Its now official, New Finance Bank (NFB) Malawi and GetBucks Malawi have merged and the new entity will now be called MyBucks Banking Corporation.
Making announcement in Lilongwe on Wednesday during press briefing, Board Chair of MyBucks Banking Corporation Dr Francis Pelekamoyo said the transition is inline with MyBucks Group Strategy of consolidating its operations.
Pelekamoyo said the move is part of its strategy to increase and grow its banking presence in high-growth markets.
“The move forms part of the MyBucks Group’s strategy of consolidating its operations and streamlining services to enable fast, always-on technology-driven financial services to clients,” he said.
He disclosed that MyBucks completed its 100 percent acquisition of NFB in January 2019, up from its initial 50 percent, after steering a turnaround of the bank from a loss-making position to unlock triple digit growth by 2018.
On her part, newly established MyBucks Banking Corporation Chief Executive Officer Zandile Shaba said the bank is geared towards taking the customer experience to the next level while expanding reach to the unbanked.
“The biggest obstacle to escaping a life of struggle is the lack of access to finance, and with the merger of GetBucks and NFB, becoming the new, bigger and better MyBucks Banking Corporation means we will now be able to provide financial hope through technology,” she said.
Shaba has described the merger as a very exciting development.
“We are geared towards taking the customer experience to the next level as we bring on board all of our parent company’s technology, while expanding our reach to the unbanked.” she said.
MyBucks S.A. is a FinTech company domiciled in Luxembourg that delivers financial services through technology, operating in eleven African countries and in Australia through its brands Fair Go Finance, GetBucks, GetSure, MBC, NFB and Opportunity Bank. The Group offers credit, banking solutions and insurance products to customers.MyBucks completed its 100% acquisition of New Finance Bank in January 2019.