This comes after MyBucks SA, a Frankfurt-listed FinTech company that provides financial products and services through technology, agreed to reduce its shareholding in the country to 51 percent.
MyBucks SA owned 100 percent of MyBucks Malawi.
MyBucks also says it has “successfully completed a second phase of the Debt Restructuring of the Company as one way of consolidating and realigning its business.”
“Through this transaction, MyBucks SA will now own a 51% stake in MyBucks Malawi and Mpatsa Holdings will hold 49%. In essence we are now becoming a partly Malawian owned Bank with international exposure and presence. We believe that this will help us attain our aspiration and vision of becoming the Best Bank in Malawi in relation to Customer Experience, Return on Equity and Social Impact,” a statement issued by MyBucks Malawi Managing Director Zandile Shaba, reads in part.
Shaba said MyBucks—a commercial bank—focuses on both the retail and corporate segments of the Malawian market. In terms of shareholding and this transaction will significantly strengthen the capital position of MyBucks Malawi’s operations and ensure that it continues to meet the local capital requirements.
“It also strengthens our balance sheet and enables our customers to continue to have confidence in dealing with us. Now that we are now partly Malawian owned, customers are assured that we are here to stay and grow.
“We will continue to strive to live up to our commitment of making peoples’ lives better through convenient and simplified banking using technology and partnerships. Customers, therefore, should look out for more client centred innovative products and services coupled with unparalleled world class customer experience,” she says.
She also claims that there will be no job losses due to this transaction.
“Let me also take this opportunity to highlight the fact that recently we acquired Nedbank Malawi and through the acquisition we took on board close to 91% of ex-Nedbank staff; with 9% leaving the bank on a voluntary basis. We are therefore proud to be the first bank in Malawi to achieve this high staff retention rate after an acquisition.
“This clearly demonstrates our active role in making a positive social impact by uplifting many livelihoods that are supported by our staff here in Malawi,” Shaba asserts.
According to her, the acquisition of a 49% stake by Mpatsa Holdings is in line with the Malawi Government’s policy on indigenization. The two entities-MyBucks Malawi and Mpatsa Holdings committed to listing MyBucks bank on the Malawi Stock exchange within 2 years.