InnBucks bounces back, now a product of Ndoro Microfinance Bank
InnBucks, a popular money transfer service owned by Simbisa Brands has bounced back and now operates as a product of Ndoro Microfinance Bank Limited, a registered Microfinance Bank.
The company was ordered to cease operations in April by the Reserve Bank of Zimbabwe (RBZ) which accused the company of failing to comply with regulations.
In a joint statement, Ndoro Microfinance Bank Limited, InnBucks and Simbisa Brands confirmed the development.
“We are pleased to advise all our customers and stakeholders that the Regulators have authorized the launch of the InnBucks product. Existing InnBucks account holders will have their accounts automatically reactivated,” read the statement.
“InnBucks now operates as a product of Ndoro Microfinance Bank Limited, a registered Microfinance Bank. This arrangement will bring additional services and benefits to InnBucks customers.
“Members of the public are therefore able to transact and enjoy the services and benefits of Zimbabwe’s favourite, low cost, platform through the network of over 260 Quick Service Restaurants of Simbisa Brands Limited.
“Thank you for your patience and we look forward to your continued support and use of the enhanced InnBucks product offering which you can explore at www.innbucks.co.zw
“Thank you to our Regulators for the constructive engagements which have resulted in the licensing of the InnBucks product.”
In suspending InnBucks operations, RBZ argued that the company had not “obtained necessary approvals”.
“In November 2021, the bank directed InnBucks to apply for and obtain necessary approvals in order to continue offering the service. To date the company has not yet regularised the service as directed, hence the inevitable regulatory intervention by the bank,” the central bank said at the time.