GABORONE - GetBucks Botswana Limited, a subsidiary of Frankfurt-listed Fintech, MyBucks, today listed its medium term note on the Botswana Stock Exchange (BSE).
“The business case for the development of capital markets is self-evident. They mobilise savings for productive investment, while the price discovery mechanism makes the economy more efficient, dynamic, and transparent. It is no accident that robust capital markets are a defining feature of every advanced economy. No one knows that better than those of you gathered here this morning. With this in mind ladies and gentlemen, even though capital markets seem to be about money, ultimately they are about the people,” said Mokgweetsi Masisi, Vice President of Botswana.
He said, “listing the bond will result in among others, transparency and accountability, efficient processes of capital raising, improvement in governance, as well as expansion of the investor base and enlarging the pace and diversity for GetBucks as an organization. This is the type of direction we encourage corporations in the private sector to take as this intern will be contributory to key aspirations of the public sector.“
As a leading fintech company that delivers seamless financial services through technology Masisi encouraged GetBucks to continually enhance both their product range and service offering to ultimately enable faster, more efficient and less expensive access to financial services for locals
Offers for note programme amounted to about P71.8 million. The proceeds will be used to reduce cost of funding, decrease exposure to foreign exchange fluctuations and expand its current service and product offering. Interest generated on note offers will amount to 15% on 3-year notes and 18% on 5-year notes.
“We are confident that the proceeds will do much to further growth and cement our place as an industry leader within the local market. We believe that this is only the beginning, our local market can therefore anticipate and look forward to more financial service excellence and innovative financial solutions,” said Marthin de Kock, Managing Director of GetBucks Botswana.
GetBucks Botswana consists of three operating entities namely GetBucks, TU Employee Benefits (Proprietary) Limited and CashCorp (Proprietary) Limited. GetBucks Botswana and TU Employee Benefits(Proprietary) Limited provide term loans for a period of six to sixty months, while CashCorp (Proprietary) Limited provides short term one-month to 3 month loans while cross selling also take place in terms of term loans.
“Going forward we are looking at enhancing both our product range and service offering to ultimately enable faster, more efficient and less expensive access to financial services for clients,” de Kock concluded.
GetBucks was founded in 2012 to provide world-class financial services to the under-banked and under-serviced market in Botswana and incorporated in Botswana. The Company operates by way of a scalable, replicable digital financial services platform, deployable across various markets and jurisdictions.
GetBucks Botswana is a subsidiary of Frankfurt listed Fintech, MyBucks Group which is predominantly operating in high-growth emerging African markets including Botswana, Kenya, Malawi, Mozambique, Namibia, Tanzania, Swaziland, Uganda, Zambia, Zimbabwe and South Africa.