Simbisa Brands Adopts U.S.$ Pricing

By Jeoffrey Ncube
The current foreign currency crisis facing Zimbabwe has forced local fast food chain, Simbisa Brands to demand United States dollars, a move the company says is meant to help them meet their franchise fee obligations.

Simbisa Brands own Chicken Inn, Bakers Inn, Nandos and Pizza Inn.

According to a statement released today, the company said their bankers are failing to provide them with adequate foreign currency at the regulated exchange rate hence the decision to offer discount prices for those paying with foreign currency.

“As a company, we require foreign currency to meet the franchise fee obligations and to import franchise related raw materials which cannot be substituted locally due to intellectual property agreements such as Nandos, Ocean Basket, RocoMamas and Steers.

“The import duties and taxes on imported raw materials also now have to be settled in foreign currency.

“Due to the prevailing national circumstances all our bankers are failing to provide us with foreign currency at the regulated exchange rate of 1.1 between USD and local dollars,” reads part of the statement.

Simbisa brands assured its customers that they will not abandon the option to purchase their favourite meals using other methods such as the local bond notes and electronically.

“We currently employ 4000 associates and serve at least 4.5 million customers every month. For us to remain in business and continue to serve you your favourite meals, we have resolved to discount our prices to below costs where payable in USD so that we start generating the foreign currency we desperately need.

“We continue to accept RTGS, local cards, mobile money and Bond notes as valid modes of payment. Our customers will therefor continue to have the option to purchase their favourite meals using any of these payment methods,” they said.

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