Popular Local Money Transfer Agency Innbucks Now Gives Loans

Popular and fast growing local money transfer agency, InnBucks, has introduced a salary-based loan rpoduct.

The new facility will be accessible to Civil Servants and private sector employees.

This comes hot on the heals of the fintech company’s continued inroads into the country’s financial sector.

InnBucks Manager for Credit Operations, Malcom Motsi said for clients to access the loans, the company has to have an agreement with employers to facilitate repayments.

“We have been issuing loans from late October 2022 when we got the necessary regulatory approvals.

“We offer generic a salary-based loan facility for civil servants and private sector employees (pending the signing of a Service Legal Agreement between us and the employer for deductions at source),” said Motsi.

He said the loan facility has been well received, and targets were set to expand clientele.

“The uptake has been fair for our first months, but we target to achieve a big number.

“We have recently gone past the 3,000 clients mark and we aim to attract a high volume of clients.”

InnBucks was launched in 2021, creating a platform to send and receive foreign currency locally, in a sector that was previously dominated by foreign entities such as Mukuru, Moneygram, Western Union and World remit.

The company, which is a part of Simbisa Brands, was banned from operations last year in April by the Reserve Bank of Zimbabwe after failing to acquire the necessary licences.

It later resumed operations as a product of Ndoro MicroFinance Bank.

Yeukai is a professional and experienced journalist, broadcaster & writer.

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