Simbisa Brands Pvt (Ltd)’s money transfer platform, InnBucks, has announced that it is back, three months after Zimbabwe’s central bank banned it.
When it was banned, InnBucks had become one of Zimbabwe’s leading US dollar transfer platforms.
In a video shared on its official Twitter handle on Thursday, InnBucks announced it is returning in August 2022 though no exact date was given.
InnBucks said it is coming back bigger, better and stronger.
The video announcement by the money transfer platform was met with approval on Twitter. ZNN News presents some of the reactions below:
Happy for you. It’s good to have many alternatives to send and receive money
Itai mudzoke please I’m waiting for you
HOPE YOU ARE COMING BACK ON REMITTANCE NOT TRANSFERS TINOREMADZWA NEMA4% aMTULI…
In April this year, the Reserve Bank of Zimbabwe (RBZ) banned InnBucks stating that it had failed to register despite repeated efforts to get it to comply with the regulations.
Customers were given 30 days to withdraw their funds or use them. They were no longer allowed to deposit funds into InnBucks accounts or transfer the funds to third parties.
In response, Simbisa Brands said there was an impasse with the central bank over licensing of its platform.
They went on to assure InnBucks customers that their funds were secure and that the money transfer platform would honour all product purchases and cash withdrawals.
InnBucks’ parent company said they would engage with the central bank with respect to its ADLA license. From the announcement on Thursday, it seems InnBucks and Zimbabwe’s central bank have finally reached a consensus.
Efforts to get the exact date when InnBucks will be returning were fruitless at the time of publishing.