Staff Writer
Following the shutting down by the Reserve Bank of Zimbabwe (RBZ) of InnBucks , a forex based transfer platform, Simbisa Brands have assured customers that funds held in InnBucks accounts remain secure.
In a statement, Simbisa Brands said they have engaged the RBZ with a view to resolving the impasse amicably.
“InnBucks has been and remains engaged with the regulator in respect of the ADLA license. Regrettably an impasse has occurred in respect of which the Simbisa Board is engaging the regulator with a view of achieving a speedy and amicable resolution.
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,” Simbisa Brands board said.
The Reserve Bank of Zimbabwe (RBZ) shut down Simbisa’s InnBucks platform, saying the company has not applied for approval to offer the forex-based transaction service.
“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.
“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) Ltd outlets within a period of 30 days from date of this Press Statement.”
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