InnBucks taps Mambu to power cloud banking expansion - ThePaypers
InnBucks MicroBank, a regulated deposit-taking microfinance institution in Zimbabwe, has entered a strategic partnership with Mambu, a cloud-native core banking platform.
Established in 2022 as a subsidiary of Simbisa Brands, InnBucks has gained traction in Zimbabwe’s financial services sector. Initially launched as a wallet offering, the company has expanded its services to include personal and business banking, cross-border remittances, lending, and digital payments.
The transition to full-service digital banking will be supported by AWS cloud infrastructure and powered by Mambu’s composable banking platform. This move is expected to significantly improve operational efficiency and scalability, and simplify the development of customer-centric financial products.
Mambu’s flexible core banking platform is already supporting a growing number of digital-first institutions across Africa, including TymeBank, Platcorp Holdings, and GIG CFI. The platform’s modular architecture enables fintechs, lenders, and microfinance banks to build, scale, and adapt in competitive and dynamic markets.
The partnership reflects broader trends across the African continent, where demand for modern, digital financial services is accelerating. Retailers, telecom operators, and legacy banks are adopting cloud-native solutions to remain competitive and meet evolving consumer expectations.
Zimbabwe's economic instability, characterised by cash shortages and hyperinflation, has led to a significant reliance on mobile money platforms. Despite this widespread adoption, cash remains the primary medium of exchange, with 73% of the population using cash compared to 10% utilising mobile money services. The majority of mobile money transactions are limited to basic services such as airtime purchases and bill payments, indicating a gap in the utilisation of more advanced financial services. InnBucks' transition from a digital wallet to a fully integrated digital bank aims to address this gap by offering a broader range of regulated financial products, potentially enhancing financial inclusion and stability in the country.
