MyBucks announces partnership with Lendahand
• Authorised initial funding agreement for up to EUR 1.5m targeting rural Ugandan communities
Luxembourg, 19 July 2017 – Luxembourg headquartered and Frankfurt-listed FinTech, MyBucks S.A., is pleased to announce that it has signed a Website Issuer Access Agreement with Lendahand, a Netherlands based crowd funding platform that focuses on making a lasting social impact by raising funding for entrepreneurs.
MyBucks and Lendahand have agreed that MyBucks’ Ugandan subsidiary bank will raise an initial amount of EUR1,500,000 which will be targeted at financing activities of Small, Medium and Micro Enterprises (SMEs). Through MyBucks’ technological portfolio and digital banking strategy, proceeds from the Note issuance on the Lendahand website will be distributed to communities that are as yet unbanked or underbanked, consistent with MyBucks objective to enhance financial inclusion across the continent. This is imperative particularly in Uganda, in which 80% of the population lives in rural areas.
Tim Nuy, Deputy CEO of MyBucks said, “Partnering with social impact organisations such as Lendahand allows us to access funding at attractive rates, which in turn enables us to serve African entrepreneurs with attractive products. We are excited by what we can achieve in Uganda and are looking forward to expanding this partnership with Lendahand into other markets. Through our continued endeavours in funding cost reduction, MyBucks will be able to further grow its market share substantially.” MyBucks and Lendahand are using Uganda as a pilot market with the intention of expanding into as many of the 14 markets in which MyBucks operates as possible.
Peter Heijen, CEO of Lendahand said, “Together with our crowd of private investors from all over the world, we create jobs in emerging economies and make basic needs such as clean energy and sanitation more accessible to the poor. To achieve this, we work together with local partners in many regions. We are proud to welcome a well-reputed company like MyBucks as a partner in our mission to create social impact in emerging countries.”