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Tuesday, September 27, 2022
HomeBusinessInnbucks Gets Regulatory Nod To Resume Service

Innbucks Gets Regulatory Nod To Resume Service

The Reserve Bank of Zimbabwe (RBZ) has authorized Simbisa Brands Limited’s money transfer service Innbucks to resume its operations four months after it was suspended for failing to obtain necessary approvals.

The company has since met the necessary requirements, operating as a product of Ndoro Microfinance Bank limited.

In April this year the Central Bank made the regulatory intervention after Innbucks failed to regularize its service after being given a grace period of close to six months.

“We are pleased to advise all our customers and stakeholders that the Regulators have authorized the launch of the INNBUCKS product. Existing InnBucks account holders will have their accounts automatically reactivated,” said Innbucks.

“InnBucks now operates as a product of Ndoro Microfinance Bank Limited, a registered Microfinance Bank. This arrangement will bring additional services and benefits to Innbucks customers.”

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