RBZ shuts down Innbucks , MetBank

Business Reporter

THE Reserve Bank of Zimbabwe (RBZ) has shut down mobile money transfer service, InnBucks and Metropolitan Bank with immediate effect.

In a latest update, RBZ Governor John Mangudya said the money transfer vice has been operating without the required regulatory approvals.

“The Bank advises members of the public that is has ordered Simbisa Brands (Private Limited) to cease operating the money transfer service branded or styled InnBucks with immediate effect.

“In November 2021 the Bank directed InnBucks to apply for and obtain necessary approvals inorder to continue operating the service. To date the company has not yet regularized the service as directed, hence the inevitable regulatory intervention,” he said.

The central bank governor said customers can proceed to withdraw their balances or purchase any goods at Simbisa outlets within 30 days of the press release.

The RBZ also barred MetBank from dealing with any foreign currency that is buying and selling foreign currency, and processing international and domestic foreign currency transactions until further notice.

“The suspension of its authorized dealership licence does not relieve MetBank Limited of any outstanding obligations incurred or had at the time of suspension of the licence,” added Mangudya.

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