The Reserve Bank of Zimbabwe (RBZ) has suspended Metbank from dealing in foreign currency, pending investigations into alleged breaches of Exchange Control regulations.

Meanwhile, the central bank has ordered Simbisa brands’ popular money transfer platform Innbucks to shut down, accusing the company of failing to regularise the service as directed.

Customers have 30 days to withdraw or use up balances, unless the Chicken Inn owners obtain a licence.

RBZ says the order for Innbucks to cease money transfer service is with immediate effect.

Customers cannot deposit or transfer, only redeem balances within 30 days and RBZ wants Simbisa to apply for licence to offer money transfer service.