15th August 2022
Business, News Headlines
By Staff Reporter
SIMBISA brands mobile money platform, InnBucks has resumed service following its abrupt closure earlier this year.
In April, the Reserve Bank of Zimbabwe (RBZ) shut down InnBucks over licencing issues to trade in the manner it was.
InnBucks started off as a loyalty rewards programme for Simbisa’s fast-food outlet, Chicken Inn, before quickly growing into a money transfer service.
In a statement Monday, InnBucks management said existing accounts will be automatically reactivated.
“We are pleased to advise all our customers and stakeholders that the Regulators have authorised the launch of the INNBUCKS product. Existing InnBucks account holders will have their accounts automatically reactivated.
“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,” the statement reads.
Ndoro was authorised as a deposit taking microfinance business in March.
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.
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