The RBZ released a statement to the public notifying them that Innbucks has been ordered to seize operations as a money transfer service. Simbisa Brands has also released a statement on their Twitter account.
In the statement, Simbisa Brands informs the public it is engaging with the RBZ in respect of Innbucksā ADLA license. Simbisa expresses a desire to achieve a āspeedy and amicable resolutionā.
Simbisa Brands also assures its clients that their accounts with Innbucks are secure and all product purchases and withdrawals will be honoured as per regulations.
Innbucks initially came on the scene as a reward system for customers and on Facebook, Innbucks says it is “Zimbabwe’s Ultimate Loyalty And Rewards programme”. At the onset, customers would buy at Simbisa outlets like Chicken Inn, Creamy Inn, Pizza Inn and so forth and people could receive loyalty points and they had an option to receive their outstanding change on the app that they would be able to use later.
Innbucks then transitioned to money transfers at a very low cost compared to its competitors. Naturally, people flooded where there were lower charges giving Innbucks a huge advantage over its competitors. Could the low charges be because they hadnāt yet been regulated by the RBZ? Many people on social media that use the service have expressed their hope that the issue will be resolved as they feel Innbucks is more convenient than other money transfer services.
Full Simbisa Brands statement below
