Business

RBZ Bans InnBucks Due To Non-Conformity To Licensing Regulations

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By Zvikomborero Machirori

 

The Reserve Bank of Zimbabwe (RBZ) Thursday banned diversified fast foods chain Simbisa Brands’ mobile money transfer InnBucks over failure to comply with the directive from the monetary authority.

 

 

In a statement, RBZ Governor Dr John Mangudya said customers will be allowed to redeem their money at the Simbisa’s food outlets across the country.

 

 

“The cessation of the service means that customers shall no longer be able to deposit funds into 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,” read the statement.

 

 

 

The Central Bank said its directive for Simbisa Brands to obtain necessary approvals to continue offering services was ignored leading to the measures to ban its operations.

 

 

Meanwhile, Simbisa Brands has said they have been engaging the regulator with regards to their ADLA license but regrets that an impasse has occurred.

 

 

The food chain said it is hoping that continued engagements with the central bank will bring an amicable solution.

 

 

They have assured customers that their funds are safe.

 

 

“Pending further statements, we assure you that funds held in InnBucks accounts remain secure and all product purchases and cash withdrawals will be honoured as per regulations, read part of the statement issued by Simbisa Brands reacting to the ban.

 

Robert Tapfumaneyi