Innbucks

• Google Play: https://play.google.com/store/apps/details?id=com.innbucks.customer
• Apple App Store: https://apps.apple.com/us/app/innbucks/id1578456781

InnBucks Code

The InnBucks service uses the USSD Code *569#

The code works on all the mobile networks in Zimbabwe (Econet, NetOne, Telecel)

Services available on Innbucks

• InnBucks Cash in and Cash Withdrawal - users can cash into their InnBucks wallet. One needs their ID to deposit and to withdraw.
• Purchase of products - from Simbisa Brands outlets such as Chicken Inn, Creamy Inn, Pizza Inn, Bakers Inn with that money. Customers can also purchase at Nandos, Steers, Haefelis, Fish Inn, and Grab & Go.
• Money Transfer (called BFF on the platform) - Money can be transferred from one InnBucks account to another.
• Buy Airtime - Money in the mobile wallet can also be used to buy airtime from Econet, NetOne, and Telecel
• Store change - When Simbisa fast-food outlets customers buy food with USD cash, they can have their change deposited into InnBucks account
• Loyalty Service - If a user signs up for the service they get: discounts on Simbisa products; "VIP specials"; points for loyalty to Simbisa brands which can eventually be used to purchase food.
• Loans

InnBucks Charges and limits

• Deposits – FREE
• Cash withdrawal – 2% charge
• Send money (BFF) [Up to $5] – 1%
• Send money (BFF) [Above $5] – 3% (which includes 2% IMTT government tax)
• Account limit – $500
• Single transaction limit (BFF) – $250
• Monthly transaction limit (BFF) – $1000

Support Helpline

• Calls Contact number: 08677 569 569
• WhatsApp Chatbot on 0781 331 731

Background

It was created as a solution to the US Dollar cash change problem in Zimbabwe. Simbisa outlets would sell products in USD cash as an alternative to the ZWL dollars but did not have USD cents to provide as change. The InnBucks system was therefore a platform where that change could be put on for future purchases by the customer.

InnBucks was introduced in October 2021 and launched officially in November 2021. In early 2022, Simbisa reported that the service had been "well received in the market."

InnBucks can be used either via the InnBucks mobile app, which can be downloaded from the Google Play store, or use the USSD platform: *569#.

Company Information

The InnBucks Managing Director is William Honiball. At launch, Honiball said the plan was to expand InnBucks to other countries where Simbisa operates. Simbisa has operations in 9 African countries.

Suspension and Restoration

On 20 April 2022, the Reserve Bank of Zimbabwe (RBZ) directed InnBucks to stop operating after it failed to register in compliance with regulatory requirements. InnBucks was given a period of 30 days from the date of the press statement to round up operations.

In a statement, RBZ Governor Dr John Mangudya said the order was with immediate effect.

"The Reserve Bank of Zimbabwe advises the public that it has ordered Simbisa Brands (Pvt) Ltd to cease operating the money transfer service branded or styled InnBucks, with immediate effect. 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 cessation of the service means that customers shall no longer be able to deposit funds into the InnBucks account or transfer the funds to third parties. However, customers may redeem their balances for cash or goods at Simbisa Brands (Pvt) Ltd outlets within a period of 30 days from date of the Press statement."

^[1]

In a response to the statement by the RBZ, Simbisa Brands said they were working to resolve the matter. The statement read:

"InnBucks has been and remains engaged with the regulator in respect of its ADLA license. Regrettably, an impasse has occurred in respect of which the Simbisa Board is engaging the regulator with a view of achieving a speedy and amicable resolution.

Pending further statements, we assure you that funds held in the InnBucks accounts remain secure and all product purchases and cash withdrawals will be honoured as per regulations.

Thank you for putting your trust in us."

^[2]

Restoration

In August 2022, InnBucks was restored. The company was now operated as a product of Ndoro Microfinance Bank Limited, an RBZ-registered Microfinance Bank.^[3]

Related

• EcoCash
• Mukuru
• OneMoney

References