Terms and Conditions of InnBucks

    Terms govern:

    • the use of this Application; and,
    • any other related Agreement or legal relationship with the owner in a legally binding way.

    Capitalized words are defined in the relevant dedicated section of this document.

    The User must read this document carefully.

    the entire contractual relationship relating to these Products is entered into solely by the Owner and Users, Users acknowledge and agree that, where this Application has been provided to them via the Apple App Store, Apple may enforce these Terms as a third-party beneficiary.

    This Application is provided by:

    InnBucks MicroBank Limited, 2 Northridge Close, Northridge Park, Borrowdale Harare, Zimbabwe

    Owner contact email: admin@innbucks.co.zw


  2. 1.1. Agent means a third party that is designated by the Microbank to offer some or all of the InnBucks Services to the Customer.

    1.2. You or Your refers to the Customer who signs up for the InnBucks Services through the InnBucks Mobile App (the ‘App’) or USSD code

    1.3. eWallet means the digital wallet created by the Microbank and dedicated to a Customer, which the Customer can store their USD, or any other approved currencies, funds that they can access and use to spend through their cellphone or other capable mobile devices.

    1.4. InnBucks or InnBucks Services refers to the App, the USSD code, the eWallet, and the related permissible activities, which the Customer accesses through their cellphone or capable mobile devices, to initiate and complete various permissible activities or transactions, in terms of the governing legislation and/or Reserve Bank of Zimbabwe (‘RBZ’) regulations or directives as read with clause 4.

    1.5. Microbank means InnBucks Microbank Limited, or its successors-in-title, who owns and provides InnBucks product/services.

    1.6. PIN means the Personal Identification Number that You use to access InnBucks e-Wallet Services.

    1.7. POS means a Point-of-Sale in the Microbank or Agent Branch where the Customer will complete transactions such as Cash-ins and Cash withdrawals.


  4. 2.1. These Terms and Conditions (‘Rules’) form an agreement between You (the ‘Customer’) and the Microbank, governing the use of the InnBucks e-Wallet Services.

    2.2. Once you have signed up for InnBucks e-Wallet Services , it means You agree to be bound by these Terms.


  6. 3.1. To apply for the InnBucks e-Wallet Services You must sign-up/register for them:

      3.1.1. using the App or USSD code;

      3.1.2. using a registered cellphone number in Your name;

      3.1.3. with identification in the form of a valid Passport or National ID Card, which shows that You are at least sixteen (16) years old; and

      3.1.4. providing correct personal information including any required supporting documentation, such as Your National ID or Passport, proof of address, etc.

    3.2. The Microbank reserves the right to decline an Application based on the requirements of 3.1., its risk profile policy(ies) or assessment, governing legislation, and/or RBZ directives.

    3.3. Should the Microbank accept your application and create the eWallet for you, You:

      3.3.1. will be provided with a PIN or asked to create a PIN which will enable you to access and use the InnBucks e-Wallet Services. It is your responsibility to keep the PIN secure, as the Microbank accepts no liability for it being kept or accessed insecurely.

      3.3.2. Agree that by registering for the InnBucks Services you accept receipt of short message service (SMSs) notifications related to the use of InnBucks as well as marketing information, alerts or campaigns. However, You will be given the option and retain the right to opt-out of receiving such marketing material, alerts or campaigns.

    3.4. You may only open one e-Wallet.

    3.5. Should any of your personal information change You undertake to inform the Microbank of them in writing, in the form of a hard copy letter or email, as set out in Clause 11.

    3.6. You may not reproduce, duplicate, copy, sell, resell or exploit any portion of the InnBucks e-Wallet Services or the related as set out in Clause 12.1.


  8. 4.1. Once Your application has been accepted and Your eWallet has been activated, You are able to access or use various InnBucks Services, as may be amended and/or updated from time to time by the Microbank, such as:

      4.1.1. Balance Enquiry. This enables you to check the available funds in Your e-Wallet.

      4.1.2. Cash-in. This requires you to visit the Microbank or Agent branch to deposit USD funds at a POS into Your e-Wallet.

      4.1.3. Send money. This enables the Microbank to act on Your instruction to send money from your funded e-Wallet to another validly registered InnBucks Customer with an eWallet.

      4.1.4. Statement. This enables You to access a summary of your transactions.

      4.1.5. Withdrawals. You can withdraw funds from the eWallet up to the approved withdrawal limits in force from time to time.

