InnBucks Say They Are "Coming Back, Bigger And Stronger"
InnBucks, a Simbisa Brands subsidiary which was in the business of transferring money, has announced that it is coming back “bigger and stronger.”
This follows an order issued in April this year by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya to the effect that InnBucks stop operating as a money transfer service provider.
The central bank’s chief said InnBucks had failed to meet the minimum requirements set for money transfer service providers. Said Mangudya in a statement:
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.
In a recent social media post, InnBucks, however, indicated that they were coming back but did not give details.
