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.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
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14 comments
Innovation stifled….anyway, was kind of half expecting it somehow
Why don’t you want bonds nhai?!…lm giving you 100 bond soon
there was no innovation here, this was just ecocash under a different name.
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.
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???
Blame simbisa for recklessness. The law is the law, they ought to know better.
Vote ZANU PF
why not decentralise?
Thieves talking about law,what they dont benefit from they will always shut down,this is bs!
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
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?
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
Simbisa should fight back, innbucks was great and convenient, those tellers were now not getting my change for free
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 !