Simbisa Brands’ mobile money transfer platform InnBucks is back on the market, and in bigger form, as a bank.
InnBucks, a popular Locally focused Money transfer service was shut down by the Reserve Bank of Zimbabwe in April “for failing to obtain necessary approvals” to run the service.
A video clips released on InnBucks’ Twitter account on Thursday featured a Marvel Studios-type superhero – an ode to its supposed immortality.
“August 2022: We’re coming back bigger, better and stronger,” it announced.
Simbisa Brands’ parent company Innscor Africa Limited is engaged in fast food services and the manufacture, distribution and retailing of household commodities and fresh produce.
Company sources said InnBucks has obtained a banking licence from the Reserve Bank of Zimbabwe, allowing the company to engage in a wider range of financial services besides just money transfers.
“All those who had opened accounts with InnBucks will automatically have bank accounts with our new financial services offering we’re soon unveiling,” a company executive said, asking not to be named as they were not authorised to speak to the media.
InnBucks started off as a loyalty rewards programme for Simbisa’s fast-food outlet, Chicken Inn, before quickly growing into a money transfer service which was subsequently shut down by the central bank.
InnBucks Tariffs And Charges For August 2022
InnBucks, a Simbisa Brands subsidiary which is in the business of money transfers and has recently acquired a banking license, has announced the tariffs and charges for August 2022.
This follows the company’s announcement this week that it was coming back “bigger and stronger” after being ordered to cease operations by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya in April this year.
Deposits to InnBucks
FREE
Cash Withdrawal
2%
Send to another InnBucks Account
US Dollars Up to $5
1%
US Dollars Above $5
5%
BFF (send to another)
Up to $5
1% Charge
InnBucks Account
US Dollars Above $5
5% Charge
Account &
Transaction Limits
Account Limit
$500
Per Transaction (BFF)
$250
Transactions Per Month (BFF)
$1,000
