MyBucks & Opportunity Bank: Banking the Unbanked (Nov 2015)

• published: 19 Nov 2015
• views: 151

Opportunity, Inc., a next generation microfinance organization that invests philanthropic and social impact capital to spark and scale innovative solutions to global poverty, has entered into a share purchase agreement to sell six banks serving sub-Saharan Africa to the MyBucks Group, a Luxembourg-based financial technology (fintech) company which holds the three brands GetBucks, GetSure and GetBanked. Opportunity International will be a minority shareholder in MyBucks and retain at least one board seat at the parent level and one on the board of each bank. In addition, funding will be made available to the African banks to ensure continued social impact and responsibility. The transaction is subject to customary closing conditions and regulatory approval from the Central Bank in each country. "This partnership will greatly accelerate our work to help lift more people out of poverty, transform their lives and strengthen their families and communities," said Vicki Escarra, Global CEO, Opportunity International. "MyBucks will supercharge our mission by adding significant capital, resources and expertise to help drive financial inclusion of the unbanked and underbanked clients throughout Africa. It also helps us achieve our goal of creating and sustaining 20 million jobs by 2020, which will impact 100 million lives worldwide." MyBucks has operations in eight African countries, including Botswana, Kenya, Malawi, Namibia, South Africa, Swaziland, Zambia and Zimbabwe, as well as two European countries, Spain and Poland. This partnership marks the first time a fintech company has acquired banks to bridge the gap between the virtual and traditional worlds of banking to enable faster, more efficient and less expensive access to financial services for clients. In fact, this move is contrary to the current trend worldwide where banks are acquiring fintech companies to add value and expand services. "MyBucks brings a number of other benefits to banks including integrating cutting-edge digital and mobile banking technology to serve clients in even the most remote areas of Africa," Escarra said. "MyBucks will also expand the number of small, medium and micro-entrepreneurs served. Often, these are small businesses that need financial resources but have been declined by traditional banks. MyBucks uses a comprehensive credit analysis process that can get critical resources into the hands of our clients quickly and efficiently." MyBucks believes personal financial management is key to helping clients manage their financial affairs, lives and families. Through a unique blend of innovation and cutting-edge technology, the company is refining the process of banking, building credit and accessing other short-term financial services through virtual solutions and advanced technological applications.