In the statement, Simbisa Brands informs the public it is engaging with the RBZ in respect of Innbucks’ ADLA license. Simbisa expresses a desire to achieve a “speedy and amicable resolution”.

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 hadn’t 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

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Innbucks

The RBZ has ceased Innbucks from operating as a money transfer service provider with immediate effect citing their inability to regulate the service as directed by the bank last year in November (2021). According to the statement, Simbisa Brands was supposed to “obtain necessary approvals in order to continue offering the service”.

RBZ notified the public that they can no longer make deposits with Innbucks or send money to third parties but a grace period of 30 days has been given for people to withdraw their balances in the form of cash or goods and services.

Metbank Limited

Metbank has been suspended from operating as an authorized dealer with immediate effect pending investigations. RBZ says Metbank has breached Exchange Control regulations relating to trading in foreign currency.

Metbank will not be permitted to deal in foreign currency and this includes buying and selling in foreign currency and processing international and domestic foreign currency transactions.

Rolink Finance

Rolink Finance has been suspended from operating as a Bureau De Change. A bureau de change is a business that, in competition with other similar businesses, makes its profit by buying foreign currency and then selling the same currency at a higher exchange rate. It may also charge a commission or fee on the purchase or sale.

The suspension is a result of the Exchange Control (Authorized Dealers with Limited Authority) Order. The RBZ has levied a fine of US$120,000 (or ZWL equivalent) against Rolink Finance for breaking said exchange control violations.

This is not the first time RBZ has cracked down on multiple companies for breaking regulations. Recently RBZ froze the accounts of Halsted, Enbee, Transerve and Electrosales for money laundering.

The post RBZ Cracks Down On Innbucks, Metbank Limited And Rolink Finance appeared first on Provoker Magazine.

Simbisa formerly known as Innscor revenues rose by 54% ($16.9 billion) during the half-year ended December 31, 2021. The group said it would focus on moving beyond navigating Covid19 induced challenges to creating a bigger stakeholder value. The gradual easing of trading restrictions has also helped in achieving bigger numbers.

Simbisa is the biggest fast-food brand in Zimbabwe not mentioning the fact that their business goes beyond the Zimbabwean border. It’s no surprise they could pull off such a huge number in revenue because they sell everything everywhere. With fewer Covid restrictions and more events and movement in Zimbabwe, their revenue could even be higher for this year.

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