There have been many latest developments that the Reserve Bank of Zimbabwe announced on the 20th of April 2022. This adds to various other latest developments regarding the Zimbabwean economy. Just the other day I was talking about the new 50 per cent vehicle import duty payment in Zimbabwean dollars. It has become common to see clampdowns of non-compliant financial service providers in Zimbabwe. We have seen this happening before. For example, we have seen some bureau de change service providers being discontinued. Anyways, just recently the RBZ made some announcements regarding InnBucks, Metbank, and Rolink Finance. Here they are:
Cessation Of InnBucks Operating As A Money Transfer Service Provider
The Reserve Bank of Zimbabwe (the Bank), advises the public that it has ordered Simbisa Brands (Private) Ltd 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 the necessary approvals to continue offering the service. To date, the company has not yet regularized the service as directed, hence the regulatory intervention by the Bank. The cessation of the service means that customers shall no longer be able to deposit funds into the InnBucks account or transfer the funds to third parties. However, customers may redeem their balances for cash or goods at Simbisa Brands (Private) Ltd outlets within 30 days from the date of this Press Statement.
InnBucks’ Press Statement Following This Development
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 intending to achieve 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.
Suspension Of Metbank Limited From Operating As An Authorized Dealer
The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that it has, with immediate effect, suspended Metbank Limited from operating as an authorized dealer pending full investigations for breach of Exchange Control regulations relating to trading in foreign currency. Metbank Limited will not be permitted to deal in 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 license does not relieve Metbank Limited of any outstanding obligations it incurred or had at the time of suspension of the license.
Suspension Of Rolink Finance (Private) Limited From Operating As A Bureau De Change
The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that it has, with immediate effect, suspended Rolink Finance (Private) Limited from operating as a bureau de change. The suspension is a result of breaches of the Exchange Control (Authorized Dealers with Limited Authority) Order, Statutory Instrument 104 of 2015 and Exchange Control Circular Number 2 of 2021 issued to Authorized Dealers with Limited Authority (ADLAs). The suspension of its authorized dealership license does not relieve Rolink Finance (Private) Limited of any outstanding obligations it incurred or had at the time of suspension of the license. For the said exchange control violations, a penalty of US$120 000 or its equivalence in Zimbabwean dollars has been levied against Rolink Finance (Private) Limited.
These are some of the latest announcements made by the Reserve Bank of Zimbabwe. Of course, there have been and still are so many discussions around these developments on social media. I will not delve into those because at best most of the views aired are speculative.