MyBucks and Opportunity International
CHICAGO/LUXEMBOURG—4 October, 2016 As part of its partnership with Opportunity International, MyBucks S.A. (“MyBucks”), announced today that it has officially concluded a share purchase transaction of Opportunity Bank Uganda Limited. The goal of the partnership is to expand financial inclusion in Uganda and across Africa.
Opportunity International is a global nonprofit organization that helps people in developing countries work their way out of poverty. MyBucks, a Luxembourg-based fintech company which is listed on the Frankfurt Stock Exchange, operates as the holding company for the GetBucks group of companies, inclusive of three brands namely GetBucks, GetSure and GetBanked.
“Uganda has a population of around 20 million but only 27 percent have access to a traditional bank account,” said Dave van Niekerk, CEO, MyBucks. “The reality is that digital and mobile banking are the only realistic paths for the unbanked and underbanked in many emerging African markets. Today, about 35 percent of Ugandans have access to a mobile money account, where the introduction of fintech will go a long way in bridging the gap between the virtual and traditional worlds of banking. It’s really about providing our clients with faster, more efficient and less expensive access to financial services.”
Through the partnership, Opportunity International will continue to provide its clients with savings, small and micro enterprise credit, education loans, and agricultural loans, and will also incorporate the added benefits of the MyBucks technology platform, which will ensure much faster product delivery, as well as more accurate credit scoring.
“Our partnership enables MyBucks to operate the banks we helped build in Uganda and allows us to focus on providing the innovative programs and services our clients need to access financial services that help them break the cycle of poverty and improve their lives,” said Vicki Escarra, Global CEO, Opportunity International. “Not only will we be able to provide more clients with our products and services, but we will be able to serve them in a more impactful way.”
Through virtual solutions and advanced technological applications, MyBucks’ cutting-edge technology continues to allow it to refine the process of banking, building credit and accessing other short-term financial services. The goal is to ensure that the financial services offered are fast, simple, trustworthy, and of course much more accessible, when compared to traditional methods.
The share purchase transaction of Opportunity Tanzania Limited, Opportunity Kenya Limited and Banco Oportunidade de Mozambique was concluded in June 2016 and MyBucks is also in the process of concluding the remaining transactions in Ghana and Malawi, subject to regulatory approval by each central bank.
MyBucks S.A. (WKN: A2AJLT, ISIN: LU1404975507, Ticker Symbol: MBC:GR) is a FinTech company based in Luxembourg that delivers seamless financial services through technology. Through its brands GetBucks, GetBanked and GetSure the company offers unsecured consumer loans, banking solutions as well as insurance products to customers. MyBucks has experienced exponential growth since its inception in 2011 and today has operations in eleven African and two European countries. MyBucks aims to ensure that its product offering is accessible, simple and trustworthy, in comparison to traditional, non-technological methods, ultimately working towards enhancing the benefits to the customer. The MyBucks’ product offering enables customers to manage their financial affairs easily and conveniently.
Discover more at: www.mybucks.com
About Opportunity International
Opportunity International is a global non-profit organization that helps people in developing countries work their way out of poverty. Founded in 1971, the organization has provided more than $9 billion in loans to help clients launch and expand businesses, provide for their children and create jobs in their communities. At the end of 2015, more than 14 million clients in 24 countries across Africa, Asia, Latin America and Europe, were using an Opportunity International loan, savings account, insurance policy or training to improve their lives. The organization has set a goal of helping clients create or sustain 20 million jobs by 2020. Through our long history in developing microfinance and complementary products and services in education, agriculture and health, we’ve helped clients create 15.8 million jobs as of the end of 2015. More than 95 percent of Opportunity’s loan clients are women who would otherwise likely not have access to financial services because of legal and cultural gender inequities in many developing countries. The global headquarters of Opportunity International are in Chicago, with other key offices in Australia, Canada, Germany, Hong Kong, Singapore, Switzerland and the United Kingdom. The organization serves clients through a network of more than 20,000 people worldwide.
Discover more at opportunity.org