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Saturday, October 1, 2022
HomeBusinessSimbisa Engages RBZ Over Innbucks Ban

Simbisa Engages RBZ Over Innbucks Ban

Fast food retail giant, Simbisa Brands Limited says engagements are currently underway with the Reserve Bank of Zimbabwe (RBZ) to find a solution to the impasse regarding the operations of its money transfer service, Innbucks following its ban yesterday.

The Central bank issued a ban on the Innbucks platform citing failure by the company to apply for and obtain necessary approvals in order to continue offering the service.

Simbisa, however, says negotiations are ongoing to break the impasse.

“InnBucks has been and remains engaged with the regulator in respect of its 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,” said Simbisa in a statement.

“Pending further statements, we assure you that funds held in the InnBucks accounts remain secure and all product purchases and cash withdrawals will be honoured as per regulations.”

Reports indicate that Innbucks had not acquired the Authorised Dealer with Limited Authority (ADLA) license which allows financial entities to handle foreign currency transactions.

Right from the onset when it was launched in November 2021, Simbisa has been vague with regards to Innbucks position, describing it as a “loyalty and rewards program” for its customers with massive discounts of at least 1% off every purchase while it also offered free USD transfers across the country.

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This was widely seen as an intrusion into the money transfer business space by the Innbucks service posing unfair competition with rivals.

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