks

Reserve Bank of Zimbabwe.

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 advises the public that it has ordered Simbisa Brands to cease operating the money transferring service branded or styled InnBucks with immediate effect," Mangudya said.

"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."

Customers with funds in their InnBucks accounts will however be allowed to withdraw their funds or use them within the next 30 days.

"The cessation of the service means customers shall no longer be able to deposit funds into InnBucks accounts or transfer the funds to third parties. Customers may redeem their balances for cash or goods at Simbisa Brands outlets within a period of 30 days."

Mangudya also announced in a seperate statement that the RBZ had suspended MetBank from conducting foreign currency trading for flouting exchange control regulations.

More to follow***

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