ZIMBABWE’S fintech solution and micro-finance platform, InnBucks MicroBank Limited, has pledged to continue providing financial support to the marginalised sectors amid headwinds besetting the economy.
In its financial results for the year ended June 30 2024, InnBucks’ chief executive officer, Daisy Zinyemba, said the company will pursue its thrust to provide financial support to its clients as one of the its strategies to give financial support.
“The MicroBank will continue its journey to provide financial support to the marginalised sectors, general public and the corporate sectors. Strategic partnerships will also continue to be pursued for the benefit of our customers and other stakeholders and this will mostly be achieved through win-win loyalty arrangements.” Zinyemba said.
InnBuck said it will enhance service offerings to its customers through enhancement of technology development.
“As part of its commitment to technological growth, the institution has introduced various innovations, including the KaOne wallet product, which charges customers US$1 for transactions over a month. Additionally, the integration with Zimswitch allows all Innbucks customers to engage in national switch transactions via Zipit,” Zinyemba said.
She acknowledged the operational challenges impacting the company’s performance, such as inflation, changing consumer spending habits and the drought influenced by El Niño.
“Cost pressures, exacerbated by a drought year have resulted in reduced banking activities especially on the InnBucks wallet,” Zinyemba said.
The MicroBank’s net interest income for the year to June 30 2024 stood at ZiG74,15 million compared to ZiG6,04 million recorded during the 16 months to June 30, 2023 largely driven by the deliberate focus in growing both consumer and corporate lending.
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“The fees and commission income also grew to ZiG182,74 million from ZiG90,76 million in the previous period. A similar trajectory was noted for operating expenses which grew from ZiG83,74 million in the previous period to ZiG167,28 million,” Zinyemba said.
InnBucks is a fintech, offering a wide range of innovative banking and financial services solutions to individuals and businesses through digital platforms and Simbisa quick service restaurants countrywide.