    4.2. You warrant that you will not use your eWallet to commit any crime or participate in suspicious activities.

      4.2.1. Where such activity is apparent, suspected, and/or proven by the Microbank or designated law enforcement agencies or is contrary to any governing law or regulations, Microbank reserves the right to report to or share information about the transaction(s) to the relevant regulators, and suspend or close the eWallet. In such an event the funds in the eWallet will be frozen until the completion of any investigation and a decision made by Microbank and/or the regulatory authorities to reimburse the funds, continue to freeze them, or to take any further action.


  10. 5.1. When or if You use InnBucks e-Wallet Services You will be charged a fee that will be deducted from your eWallet funds.

      5.1.1. Any applicable tax in force, such as Intermediated Money Transfer Tax, shall also be charged to You for the InnBucks Services and deducted from your eWallet funds.

    5.2. Should there be insufficient funds to cover the value of the transaction itself, the fees attached to the InnBucks Services, and/or any applicable taxes, the transaction will be declined.

    The current fees are available at Microbank’s branches, Agent partner sites, Microbank, or InnBucks Call Centre, website, on the App and/or USSD code.

    5.4. These fees will be amended by Microbank from time to time upon notice to You through SMS, social media channels, the Microbank website, and/or the local press in line with Consumer Guidelines issued by the Central Bank


  12. 6.1. It is your responsibility to ensure that:

      6.1.1. You keep your cellphone, your PIN, biometric, and/or other security information to authorise a transaction secure;

      If You lose or forget your PIN You have the option of resetting your PIN using the Inn Bucks App or USSD Code. Should you lose or have Your cellphone stolen You should report this to InnBucks as soon as possible to block possible access to the eWallet.

      6.1.3. You enter the correct cellphone number and/or other details before you use the Send Money service. Therefore, InnBucks will not be responsible if the money is sent to an incorrect or inactive cellphone number, or if the Recipient’s cellphone number has changed.

      You take due care and caution when transacting using the Service and dealing with third parties.

    6.2. InnBucks will not be responsible for:

      6.2.1. any loss suffered by You or a Recipient due to You using the incorrect cellphone number;

      6.2.2. Your PIN, security, and/or other biometric information being lost, stolen, or accessed by a third party; You fail to take due care and caution when transacting and dealing with third parties.


  14. 7.1. While the Microbank will use its best efforts to ensure availability of the InnBucks Services, you expressly understand and agree that your use of the service is at your sole risk. Any material downloaded or otherwise obtained through the use of the wallet is obtained at your own discretion and risk

    7.2. The Microbank makes no Warranties about the InnBucks e-Wallet Services (which include the eWallet, various permissible activities, App, or USSD code to You and disclaims all such warranties whether express, implied, or otherwise, including but not limited to, non-infringement of third-party rights. Further, InnBucks makes no warranties, endorsements, or guarantees for any product or service that is offered by a third party and advertised through InnBucks eWallet Services.

    7.3. Microbank is not responsible for:

      7.3.1 any loss You or Your intended Recipient(s) may suffer due to networks, cellphones, internet and/or terminals or supporting networks failure, malfunction, interruption, suspended and/or termination for whatsoever reason

      7.3.2. Your inability to access the InnBucks Services, including but not limited to force majeure events (such as power failures, strikes, floods, epidemics, damage or destruction, or failures of software, hardware or systems, or hardware)

      7.3.3 Your inability to access the InnBucks Services due to their inability to function with Your mobile device, operating system, etc,

      7.3.4. Interruptions or downtime caused by a failure, temporary breakdown, or malfunction of any systems, hardware or software;

      7.3.5. Nor can it guarantee the availability of cash for withdrawals.

      7.3.6. Your loss of money or damages you suffer should you disclose security information to a third party;

      7.3.7. Your sending money to the incorrect cellphone number or Recipient.

      7.3.8. Your funds being accessed by a third party should Your cellphone number be reallocated to another person by the cellphone network provider.

      7.3.9. You not receiving any eWallet notification messages as this is dependent on the cellphone network which the Microbank has no control over.

      7.3.10. Duplication of a transaction or payment transaction by You.

      7.3.11. any loss or damage caused to You, or any other person directly or indirectly, due to the operation of, failure, or malfunction of thirdparty systems or communication devices.

      7.3.12. Any loss or damage You suffer, whether directly or indirectly, because of Your use of a third party’s products or services purchased using the eWallet.

      7.3.13. Any loss, damage, or inconvenience You suffer for giving an incomplete instruction or not following the Microbank’s instructions and guidelines.

