Simbisa Brands responds to RBZ move banning its Innbucks platform

Simbisa Brands has responded to the move by the Reserve Bank of Zimbabwe to ban Innbucks saying there was an ‘impasse’ with the central bank over licensing of its platform.

Apparently, the company has assured it customers that the funds are safe and secure.

Simbisa launched InnBucks as an application to allow customers to load USD and buy food at its outlets.

The platform became prominent and widely used as a USD money transfer service, inviting RBZ’s scrutiny.

In its half year trading report covering period up to December, Simbisa said the product had been well received.

Meanwhile, the central bank has been monitoring a number of institutions after reports alleging that some of them were abusing forex systems.

Few months ago, RBZ named companies under probe, and had others penalised for the same offence.

Zwnews