InnBucks, the Simbisa-owned Chicken Inn change app, and domestic remittance company has announced its rates for 2023. The highlights are that sending amounts above US$5 will now attract a fee of 3% down from the previous 5% and amounts below US$5 will only attract a fee of 1%.
InnBucks tarrifs and charges January 2023
| Deposits and withdrawals | Deposits | Free |
| Withdrawals | 2% | |
| Sending to another InnBucks account | Up to US$5 | 1% |
| Above US$5 | 3% | |
| Transaction limits | Account Limit | US$500 |
| Sending/recieving per transaction (Via USSD or InnBucks App) | US$250 | |
| Monthly transaction limit (Via USSD or InnBucks App) | US$1000 |
Effectively InnBucks is committing to only making 1% from your transactions. The 3% for amounts above US$5 is the 2% IMTT tax and their 1% on top. The same goes for withdrawals. The 2% is again IMTT tax with InnBucks not taking anything for that transaction. Oh, and if you had missed it, IMTT tax on domestic remittances was 4% and only came down to 2% on January 1, 2023.
InnBucks is thinking volumes over value
The economics of a business selling airtime, bread, or matches is it’s a volumes game. In remittances, it’s not really the case. Convenience and availability of cash especially when withdrawing is what gets the numbers. Rates probably come third on that hierarchy.
InnBucks already has the rates and availability of cash covered. After all, they could just piggyback the cash-rich fast food brands that are providing an office for InnBucks. Where they are still looking to solve is convenience in location. And they have been working hard on it.
So far, we have spent US$4,5 million on new stores in the country and an additional US$11 million will be deployed to complete our expansion programme in the current financial year, which ends in June 2023.
Simbisa Brands CEO, Warren Meares – Herald
At present Simbisa has 291 outlets all over Zimbabwe and is in the process of adding 45 more this year. A majority of these outlets will be InnBucks-ready which again expands the reach of the remittance service.
Share
Home
15 comments
I think you meant to say fee instead of free there on that table😊
Its correct as it is on that row since he said deposits are free.
There is no need to think it’s just there plain you just need to wear specs and view correctly that’s all.
the 2% withdrawal fee would take the total send & receive fee to 5%
I think its just above 5%
How much would I get paid if I get circumcised. I really need the money ASAP
I remember I was among the first 10 the money I got was ½ my 3 room rent 😄😀😄
Banc ABC also 5% at all TM and pick n pay
Let the competition begin looking at you econet
Econet is already at 5% as well they are all the same now its a matter of preference
Your article is misleading. It is incorrect to say they only make 1%. They make an additional 2% from the sender so really, their charge is 5%!!!, just like cityhoper, Access forex, mojamuler, all we’re charging 5% long b4 these guys! They are the cheapest only if you are sending less than $5.
You went all out over thinking and lost the sense in that remember the 2% on that is just Gvmnt tax if you are cashing out you only pay 2% Gvmnt tax
If you are sending you pay 3% which is 2% tax plus 1% charge so they only take the 1% charge tax is not their money simple and klaaaaar manje imi mobhara mazero
MADII MANGOVHARA WEBSITE YACHI MA A MUSINGACHADE?
Access forex is charging 3%. I paid $3 fee to send 100usd…
Was just charged 95c to send someone $1 with of airtime. I am humbled!
It’s reasonable