InnBucks MicroBank Limited, a financial services provider, has announced a partnership with cloud-native banking platform Mambu, as part of its transformation from a digital wallet solution to a fully integrated digital bank.
This partnership is set to support InnBucks’ growth, and lays a foundation for future expansion, “positioning the bank for long-term innovation.”
InnBucks, founded in 2022 as part of Simbisa Brands Limited, a Quick Service Restaurant public company, is now a key player in financial landscape, and has been “disrupting the industry with its wallet solution.”
Over the past two years, the company has “expanded its offerings to include personal and business banking, cross-border remittances, lending, and digital payment services.”
With over 500 outlets nationwide and growth of its user base to approximately 3 million users, InnBucks is “making a significant impact on the Zimbabwean economy.”
The digital bank will be underpinned by Amazon Web Services (AWS), providing the “cloud infrastructure for the transformation.”
InnBucks joins other Mambu customers, “including TymeBank, Platcorp Holdings Limited, and GIG CFI, solidifying the platform’s role as a leading choice for banks looking to transform their core operations and fast-growing fintechs, lenders and cooperatives in the region.”
With its vision to become the digital-first financial services platform, InnBucks’ shift to Mambu’s cloud-native platform “will enable the bank to scale quickly and efficiently, enhancing its customer experience while optimising operational efficiency.”
Mambu’s cloud-native banking platform offers the scalability, security, and flexibility InnBucks requires “to manage growing operational complexity.”
This partnership represents “a major milestone in the digital transformation of Africa’s financial services sector.”
The integration of Mambu’s platform will empower InnBucks to “innovate faster, reduce operational inefficiencies, and expand its product offerings to meet the diverse needs of its growing customer base as it transitions to a fully digital bank.”
Langa Mlalazi, Chief Technology Officer said:
“Partnering with Mambu marks a turning point in our journey to becoming a full-scale digital bank. Their platform will allow us to scale rapidly, reduce operational costs.”
As noted in the update, the customer demand “for advanced digital experiences is surging.”
From retailers and telcos entering the market to specialised lenders, microcredit institutions, and established banks needing to modernise, all are recognising the “need for transformative technology in the race for market share.”
Mambu’s cloud banking platform empowers “these diverse players to build, scale, and innovate.”
As explained in the update from Mambu:
“This partnership underscores Mambu’s commitment to supporting high-growth financial institutions in emerging markets. … Our platform is designed to offer the scalability and flexibility needed by … InnBucks, ensuring seamless integration and long-term sustainability.”
As covered, Mambu is the world’s SaaS cloud banking platform.
Launched in 2011, Mambu says that it fast-tracks “the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more.”
Their composable approach means that “independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands.”
Mambu reportedly supports more than 260 customers in “over 65 countries – including Western Union, Commonwealth Bank of Australia, N26, BancoEstado, Raiffeisen Bank, ABN AMRO and Bank Islam.”