MyBucks Acquiring a Botswana Microfinance Operation .
Luxembourg 7 November 2016: Frankfurt-listed fintech, MyBucks GR: MBC, today announces that it intends to acquire a microfinance institution that will see the firm uniquely positioned for further growth.
MyBucks intends to acquire a controlling interest in a licensed microfinance company in Botswana that has been operational since 2013. The target has a loan book of EUR 3.5 million, with a bad debt rate of less than 3%. The acquisition will provide MyBucks access to an additional 250 000 potential clients. MyBucks will be acquiring the business at a multiple of 8 times of adjusted net profit after tax.
MyBucks CEO, Dave Van Niekerk says: “Botswana is a key market for us, and the acquisition will enable MyBucks to further drive efficiencies with its technology platforms and fast track greater financial inclusion in Botswana.”
Botswana has a working population of 1.4 million people and a credit market size of EUR 300 million. In an environment traditionally dominated by traditional brick and mortar institutions, MyBucks has made significant inroads into the market with its brands GetBucks and GetSure through its revolutionary technology.
MyBucks expects to release its audited financial statements for the financial year 2015/2016 in the next few weeks. With revenues in excess of EUR 40 million on the back of close to EUR 80 million in disbursements, management concluded the financial year 2015/2016 as expected. The MyBucks AGM has had to postpone, until the new year for logistical reasons but the company will host an investor presentation webinar upon release of the financials.
“We are excited to release our first financial accounts in the listed environment. Our 2017 financial year has started off very well with record disbursements in October 2016 of EUR 12 million, an increase of 118 percent over the June 2016 disbursements. We are seeing the newly acquired entities already making a significant contribution to our financials.” concludes Tim Nuy Deputy CEO of MyBucks.
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 twelve 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