Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

FinTech

Zimbabwe's InnBucks gets green light to resume services

Article Image
Zimbabwean mobile money platform, InnBucks, has resumed its service following its abrupt suspension by the country's central bank earlier this year.

Run by its parent company, Simbisa Brands, the mobile money platform has returned, this time in partnership with a registered deposit-taking microfinance institution, Ndoro Microfinance Bank Limited.

The mobile platform allows its consumers to send and receive money, as well as purchase from fast food outlets.

The Reserve Bank of Zimbabwe (RBZ) suspended InnBucks in April saying it was not registered to operate.

"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," a joint statement by Ndoro Microfinance Bank Limited, InnBucks and Simbisa Brands said.

In suspending InnBucks operations, RBZ argued that the mobile money platform had not obtained the necessary approvals.

RBZ said it directed InnBucks to apply for and obtain necessary approvals in order to continue offering the service, but the company didn't do that and was suspended.

Fighting hyper-inflation

The Zimbabwean government has also been trying to fight hyper-inflation by encouraging citizens to use the local currency, therefore being tough on platforms dealing in different currencies.

In tightening the screws on mobile money operators, RBZ at one time blamed EcoCash for inflaming parallel market exchange rates, ITWeb Africa reported.

In May, the Zimbabwean government took steps to make it more expensive to use foreign currency rather than the national currency.


Want to know more about mobile financial services in Africa? Check out our dedicated Fintech content channel here on Connecting Africa.


The decision also included a money transfer tax of 4% that applies to every foreign currency transfer carried out in the country.

This led to WorldRemit – one of the largest money transfer services in Zimbabwe – deciding to no longer offer direct bank transfers in the country.

Related posts:

*Top image source: created by Allexxandar - www.freepik.com

— Matshepo Sehloho, Associate Editor, Connecting Africa

Innovation hub

Story

MTN tackles SA power woes with wind & solar hybrid project

MTN South Africa has launched an integrated wind and solar renewable energy generation project as part of its Net Zero efforts.

Video

Interview: Qualcomm execs on mentorship for African startups

Qualcomm Technology VP for Engineering, Sudeepto Roy, and Elizabeth Migwalla, VP for Government Affairs, join Connecting Africa for a video interview about Qualcomm's Make in Africa Mentorship Program.

More Innovation hub

Latest video

More videos

Sponsored video

More videos

Industry announcements

More Industry announcements

Flash poll

All polls

Africa Tech Perspectives

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

Story

Challenges and opportunities for women's tech careers

A new survey reveals that COVID-19, the cost-of-living crisis, skills shortages and a lack of mentorship have negatively affected women's career development over the past two years.

Story

Survey: Opportunities for Women in Tech

Take our new survey for women across Asia, Europe and Africa looking at the biggest challenges and opportunities for women-led enterprises and trends in tech careers for women.

More AfricaCom perspectives

Upcoming events

London Tech Week
June 13-16, 2023
Queen Elizabeth II Centre, Broad Sanctuary, London SW1P 3EE
Cybertech Africa 2023
August 1-2, 2023
Kigali Convention Center, Kigali, Rwanda
Africa Tech Festival, Home of AfricaCom and AfricaTech
November 13-16, 2023
CTICC, Cape Town
More Upcoming events

Guest Perspectives

Story

Omdia View: February 2023

By Omdia Analysts

In February 2023 key events in the Middle East and Africa included a major Internet project for Africa's underserved by Liquid Intelligent Technologies and Microsoft as well as a 5G launch in Tanzania – that and more in this month's Omdia View.

Story

Omdia View: July 2022

By Omdia Analysts

Kenya and Zambia move towards 5G with new spectrum allocations while Tunisie Telecom plans to shut down its 3G network - that and more in this month's Omdia View.

More Guest Perspectives

Partner perspectives

All Partner Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up