InnBucks, a local fintech solutions platform, has announced a remarkable 125% rise in loans and advances, reaching ZWG767.78 million for the half-year period ending December 31, 2024. This growth has been largely attributed to increased lending to business banking clients and payroll-based lending services.
During the review period, the company’s total assets soared by 180%, amounting to ZWG1.67 billion, indicating a strong capability to attract customer deposits for funding.
Customer deposits experienced a significant increase, growing by 230% to ZWG859.0 million, primarily fueled by business banking customers.
Net interest income also showed impressive growth, surging by 526% to ZWG86.1 million, driven by the expansion of the loan portfolio and investments in Treasury assets.
On the other hand, non-interest income fell by 29% to ZWG85.4 million, which reflects an expected decline in fee income due to the introduction of the KaOne US$1 subscription model.
Outgoing CEO Ms. Daisy Zinyemba outlined the company’s strategic direction, emphasizing a focus on enhancing customer engagement within the InnBucks Wallet, expanding the ecosystem of merchants, individuals, businesses, agents, and billers on the platform, and growing a profitable lending portfolio across business and retail banking sectors.
She pointed out that key areas of focus will include improving both domestic and international remittances, as well as delivering technology-driven solutions to address customer needs.
Since its inception in 2022, InnBucks has gained significant market traction, leveraging its convenience and widespread availability to expand its operations across the country. The bank’s geographically diverse credit agent model enables it to meet the varying credit needs of individual customers and economic sectors, contributing to its robust growth.
In the latter half of the 2024 financial year, the institution launched several new products, including payroll processing, structured finance, and international banking, while enhancing its existing wallet services.
Ms. Zinyemba noted that this strategic investment aims to strengthen InnBucks’ market position and boost transactional revenue.
Regarding business performance, she reported that the bank’s profit before tax for the year ending December 31, 2024, was ZWG42.5 million, a 12% decline from ZWG48.2 million in the same period the previous year. This decrease was attributed to reduced fee income from the wallet service, following the decision to implement a $1 monthly fee for unlimited transactions under the KaOne subscription model, which nonetheless resulted in an increase in monthly active users.
InnBucks Chairman Mr. Ralph Watungwa highlighted that the bank’s core capital at the end of December 2024 stood at ZWG248.04 million, well above the regulatory minimum of ZWG111.14 million (approximately US$5 million), ensuring a healthy safety margin. The bank maintained a strong capital adequacy ratio of 17.2%, surpassing the required minimum of 15%.
Mr. Watungwa also mentioned that with a liquid assets ratio of 58%, the bank has a comfortable buffer above the regulatory minimum of 30%, allowing it to underwrite additional business.
Looking forward, Ms. Zinyemba reaffirmed the bank’s commitment to serving a diverse customer base across retail and business banking sectors. She stated that strategic partnerships that provide value to customers will be essential for InnBucks as it seeks growth, innovation, and enhanced service quality.
“In addition to ensuring the sustainability of our business model, we aim to positively impact our customers’ lives, which remains a core objective for us moving forward,” she concluded.
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