Right about that time other similar products like Banc ABC’s City Hopper had just emerged, but I think InnBuck’s cost-efficiency and effective campaign set them apart.
My first interaction with Innbucks was at a Simbisa outlet back in 2021, and just like any new product on the market, it was under some promotion of some sort.
If anyone remembers one of the challenges faced during that time was that smaller denominations of the USD were just not enough.
If I remember correctly, some Simbisa Brands outlets for some time used credit notes as change until the master idea of getting your change deposited into your InnBucks account was born.
Before you know it, Innbucks gained much traction as it had solved two challenges for the public, change and money transfer and for selfish reasons improved customer loyalty.
It made so much noise that it caught the attention of the authorities, I suspect that someone at the Central Bank must have realised that essentially this is unlicenced deposit-taking and Innbucks was suspended with immediate effect and depositors were given 30 days to withdraw their monies. 🔗 Read Full Article
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