The Reserve Bank Of Zimbabwe (RBZ) has officially issued statements notifying the public that Innbucks, Metbank and Rolink Finance have violated a variety of regulations.<\/p>\n

Innbucks<\/strong><\/p>\n

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 \u201cobtain necessary approvals in order to continue offering the service\u201d.<\/p>\n

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.<\/p>\n

<\/p>\n

Metbank Limited<\/strong><\/p>\n

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.<\/p>\n

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.<\/p>\n

<\/p>\n

Rolink Finance<\/strong><\/p>\n

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.<\/p>\n

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.<\/p>\n

<\/p>\n

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<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Reserve Bank Of Zimbabwe (RBZ) has officially issued statements notifying the public that Innbucks, Metbank and Rolink Finance have violated a variety of regulations. 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… Continue reading RBZ Cracks Down On Innbucks, Metbank Limited And Rolink Finance<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":1057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[2],"tags":[2053,2054,652,2055,1912],"yoast_head":"\n