After a four-month hiatus due to a shutdown by regulators, the popular transaction platform InnBucks has announced its return. Initially launched as a rewards program, the platform was deemed to be operating as a money transfer service and ordered to regularise its operations by the RBZ.
In a joint statement, it was announced that the Simbisa Brands-owned platform will now be operating under Ndoro Microfinance Bank Limited, a registered Microfinance Bank and this sees them meet the RBZ requirements for operations. All existing InnBucks account holders will have their accounts automatically reactivated and the company says the partnership with Ndoro Microfinance will see customers benefiting from additional services.
The platform which is especially loved for its efficiency will still facilitate deposits for free but cash withdrawals will now have a 2% charge. For transactions to another InnBucks account, there's going to be a 1% charge for transactions below $5 and those above $5 will be charged 5% which includes the 4% transfer tax. The account limit will be $500 with the maximum per transaction being $250 and the monthly transaction limit is $1,000.
To register on InnBucks you can simply download the application from the Google Playstore or the AppStore or you can dial *569#. Registration is free and InnBucks allows you to transact at the 250+ Simbisa Brands outlets at the moment. The platform currently limits accounts to one per user.
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