Staff Writer
The Reserve Bank of Zimbabwe has ordered money transfer platform InnBucks to shut down with immediate effect.
In a statement, RBZ Governor John Mangundya said the platform, owned by Simbisa Brands is operating without regulatory approvals.
“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,” said Dr Mangundya.
Dr Mangundya said in November 2021, RBZ advised Simbisa to follow procedure in registering their service, an instruction he claims was not followed.
“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 (Private) Limited outlets within a period of 30 days from the date of this Press Statement,” said Dr Mangundya.
InnBucks had become the latest addition to Zimbabwe`s fintech space, offering money transfers at 2 percent of the total amount which is lower than players like Mukuru, and Access Finance.
Simbisa Brands are yet to respond to the developments.
Recent Comments