Simbisa Brands Respond To Innbucks Ban

Simbisa Brands has responded to the immediate ban of their subsidiary Innbucks by the Reserve Bank of Zimbabwe {RBZ} saying they are going to address the problem soon.

In a statement issued yesterday, RBZ governor Dr. John Mangudya ordered Simbisa to stop dealing with any financial transactions.

The central bank said InnBucks had failed to apply for a license and obtain necessary approvals in order to continue offering the service.

However InnBucks assured its customers that their accounts will remain secure during the slated period.

“InnBucks has been and remains engaged with the regulator in respect of its ADLA license. Regrettably, an impasse has occurred in respect of which the Simbisa Board is engaging the regulator with a view to achieving a speedy and amicable resolution.

“Pending further statements, we assure you that funds held in the InnBucks accounts remain secure and all product purchases and cash withdrawals will be honored as per regulations,” reads the statement.


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