It is commendable how resilient InnBucks has been since its official launch in November 2021. I was actually part of the preparations for its launch and it was such an invaluable learning curve. We have covered InnBucks several times and you can check out the articles to get an overview of InnBucks’ journey. These are InnBucks: ‘Zimbabwe’s Ultimate Loyalty and Rewards Programme’, ‘InnBucks Challenges Its Users To Create An Ad – US$200 InnBucks Up For Grabs’, ‘Fresh From The Holidays RBZ Deals Big Blows To InnBucks, Metbank & Rolink’, and ‘4 Months Later, InnBucks Is Back’. Today we look at some noteworthy InnBucks developments in recent times.
InnBucks Reviewed Their Charges – Now Quite Competitive
All cash deposits are free. Transfers above US$5 have a 3 percent charge. Transfers below US$5 have a 1 percent charge. All cash withdrawals have a 2 percent charge. The maximum an account can hold is $500. The maximum that can be transferred at a time is US$250. The maximum that can be transferred in a month is US$1000. Change deposits are capped at US$5. Given their wide coverage with over 270 transaction points, that is another added convenience.
The InnBucks Zeek Chatbot
InnBucks now has a WhatsApp chatbot. This is a dedicated WhatsApp Chatbot available round the clock on +263 781 331 731. Through that chatbot you can transact, reset your pin, get information on what InnBucks bank is, and find out how much it will cost to send money. You can also get a statement of account and get assistance when you send money to the wrong person. You can ask where you can collect money, do your KYC, and engage an agent with any query.
InnBucks Bank – What Is It?
On 17 March 2023, they officially announced the following:
We are proud to announce that InnBucks MicroBank Limited is now a registered deposit-taking MicroFinance Bank. We guarantee safe, smooth transactions, with access to complete financial services, giving you exactly what you want when you need it.
InnBucks is a mobile payment solution that enables customers to do financial transactions straight from their mobile phones. Users can deposit, withdraw, make payments, and transfer money. In essence, InnBucks is a product of InnBucks MicroBank Limited. The model is premised on simplified financial services anchored on enhancing financial inclusion. InnBucks Bank is accessible via the InnBucks mobile app or the *569# USSD code.
Call For Multilingual Video Content Spokesperson – Another Example Of User Inclusion In Product Or Service Development.
One of the things that have always made InnBucks stand out is involving customers in some of its operations or processes. I often speak about user-generated content (UGC). That is one of the indicators of how powerful it is to develop products or services with your customers. Excluding them can be limiting you from the heights your business or company can reach. This is something InnBucks understands quite well. In November 2021, InnBucks challenged its users to create an ad; US$200 was up for grabs. Recently, on the 15th of March 2023, InnBucks made the following call:
Are you the one? InnBucks is looking for a creative, fun, energetic, confident, and multilingual Spokesperson to present our video content. If you feel you have what it takes, drop us your 30 second demo here and if you impress, we will call you for the final round. In your 30 second video cut, say your name, age, and location. Say something about InnBucks (features or benefits). Use all 3 languages if you are able.
This again has demonstrated an important business principle that businesses or companies should emulate. I urge you to give it a try and see the results you will enjoy; customers yearn to be included in some of your processes and decision-making.
You Can Now Purchase US$ Airtime With InnBucks
On Monday the 3rd of April 2023, InnBucks broadcasted the following SMS to its InnBucks users:
GREAT NEWS! Purchase Econet and NetOne USD Airtime using InnBucks and get at least 5 percent cashback on every purchase. Simply Dial *569#, select option 3.
If you are using the InnBucks mobile app you choose the Bills option.
A Notable Review Note
InnBucks is no doubt a game-changer. Brand awareness has been on the rise and their digital footprint is solid. The fact that one simply has to go to a Simbisa Brands outlet is a great convenience. The challenge however still remains with the mostly slow system. From personal experiences and what I hear others saying, that is the biggest hurdle. It is typical to find long queues of InnBucks users depositing or withdrawing. The major thing fuelling that is the speed of the system. The last time I did an InnBucks transaction was a few days ago.
It took more than 20 minutes for my withdrawal transaction to sail through. I have also noticed that even after a withdrawal transaction goes through; it still takes a while for the transaction to conclude. I have no doubt there are potential InnBucks customers being put off by this dynamic. I sort of understand that these hiccups could be due to the base network in question e.g. Econet or NetOne. Regardless, users are eagerly waiting to see a marked improvement when it comes to system efficiency.
All in all, kudos to InnBucks for coming this far; it is commendable. The introduction of US$ airtime purchases via InnBucks is a step in the right direction. The more services they are going to add, the more appealing InnBucks will be. As for the user experience, InnBucks need to really look into that. Fast and efficient are some of the cardinal hallmarks of a mobile service. If InnBucks can figure out how to streamline its system, it will be limitless.
