InnBucks may be just two years old, but it is rapidly establishing itself as a key player in Zimbabwe’s money transfer market. With its growing presence and impressive partnerships, the company is positioning itself to become a pace setter in the industry within the next few years.
What began as a solution to the country’s shortage of coins and small notes has evolved into a formidable force in Zimbabwe’s financial services sector, driven by innovation and hard work.
This year alone, InnBucks has formed significant partnerships with two major retailers, gaining a larger share of the market and reinforcing its upward trajectory.
Strategic Partnerships and Growth
In July 2023, InnBucks made a major announcement: their customers could now use their services at SPAR stores, enabling them to purchase groceries, conduct banking transactions, and perform cash-in/cash-out activities at any SPAR outlet nationwide.
More recently, the company announced a similar partnership with TM Pick n Pay, which has 59 outlets across Zimbabwe. This collaboration is a major milestone for InnBucks, giving them access to an even larger customer base and further solidifying their position in the market.
Humble Beginnings and Early Setbacks
InnBucks MicroBank Limited is wholly owned by Simbisa Brands and is part of the Innscor Africa network of companies. However, the company faced early setbacks when it started operating. In its first year, the Reserve Bank of Zimbabwe ordered the shutdown of InnBucks due to concerns that it lacked the proper authorization to offer money transfer services.
The central bank had previously instructed InnBucks to apply for and obtain the necessary license to operate legally. This setback came at a time when mobile money platforms were being scrutinized for allegedly contributing to the rise in street exchange rates, often in collaboration with those engaging in the illegal foreign exchange trade.
Despite this challenge, InnBucks bounced back. In 2022, the company became a registered corporate entity under Ndoro Microfinance Bank Limited, with a renewed focus on providing remittance services. Since then, InnBucks has emerged as a strong competitor in the local financial services sector, alongside established players such as EcoCash, Omari, Mukuru, World Remit, Western Union, Mama Money, Mojo Mula, and Senditoo.
A Competitive Edge: Affordability and Accessibility
One of InnBucks’ key advantages over competitors is its affordability. By offering lower transaction fees, InnBucks has become increasingly popular among Zimbabweans, who tend to prioritize cost when choosing financial services, regardless of brand loyalty.
In addition, InnBucks benefits from its close relationship with customers through Simbisa Brands, which operates more than 300 fast food outlets across Zimbabwe. With InnBucks available at all of these locations, the company enjoys significant leverage and accessibility. Their strategic partnerships with well-known supermarket chains further enhance their reach and are likely to drive continued growth.
Innovation and Expanding Offerings
InnBucks’ success can also be attributed to its willingness to innovate. Beyond money transfers and wallet services, the company has expanded its offerings to include short-term insurance, life cover, and loans. This diversification has helped them appeal to a broader customer base and secure more market share.
In addition to product innovation, InnBucks has embraced influencer marketing to promote its brand. By partnering with social media celebrities and influencers, the company has effectively reached younger audiences, who are increasingly important to their customer base.
On their Facebook page, for example, InnBucks has teamed up with social media personalities Yahya Goodvibes (Mitchel Mutongwizo) and Allen Skits (Allen Makocho) to promote their “Scratch and Win” promotion. With a combined following of 729,000 on Facebook, these influencers have helped to amplify InnBucks’ visibility and attract new users to the platform.
Subscription Model and Customer-Centric Approach
In response to customer concerns about high transaction fees, InnBucks introduced a $1 monthly subscription model, offering unlimited transactions for just $1 per month. This move has been widely praised by users and sets InnBucks apart from competitors who typically charge per transaction.
Such innovations have positioned InnBucks as a company that prioritizes customer satisfaction over maximizing profits. The company’s focus on value has helped them build a loyal customer base and continues to fuel their growth.
Closing the Gap on Competitors
InnBucks’ growth is evident in its increasing subscriber base. While EcoCash, the market leader, has around 8.35 million subscribers, InnBucks has grown to approximately 3 million users. Given that they have not been in operation as long as EcoCash, this growth is impressive and underscores their potential for future success.
A Story of Persistence and Innovation
InnBucks’ journey is a testament to the power of hard work, creativity, and persistence. Despite facing significant challenges, the company has managed to carve out a space for itself in Zimbabwe’s competitive financial services market. With innovative solutions, strategic partnerships, and a customer-first approach, InnBucks is poised for continued growth and success—becoming a key player in the local financial ecosystem and beyond.