(Video) InnBucks Is Back After Three Month Ban By The RBZ

InnBucks, a Simbisa Brands Pvt (Ltd)’s money transfer platform, has announced that it is back, three months after Zimbabwe’s central bank banned it.

InnBucks announced it is returning in August 2022 in a video shared on its official Twitter handle on Thursday. However, no exact date was given for the return to operations of one of Zimbabwe’s leading US dollar transfer platforms.

Zimbabweans on Twitter expressed joy at the return of InnBucks. It's quite clear that people had missed the service.

InBucks is preferred for its lower charges and large branch network that makes transactions convenient and fast.

Watch the video of the return of InnBucks below.

https://twitter.com/i/status/1557683139400663042

The Reserve Bank of Zimbabwe (RBZ) banned InnBucks in April 2022 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.

What Is InnBucks?

Innbucks is a Mobile Online Payment and local money transfer platform that was launched by fast food retail giant Simbisa Brands.

The platform allows customers to deposit US dollars (forex) of up to US$ 200 into their Innbucks accounts. This can then be used to purchase from any of the Simbisa outlets nationwide,  to redeem the cash, or send to anyone else registered with Innbucks.

Simbisa outlets include Chicken Inn, Pizza Inn, Creamy Inn, Bakers Inn, Fish Inn, Haefelis, Grab and Go, Nando’s, and Steers. You can use this app to buy for someone who is in a different location from where you are. You can also withdraw the money from any Simbisa outlet nationwide.

Customers can either use the Innbucks app, which can be downloaded from the Google Play store, or use the USSD platform (text messages). The USSD menu is accessed by dialling *569#. This option is convenient when one doesn’t have data or does not have a phone that can access the internet.