InnBucks MicroBank Limited

InnBucks MicroBank Limited official logo

InnBucks MicroBank Limited is a deposit taking micro-finance registered and regulated in terms of Zimbabwean law.[1] It offers banking and financial services to individuals and public.[1] It was formed as registered corporate after acquiring and renaming of Ndoro Micro-finance in 2022.[2][3][4]

InnBucks MicroBank Limited is owned by a publicly traded company called Simbisa Brands and is part of Innscor Africa network of companies.[5][6]

InnBucks

InnBucks is money transfer service regulated by Zimbabwean laws and owned by InnBucks MicroBank.[7] Its primary purpose is providing remittances transfer services to the general public.[8][9][10] It was first popularised among patrons of restaurant chains franchised under Simbisa like Nando's as way of enabling small change transactions rendered impossible by Zimbabwe's overall demonetization.[10]

Background

InnBucks was formulated as loyalty program by Simbisa Brands, it later on expanded into remittances platform before it was banned by Reserve Bank of Zimbabwe. It came back some time later as a licensed product after Simbisa Brands acquired Ndoro micro-finance and renamed it, to InnBucks MicroBank Limited.

Competitors

Products and services

References

  1. ^ a b c "InnBucks". innbucks.co.zw. Retrieved 2023-12-02.
  2. ^ "InnBucks bounces back, now a product of Ndoro Microfinance Bank – Nehanda Radio". nehandaradio.com. Retrieved 2023-12-02.
  3. ^ "InnBucks Announces Its Return With New Partnership With Ndoro Microfinance Bank". GREEDYSOUTH. 2022-08-15. Retrieved 2023-12-02.
  4. ^ Sengere, Leonard (2022-08-15). "InnBucks is back as a bank, is it still as low cost as it was before?". Techzim. Retrieved 2023-12-02.
  5. ^ Moyo, Lily (2023-03-16). "Innbucks: Here Is All You Need To Know About The Simbisa Brands Mobile Online Payment Service App". Zimbabwe Profiles. Retrieved 2023-12-02.
  6. ^ Staff Writer (2022-04-20). "RBZ bans Simbisa's InnBucks with immediate effect!". Techzim. Retrieved 2023-12-02.
  7. ^ Moyo, Lily (2023-03-16). "Innbucks: Here Is All You Need To Know About The Simbisa Brands Mobile Online Payment Service App". Zimbabwe Profiles. Retrieved 2023-12-02.
  8. ^ Sengere, Leonard (2023-04-28). "InnBucks now giving loans, here is everything you need to know about them". Techzim. Retrieved 2023-12-02.
  9. ^ "Zimbabwe's InnBucks Gets Green Light to Resume Services - NextBillion". nextbillion.net. Retrieved 2023-12-02.
  10. ^ a b Karombo, Tawanda (2023-09-05). "How Zimbabwe's biggest fast-food company became a popular fintech solution". Rest of World. Retrieved 2023-12-02.
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