Harare- FOREIGN currency money transfer agency InnBucks (a subsdiary of Simbisa Brands) is set to resume operations this month after it had been suspended by the Reserve Bank of Zimbabwe(RBZ) in April 2022,Express Mail Zim has learnt.
The communication was transmitted through its official Twitter page Thursday.
There was an impasse between RBZ and InnBucks as both parties contested on the issue of compliance with regulatory requirements.
In a communique dated April 20 2022,the apex bank governor John Mangudya ordered InnBucks to stop operating citing that it had failed to register in compliance with regulatory requirements. Said Mangudya:
” The Reserve Bank of Zimbabwe advises the public that it has ordered Simbisa Brands (Pvt) 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,” he said.
Adding:
“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. The development was met with great disdain from customers who had endeared themselves to the facility for it’s low charges.”
In response to that order then,InnBucks emphasized that it remains engaging RBZ in respect of it’s ADLA license and promised to amicably resolve the impasse with the regulator – a feat they achieved.
They however did not announce the date of return, but a well choreographed animated visual cemented the ‘massive and quick return’.
Twimbos welcomed the imminent comeback of the facility and several congratulatory messages inuadated the timeline.
The parent company Simbisa Brands also owns Chicken Inn and the sudden ‘eruption’ of the ‘dormant’ InnBucks, coincides with a huge gesture extended by Chicken Inn where guests were treated to free goodies as they celebrated the Defence Forces Day -which is a special day on the national calender.
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