SME finance in Uganda
Loan facilitated by market ac- cess platform Symbiotics S.A. for Opportunity Bank Uganda Limited (‘OBUL’).
Frankfurt-listed MyBucks S.A. has secured a US$2 million loan facil- ity for SME finance from market access platform Symbiotics S.A. through three of the funds which it manages, being the REGMIFA Fund, SEB V Microfinance Fund and SEB Microfinance Life Fund. The funding will be for Opportunity Bank Uganda Limited (‘OBUL’).
In a statement issued to the media, MyBucks says the funding forms part of a broader strategy to in- crease long-term funding at sub- sidiary level, “thus providing a plat- form to enhance financial inclusion and to promote sustainable devel- opment in Africa.”
OBUL, with the assistance of My- Bucks’ technology, intends to de- ploy funding to micro SMEs and SMEs within Uganda through the digital banking offering which it is currently seeking to grow within the market.
Tim Nuy, MyBucks CEO, said, “Part- nerships with social impact inves- tors is important to MyBucks from the perspective that it provides much needed long-term funding, but also comes with the added advantage as we are able to con- tinue to leverage on the wealth of experience that our partners have in micro SME and SME funding. We are grateful for the support of Symbiotics S.A. and look forward to replicating this partnership in our other markets.” Daniel Schriber, Symbiotics’ Head of Investments, said: “We are pleased to partner with Opportu- nity Bank Uganda to facilitate fi- nancing to local entrepreneurs and MSMEs (micro, small and medium enterprises). This investment will help grow our outreach in Uganda and in areas where financial inclu- sion is most needed”.
In April 2018 MyBucks S.A. and The NAGA Group AG announced a partnership through which MyBuck S.A will implement NAGA’s crypto wallet within its client interface and existing MyBucks mobile wallet. According to a statement issued by MyBucks, the partnership will en- able its client base of over 1.5 mil- lion customers (across 12 African countries, Australia and prospec- tive markets) to access the offering.
The partners say Sub-Saharan Af- rica’s remittance market amounts to US$34 billion annually and they are confident they will gain signifi- cant market share within the next 2 – 3 years.View Full Article