The Reserve Bank of Zimbabwe has ordered Simbisa Brands (Private) Ltd to cease operating the money transfer service branded or styled InnBucks, with immediate effect.
In a statement seen by Great Dyke News 24,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.
“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.
“However, customers may redeem their balances for cash or goods at Simbisa Brands (Private) Ltd outlets within a period of 30 days from date of this Press Statement,” reads the statement.
Inbucks is an application that allows customers to deposit money into their accounts, up to US$200, pay or send it for withdrawal at any of its outlets.
The other brands also include Nandos, Steers, Haefelis, Fish Inn, and Grab & Go.