      7.3.14. Any aforementioned loss or damage suffered by You, arising in terms of contract, delict, law or other circumstances unless it is directly caused by Our gross negligence, or wilful default. Default for any such act shall be limited to the amount of the loss that a reasonable person in Your position has suffered, and shall exclude indirect, special and/or consequential losses and /or damages.

    7.4. You hereby agree to indemnify the Microbank and hold it, its employees, representatives, and/or agents harmless for any loss or damage You may suffer in the instances mentioned in clause 7.3 unless any loss or damage suffered by You, arising in terms of contract, delict, law or other circumstances is directly caused by Our gross negligence, or wilful default. Default for any such act shall be limited to the amount of the loss that a reasonable person in Your position has suffered, and shall exclude indirect, special and/or consequential losses and /or damages.


    8.1. The Microbank will treat all personal information provided by You and related to You as confidential and will take all reasonable steps to protect the personal information provided as specified in the Data Protection Act and any other governing legislation or regulations.

      8.1.1. You accept that the Microbank may access and/or distribute your personal information:

      1. To provide the InnBucks Services to You such as processing of payments;
      2. To send you internal marketing material and/or information. Should You not wish to receive this information you may exercise the opt-out option as designated by the Microbank.
      3. When You have given Us your consent to do so;
      4. It is required by law or regulations in force, or compelled by a subpoena or court order;
      5. To detect, prevent and/or report theft, fraud, money laundering or any other crimes;
      6. it is in the public interest to do so;
      7. it needs to be disclosed to designated third parties who also have an obligation to keep the information secure and confidential.

    8.2. You accept that Innbucks will monitor your Wallet usage and, in case of any suspected transaction or otherwise, may disclose this data and/or information to the Financial Intelligence Unit (FIU) to assist in the prevention, detection or prosecution of money laundering activities, fraud or other criminal activities.


    The Microbank may suspend your use and access to InnBucks e-Wallet Services or close your access to InnBucks Services in the following circumstances:

  17. 9.1. Where You give the Microbank written notice to do so, which instruction the Microbank will effect as soon as is practicably possible.

    9.2. Where the Microbank suspects or has been given just cause that You are using the InnBucks Services to commit potential or actual criminal activities such as money laundering, perpetration of a theft or fraud etc;

    9.3. Where the Microbank, in its discretion, deems and/or observes an unusual and high amount of suspicious activity on Your eWallet use indicative of fraudulent and/or other criminal activities;

    9.4. The Microbank is made aware or discovers that the personal information you provided upon registration is incorrect and/or incomplete. The Microbank shall endeavour to contact You through your registered details before taking such action.

    9.5. Where You found to have or attempt to open more than one eWallet; and/or

    9.6. As required under governing law, regulations, and/or directives in force from time to time.


  19. 10.1.Should You have a complaint or concern related to InnBucks eWallet Services You may inform us through the designated channels and modes of communication as provided by InnBucks in terms of its Client Protection Policy as communicated from time to time.


  21. 11.1. The Microbank’s address for service of any notices is 2 Northridge Close, Northridge Park, Harare

    11.2.Your address for service will be taken as the one given when you registered for InnBucks eWallet Services.


  23. 12.1. Intellectual property rights. Without prejudice to any more specific provision of these Terms, any intellectual property rights, such as copyrights, trademarks, patents, designs, tradenames, illustrations, images and/or logos related to the InnBucks eWallet Services, the App, and/or the Microbank, are and shall remain the exclusive property of the Microbank.

    12.2. Indulgence. No indulgence, waiver, or extension of a right which the Microbank may grant You shall prejudice InnBucks from exercising their rights.

    12.3. Severability. Should any provision of these Terms be deemed or become invalid or unenforceable under applicable law, the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions, which shall remain in full force and effect.

    12.4. Changes. The Microbank may, upon being granted approval by the RBZ, change these Terms from time to time . When this is done notice will be given to you through one or various channels such as SMS, website, social media etc.

      12.4.1. If you use the InnBucks Services after the Microbank has given such price, the Microbank will assume that you have read, understood and agreed to the changes.

    12.5. Governing Law and Jurisdiction. This Terms and Conditions are governed by the laws of the Republic of Zimbabwe and will be subject to the jurisdiction of the appropriate Court of Zimbabwe and should You be found liable agree to pay costs on an attorney-client scale.

Definitions and legal references

Latest update: October 30, 2023