RBZ bans Simbisa’s InnBucks with immediate effect!

Staff Writer

20 April 2022

The Reserve Bank of Zimbabwe (RBZ) has announced that it has ordered Simbisa to halt operations of its loyalty and rewards program, InnBucks with immediate effect.

The RBZ’s statement on InnBucks is as follows:

PRESS STATEMENT

CESSATION OF INNBUCKS OPERATING AS A MONEY TRANSFER SERVICE PROVIDER

The Reserve Bank of Zimbabwe (the Bank) advises the public that it has ordered Simbisa Brands (Private) 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.

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.
Reserve Bank of Zimbabwe RBZ on Twitter

Cessation of Innbucks operating as a Money Transfer Service Provider pic.twitter.com/F9v8AHIkn9
— Reserve Bank of Zimbabwe (@ReserveBankZIM) April 20, 2022

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14 comments

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Native

20 April 2022 20:30

Innovation stifled….anyway, was kind of half expecting it somehow

Reply
1. Panonetsa
  
  20 April 2022 22:34
  
  Why don’t you want bonds nhai?!…lm giving you 100 bond soon
  
  Reply
2. Taurai Kasinamunda
  
  23 April 2022 08:28
  
  there was no innovation here, this was just ecocash under a different name.
  
  Reply
RBZ please please try and look at the big picture

20 April 2022 22:49

RBZ, please please please try and look at the big picture. People could now safely travel without the need to carry around a lot of cash, the change issue was sorted out.

Reply
Caesar

20 April 2022 22:58

Imagine the jobs which were created by inn bucks, brand ambassadors, cashiers, customer service assistants, are these taken into account when such abrupt decisions are made???

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1. Anonymous
  
  21 April 2022 05:38
  
  Blame simbisa for recklessness. The law is the law, they ought to know better.
  
  Reply
Brinso

21 April 2022 00:41

Vote ZANU PF

Reply
Expert

21 April 2022 02:09

why not decentralise?

Reply
MurandaJob

21 April 2022 07:15

Thieves talking about law,what they dont benefit from they will always shut down,this is bs!

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Kurt

21 April 2022 08:40

I’m very sure that Innbucks and Simbisa won’t just go down this easy. The issue will be solved soon. I’m very sure about that

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Hapaz Mapingure

21 April 2022 12:30

When econet announced their USD ecocash a few days earlier the innbucks service which runs on an econet platform had been clogged and many were failing to register. Coincidence?

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1005

21 April 2022 15:25

I told you a while back on inbucks that we were coming for them sadly i don’t remember the article…. It was all good should they have applied for a license to remit money… More is coming
ALSO
S.A.V Marondera.Brookridge Macheke,Raidan Rusape, you are on notice

Reply
Anonymous

22 April 2022 08:28

Simbisa should fight back, innbucks was great and convenient, those tellers were now not getting my change for free

Reply
The Empress

22 April 2022 15:43

Both parties are at fault simbisa for not following the law and RBZ for using some sort of sliding scale when they enforce the rules. They apparently talked to simbisa in November last and they only now decide to enforce the law.
Can you imagine what what RBZ would have done if this was Ecocash? They would have been warned in the morning, closed down in the afternoon, and arrested in the evening of the same day !

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