Innbucks introduces loans

Zim Now Writer

As the company continues to make inroads into the financial services sector, money transfer company InnBucks has introduced salary-based loans for civil servants and private sector employees.

Innbucks Manager for Credit Operations, Malcom Motsi said for clients to access the loans, InnBucks has to have an agreement with employers to facilitate repayments.

“We have been issuing loans from late October 2022 when we got the necessary regulatory approvals.

“We offer generic a salary-based loan facility for civil servants and private sector employees (pending the signing of a Service Legal Agreement between us and the employer for deductions at source),” said Motsi.

Motsi said the loan facility has been well received, and targets were set to expand clientele, adding that the uptake has been fair for the company’s first months, although they are targeting to achieve a big number.

“We have recently gone past the 3,000 clients mark and we aim to attract a high volume of clients.”

InnBucks, which is a part of Simbisa Brands, was launched in 2021, creating a platform to send and receive foreign currency.

The company was banned from operations last year in April by the Reserve Bank of Zimbabwe after failing to acquire the necessary licences.

It later resumed operations as a product of Ndoro MicroFinance Bank.