Opportunity Bank is renamed MBC

Verdade.co.mz Verdade.co.mz
20 August 2018
Share / Save / Bookmark The smallest banking institution in Mozambique, Opportunity Bank, will take over the name of its largest shareholder, the group MyBucks, and is renamed MyBucks Banking Corporation (MBC).

The smallest banking institution in Mozambique, Opportunity Bank, will take over the name of its largest shareholder, the group MyBucks, and is renamed MyBucks Banking Corporation (MBC).

Opportunity Bank, created in our country in February 2005 by the United States-based organization Opportunity International as the Mozambique Opportunity Bank, has been controlled since 2016 by the Luxembourg-based financial group MyBucks and is the smallest financial institution with assets of little more than 620 million meticais, 13 agencies and only 191 workers.

Although in recent years it has accumulated losses, it closed the economic year 2017 with negative results of 67.3 million meticais, the MyBucks group indicates, in a press release received by @Verdade, to have obtained funding of 17 million US dollars (about 1 billion meticais) to the now called MBC, part of which invested in hiring and training 1000 workers.

"The name MyBucks will improve the transition from the traditional banking system to a fully automated and efficient digital bank. The group's proprietary technology is recognized across the continent, "said MBC's Pieter van der Merwe statement.

Micro-credit institution MyBucks Banking Corporation charges the second highest interest rate for consumer credit or short- and medium-term loans: 46.25 percent is its spread which, together with the Prime Rate of the Financial System, reaches the highest level interest rate of 68 percent.

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The smallest banking institution in Mozambique, Opportunity Bank, will take over the name of its largest shareholder, the group MyBucks, and is renamed MyBucks Banking Corporation (MBC).

Opportunity Bank, created in our country in February 2005 by the United States-based organization Opportunity International as the Mozambique Opportunity Bank, has been controlled since 2016 by the Luxembourg-based financial group MyBucks and is the smallest financial institution with assets of little more than 620 million meticais, 13 agencies and only 191 workers.

Although in recent years it has accumulated losses, it closed the economic year 2017 with negative results of 67.3 million meticais, the MyBucks group indicates, in a press release received by @Verdade, to have obtained funding of 17 million US dollars (about 1 billion meticais) to the now called MBC, part of which invested in hiring and training 1000 workers.

"The name MyBucks will improve the transition from the traditional banking system to a fully automated and efficient digital bank. The group's proprietary technology is recognized across the continent, "said MBC's Pieter van der Merwe statement.

Micro-credit institution MyBucks Banking Corporation charges the second highest interest rate for consumer credit or short- and medium-term loans: 46.25 percent is its spread which, together with the Prime Rate of the Financial System, reaches the highest level interest rate of 68 percent.

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