Innbucks, a mobile wallet operating in Zimbabwe has announced that it has expanded its services by adding support for payments from South Africa. This follows the fintech startup’s recent addition of loans in US dollars.
For its parent company, Simbisa Brands, which runs the Nando’s, Chicken Inn, and Steers restaurants, Innbucks was founded as a loyalty rewards program. As of now, it has 1.8 million subscribers and contributes to the nation’s 7.1 million mobile wallets.
Innbucks CEO Daisy Zambuko noted in an interview that the company is currently enrolling businesses for payments in addition to facilitating payments at Simbisa-branded stores and providing person-to-person money transfers.
Zambuko also noted that the services give clients easy payment alternatives for goods and services, as the business has partnered with a variety of retailers across the nation.
“We want both mainstream and informal traders to be able to accept Innbucks as a payment mode,” Zambuko explained.
In addition, Innbucks has disclosed a collaboration to allow money transfers from South Africa. Over the weekend, Innbucks informed consumers through text message that the Clicksendnow website allows for remittances from South Africa.
The money would be transferred right into Innbucks wallets, which can be used to make payments, send money home, pay bills, and buy airtime.
Remittances can be sent to other countries in Africa through the Nedbank and Ukheshe-operated Clicksendnow portal in South Africa.
Zambuko claims that “despite a plethora of challenges,” such as liquidity and currency shortages, as well as regulatory obstacles, Zimbabwe’s fintech industry is fast developing.
“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.