Chitungwiza, Zimbabwe – In the heart of Chitungwiza, a town nestled 25 kilometers from the bustling Harare, a familiar scene unfolds. Tanaka Diza finds himself in a queue, waiting patiently for nearly 20 minutes, but this is no ordinary queue at an ATM or a bank. Instead, it snakes its way outside a quick-service restaurant, where Diza has the opportunity to withdraw $20 in cash through Innbucks, an app introduced in 2021 by Simbisa Brands, a prominent restaurant operator in the region, designed to facilitate the return of loose change to patrons.
Diza shared his thoughts, saying, “Today, there was a short queue. I think it’s because of the increased popularity of the service. I prefer Innbucks because you can even use it to buy food and get change, and their charges are a bit reasonable.”
The challenge of receiving exact change after a purchase looms large in Zimbabwe, given the scarcity of coins and lower denomination banknotes in circulation. Traditionally, merchants and retailers would offer sweets, condoms, or coupons instead of change. Innbucks emerged as a solution to this conundrum within Simbisa’s restaurant network, encompassing local favorites like Nando’s, Chicken Inn, and Steers.
However, InnBucks has transcended its initial purpose and evolved into one of Zimbabwe’s most sought-after fintech platforms. The app empowers users to load funds in Zimbabwean dollars, conduct digital transactions, transfer money to fellow Innbucks users, and even access loans. In a significant development, Innbucks secured a license in 2022, forged through a strategic partnership with Ndoro, a microfinance bank. This partnership elevated Innbucks to the status of a deposit-taking financial institution.
The journey of Innbucks reflects a remarkable transformation, where a humble effort to address a local challenge has blossomed into a multifaceted fintech solution that addresses a spectrum of financial needs for Zimbabweans. It stands as a testament to the innovative spirit and adaptability of businesses in Zimbabwe, demonstrating that creative solutions can emerge from even the most unexpected origins.
