Simbisa Brands’ InnBucks is returning from 4-month ban – as a bank

HARARE – Simbisa Brands’ mobile money transfer platform InnBucks is returning as a bank, ZimLive has learnt.

InnBucks was shut down by the Reserve Bank of Zimbabwe in April “for failing to obtain necessary approvals” to run the service.

A short video 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 wide range of financial services.

“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.

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