MyBucks obtains USD 5-million loan facility for SME finance
• MyBucks has signed a Facility Agreement with Norsad Finance Limited targeting SME funding in Mozambique.
Luxembourg, 10 October 2017 - Frankfurt-listed FinTech, MyBucks S.A., today announced that it has signed a term loan facility agreement with Norsad Finance Limited (“Norsad”) to finance SME lending in Mozambique. The agreement aligns with MyBucks’ strategy to enhance financial inclusion and to promote sustainable development in Africa. MyBucks will leverage its technology to deploy funding to micro SMEs and SMEs alike and will continue to expand its digital banking platform in Mozambique. Through the funding, MyBucks will assist in creating employment opportunities for Mozambicans and assist in reducing the current unemployment rate.
“We have launched a number of strategic funding partnerships this year that will allow us to positively impact the communities in which we operate. Norsad’s support is important for the implementation of MyBucks’ digital strategy and is poised to drive financial inclusion within Mozambique. This funding line is also important in assisting MyBucks to continue to reduce its cost of funding and to diversify its funding base.” - says MyBucks Deputy-CEO, Tim Nuy.
The Chief Investment Officer of Norsad, Nathaniel Nyika, added that “We are excited about the partnership with MyBucks S.A, as it is aligned with Norsad’s strategy of being the preferred provider of flexible and customised impact financing solutions within the Southern Africa region. Furthermore, the partnership with MyBucks reinforces our impact investment agenda as a catalyst in improving financial inclusion within the region.”