The Reserve Bank of Zimbabwe (RBZ) has directed foreign currency money transfer agency InnBucks to stop operating after it failed to register in compliance with regulatory requirements.
In a statement last night, the RBZ Governor Dr John Mangudya said the order was with immediate effect.
"The Reserve Bank of Zimbabwe advises the public that it has ordered Simbisa Brands (Pvt) 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," he 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. However, customers may redeem their balances for cash or goods at Simbisa Brands (Pvt) Ltd outlets within a period of 30 days from date of the Press statement."
The InnBucks facility was a foreign currency money transfer agency where people could send or receive money using one's mobile number, but would redeem it at Simbisa Brands outlets either through cash or products.
The facility had started to endear itself with members of the public given its low charges.
Artmotion S.Africa
