Bloodbath as rampaging RBZ suspends another money transfer company

Spread This News

By Thandiwe Garusa

THERE is a bloodbath in the financial services sector, with the Reserve Bank of Zimbabwe (RBZ) Monday shutting down yet another foreign currency dealership, Access Forex.

The company announced in a statement it has been directed to suspend operations with immediate effect.

This comes only a few days after the RBZ suspended Metbank from operating as a forex dealer and banned Simbisa Brands’ Innbucks money transfer platform which had become popular with clients.

In a notice to its clients, Access Forex management said international transfers between South Africa, the United Kingdom  (UK) and Zimbabwe will not affected by the suspension.

“Following communication from the Reserve Bank of Zimbabwe concerning our domestic money transfer service, Access Forex will be suspending local money transfers effective Friday, 22 April 2022,” the company said.

“While we are engaging the relevant authorities with the hope of resuming the service soon, we will therefore not be accepting any cash-inns in any of our branches or partners offices. Any client wishing to collect money sent to them from a local source (within Zimbabwe) before 22 April 2022 will be able to do so by visiting any of our branches or trusted partners countrywide,” it said.

“Please note that international money transfers between South Africa and Zimbabwe and between the United Kingdom and Zimbabwe are not affected by the directive and remain available,” the notice reads.

Access Forex is a Zimbabwean owned money transfer platform operating in the UK.

Watchers say the move by the RBZ is an insufficient and piecemeal attempt to solve the country’s economic crisis underlined by runway inflation.