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FULL TEXT: Simbisa Brands Responds To RBZ Ban On InnBucks

FULL TEXT: Simbisa Brands Responds To RBZ Ban On InnBucks

Simbisa Brands has responded to a press statement by Dr John Mangudya, the Governor of the Reserve Bank of Zimbabwe which was to the effect that InnBucks, a subsidiary of Simbisa had been ordered to stop dealing in any financial transactions. The central bank said InnBucks had failed to apply for and obtain necessary approvals in order to continue offering the service. In a statement, seen by Pindula News, Simbisa Brands said they were working to resolve the matter. Reads the statement:

To our Valued Customers,

The Press Statement issued by the Governor of the Reserve Bank of Zimbabwe on 20 April, 2022 refers.

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 of 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 honoured as per regulations.

Thank you for putting your trust in us.

By order of the Simbisa Brands Limited Board of Directors. 20 April 2022

More: Pindula News

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zimboy 3 months ago

this country is in ruins

ngorima mushava 3 months ago

maybe they wanted to evade tax..

...RULES yes , Acts and statutes of the Law/ Constitution all financial services providers have to be registered by the Regulator..... they are bodies which regulate financial players

Mangethe 3 months ago

Which rules ?

VYBZ KARTEL 3 months ago

If you follow the rules of the country you won't have any problems.

politics 3 months ago

Haa mhani

mama Bee 3 months ago

zvozodii haaa sure nyika ino hapana kwairi kuenda

Blabber 3 months ago

Ruins yeiko imi muningoda kus****podza nezviripachena? Iwo waimboshandirei wasina mapaper nemvumo zvakakwana? Iwo wesimbisa wacho wabvuma wani

Jerah Choko 3 months ago

Gvt only put heavy taxes for this company documentation,thus making it to review its tarriffs*** vanhu ndivo vanorwadziwa chete apa,hurumende haidi zvinhu zvakanakira vanhu

1234 3 months ago

Good bye hamuchadzoke

chiurai 3 months ago

iyo reserve bank yaiti sei Munhu asina zvakakwana fanoita uchigadzirisa.

isu toziva kuti mapepa anoita order first musati matanga operations

Ndavatikwanire plus vanozivana


Ambs 3 months ago

yabvuma mhosva yayo wani simbisa yacho . musangovukura mhani

cb 3 months ago

masanctions chete hapana chimwe

jack roller 3 months ago

Simbisa brands ndivo ve chicken inn . You want a two piecer it's $3.50. You give them $4 vokupa change mabond e 50 cents. woti how much is water, wonzi 50 cents . Wovapa 50c yavakuchinja voti hatitambire mabonds. 😅😅😅 Has anyone else experienced that.

SADZA 3 months ago

Yes i have they told me to topup mabond they changed me to get water

Ospina 3 months ago


Machiavelli 3 months ago

Zimbabwe isn't going anywhere.
We punish innovation.
All we know is going backwards.
Reverse jive

Machiavelli 3 months ago

@Ngorima, we know about selective application of the law in Zimbabwe. Trust Bank was closed for the same forex tampering and bank revakuru (Metbank) is simply suspended from transacting forex, and it still carries on business as usual.

I don't suffer from selective amnesia

ngorima mushava 3 months ago

all financial services providers must be registered with the Regulator...
business has to be done within the confines of the Law

3 months ago

rekeni 3 months ago

shiri yarohwa nereke i

. 3 months ago

@rekeni wamuri kuti shiri ndiyani ?

Innscore Africa runner 3 months ago

They is a story within a story simbisa is a very big organisation with legal advisors why letting its clientele base down ?
Operating without a license?. Its jus a clear path to give econet th chance pane akatonyora apa kuti the new baby asakambaira🤣🤣🤣
It was obvious from their cost structure that tax wise it wasn't sustainable. From the 3 bucks they charged on 100us if u subtract the 2% tax wc is 2 us then factor in overheads and corporate tax from their net profit hapana chinosara

Machiavelli 3 months ago

What you don't see is clientele opportunity.
1. When you transact you are sending money for someone to buy a meal from Chicken Inn....
2. As you transact you may buy a drink or another meal.
3. Multiplier effect... the people congregate around the Inns, the higher the visibility of the group...

Simple business really

vested interests everywhere 3 months ago

pity pity pity cry the beloved country

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