Financial Services through technology

01 May 2018

MyBucks is a Frankfurt-listed fi- nancial technology (fintech) com- pany, embracing technology as a means to provide financial prod- ucts and services in predominant- ly high-growth emerging markets. Through its brands, Haraka, Get- Bucks, GetBanked, GetSure, Op- portunity Bank and New Finance Bank, the organization offers con- sumer loans and banking solutions, including insurance products.

The MyBucks product offering en- ables its customers to manage their financial affairs easily and conve- niently. Its products are simple and trustworthy in comparison to tra- ditional, non-technological meth- ods – ultimately working towards enhancing efficiency and accessi- bility for the customer. The aim of MyBucks is to enable a financial inclusion through technology by connecting the unbanked and fi- nancially excluded with finance op- portunities, alongside regular con- sumers searching for fast, efficient financial services. As a virtual bank, the organization strives to continue its upward growth curve, strength- ening into a globally recognized brand that is an innovator in the fintech industry.

A Massively Experienced Leader

With more than 21 years of expe- rience, Dave Van Niekerk is one of the founding members and Execu- tive Chairman. of MyBucks. He be- gan his financial career in the cre- ation and management of the one time South African financial giant, African Bank. An entrepreneur by nature, Dave opted to embark on his own, founding his own micro-fi- nance business, Blue Financial Ser- vices, back in 2001. Later in 2006, he went on to list the company on the Johannesburg Stock Exchange in South Africa. As an African mi- cro-finance pioneer,

Dave has witnessed Africa first- hand and its growth over the last 21 years, fueling his passion for pi- oneering the promotion of invest- ment in many African countries, particularly in the financial and mi- cro-finance sector. He continues to create ground-breaking business models that make financial inclu- sion for people across the African continent a reality.

Empowering People by Providing Unique Services

MyBucks offers clients a number of unique services that eventually help drive financial inclusion. Among an increasing stable of innovative products, Haraka and WhatsApp lending are particularly interest- ing. MyBucks Haraka, which means “quickly” in Swahili, is a revolution- ary app where borrowers begin with small loans that bridge short- term liquidity gaps, all the while building up a credit history. Haraka is offered in countries like Kenya, Zimbabwe, Uganda, and Swaziland.

Another unique offering by My- Bucks is its WhatsApp lending, which was recently launched in South Africa. WhatsApp lending is a safe and convenient way to en- quire about loans, apply for loans, sign electronic contracts, and re- quest balances. Products from My- Bucks are built around efficiency, ease, and accessibility.

MyBucks financially empowers those who do not have access to traditional financial services and who have been previously exclud- ed. In Africa, this is of vital impor- tance as far too many people with incredible ideas and vision simply have no access to finance. My- Bucks bridges that financial gap and uses its technology to provide instant access to financial services through both its virtual and phys- ical channel. According to the or- ganization, with the fourth indus- trial revolution underway across all continents, customers’ lives are be- coming more and more driven by technology. This is where MyBucks comes in to enable its customers achieve financial inclusion through virtual technology.

That’s not all, MyBucks always tries to educate its customers in making prudent lending decisions. With an eye on long term growth, MyBucks develops products to address spe- cific needs including educational, agricultural, or SMME loans.

An Organisation which is on the Edge of Digitisation

MyBucks is currently on the leading edge of digitization. It is the first fintech business in Africa to make the use of credit technology that is supported by an in-house artificial intelligence team. In the micro-fi- nance industry, AI plays a great role specially in predicting whether or not someone can pay back a loan. MyBucks’ credit decision and scor- ing system continuously learns cus- tomer behavioral pattern from the loan history and is then able to very accurately predict a customer’s probability of default for a partic- ular product at any given time. To serve best, MyBucks embraces a digital mindset in all aspects of the business. The organization’s holistic digital strategy focuses on engag- ing its customers with great expe- riences, radically improving opera- tions for its employees, leveraging technology to deliver, and enabling attractive cost-to-income ratios.

MyBucks applies a transparent and responsible approach to provid- ing funding that adheres to local regulation in the markets where it operates. In addition, MyBucks aims to make a difference not just socially but economically. Its com- petitive advantage emanates from the organization’s extensive knowl- edge of the African financial land- scape in particular; the continent’s challenges and opportunities with- in its regulatory environment; as well as an in-depth understanding of the socio-economic driving forc- es that motivate behavior within the region.

Tackling Uneven Roads and Preparing for the Future

Founded back in 2012, MyBucks has established itself as a market pioneer when it comes to modern financial services. The company has shown extraordinary growth since 2012 and has a global footprint of seven MFI operations, five bank- ing operations, with operations in eleven African countries as well as operations in Europe and Austra- lia offering credit, banking, and in- surance products. When it comes to the future, My- Bucks has a number of key strate- gic initiatives in its pipeline. The or- ganization wants to further expand its global fintech offering by collab- orating with various local partners; either through the licensing of its technology or through partnering in new markets. The team of My- Bucks is also exploring the use of biometric security systems to con- veniently verify the identity of its customers without the use of tradi- tional PINs, passwords, and tokens. Biometric security is well-suited for the financial services indus- try and offers advantages both for the financial services provider as well as consumers. MyBucks hopes to work more with Peer-2- Peer (P2P) lending marketplace, wherein investors can participate in loans originated by non-bank loan originators. Additionally, tra- ditional balance sheet lenders are able to connect to the P2P market- place, thereby reaping the advan- tages of the lending model to fund their loans. It is also worth noting that the company is planning to ameliorate its suite of digital trans- fer products, which includes both mobile money and online money transfer. MyBucks’ digital transfer products ensure that its customers can transfer money in a fast, secure, convenient, and affordable manner.

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