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