InnBucks Is Back After RBZ Ban! Here Are The New Fees, Tariffs And Charges for August 2022
InnBucks, Simbisa Brands’ money transfer service, is officially back, four months after the service was banned by the Reserve Bank of Zimbabwe (RBZ)
However, the structure, fees, tariffs and charges are now different from how they were before Innbucks was banned.
The central bank regulators authorised InnBucks to operate as a bank called Ndoro Microfinance Bank Limited.
In a statement released on Monday morning, InnBucks said,
LAUNCH OF INNBUCKS PRODUCT
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.
INNBUCKS now operates as a product of Ndoro Microfinance Bank Limited, a registered Microfinance Bank. This arrangement will bring additional services and benefits to INNBUCKS customers.
Members of the public are therefore able to transact and enjoy the services and benefits of Zimbabwe’s favourite, low-cost, platform through the network of over 260 Quick Service Restaurants of Simbisa Brands Limited.
Thank you for your patience and we look forward to your continued support and use of the enhanced INNBUCKS product offering which you can explore at www.innbucks.co.zw
Thank you to our Regulators for the constructive engagements which have resulted in the licensing of the INNBUCKS product.
So what are InnBucks’ new fees and conditions?
- All deposits into InnBucks are free.
- You can only deposit money into your own account.
- You will need to produce your ID as well as the phone you will be making the deposit into.
Transfers To Other InnBucks Accounts
- For Amounts Up to US$5, there is a 1% charge for transfers.
- For amounts above US$5, there is a 5% charge for transfers. The 5% includes the government’s 4% Intermediate money Transfer Tax (IMTT).
- For withdrawals, there is a 2% charge regardless of the amount.
Innbucks Account & Transaction Limits
- The account limit is US$500.
- The transaction limit for transfers is US$250
- In a month, the limit for transfer is US$1 000.
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