Simbisa launches payment platform

 SIMBISA Brands has launched its payment platform, Innbucks, as part of a wider strategy to leverage technology to improve efficiencies and drive growth in the business.

The service also offers discounts of at least one percentage point off every purchase, special prices for participants and rewards for every purchase.

It also allows users to hold up to US$200 on the platform and to send or receive money through Simbisa stores country-wide.

“We are also looking at expanding our services regionally and integrating them with the Dial-a-Delivery platform,” said William Honibal, managing director of Innbucks Zimbabwe.  

In its financial results for the year ended June 30, 2021, chief executive officer Basil Dionisio noted that with the gradual easing of trading restrictions, Simbisa expected an improvement in customer counts to drive revenue growth.

“New revenue streams from an improved, more efficient delivery business will also underpin top-line growth in the short to medium term. Continued cost management to maintain or make further traction in improving operating efficiencies will translate into increased profitability and shareholder returns.”

Despite the challenges, Dionisio said the Zimbabwe operations managed to trade with remarkable resilience in the financial year under review.

Customer counts grew eight percent year-on-year whilst inflation-adjusted average spend increased 34 percent versus the prior year resulting in a 60 percent increase in revenue in FY2021 versus FY2020.

“This was achieved through increased promotional activity, value offerings, and an upscaling of delivery services through Dial-a-Delivery which included expansion of sites offering the service across the country and improved capacity of bikes, riders and logistics management.

“Sales through delivery channels have increased significantly, with the number of deliveries increasing 133 percent in FY2021 versus the prior year,” he said.