Zimbabwe’s Innbucks to offer remittances from SA
Innbucks, a Zimbabwean mobile wallet, has increased its service offerings, allowing for remittances from South Africa, according to its CEO.
Innbucks began as a loyalty rewards platform for its parent business, Simbisa Brands, which operates Nando's, Chicken Inn, and Steers restaurants, and today has 1.8 million subscribers, contributing to the country's total of 7.1 million mobile wallets.
In recent months, the Innbucks wallet has added US Dollar loans.
Daisy Zambuko, Innbucks CEO, stated in an interview that, in addition to facilitating payments at Simbisa branded stores and offering person-to-person money transfers, Innbucks is now onboarding merchants for payments.
"We have onboarded a number of merchants across the country to provide our customers with simple payment options for goods and services. We want both mainstream and informal traders to be able to accept Innbucks as a payment mode," Zambuko explained.
Aside from that, Innbucks just announced a partnership to permit remittances from South Africa.
Innbucks announced in a text message to users over the weekend that remittances from South Africa can be made using the Clicksendnow website.
The funds would be sent directly into Innbucks wallets, which offer a variety of functions such as payments, domestic remittances, bill payments, and airtime purchases.
Clicksendnow is a South African platform run by Nedbank and Ukheshe that allows for remittances to the rest of Africa.
According to Zambuko, Zimbabwe's fintech business is rapidly evolving "despite a plethora of challenges" such as liquidity and currency shortages, as well as regulatory hurdles.
"Inflation and currency volatility have impacted our country's economy, and the financial sector has not been spared. Mobile operators' connectivity issues also have a knock-on effect on Innbucks," Zambuko explained.