Frankfurt-listed FinTech, MyBucks is pleased to announce that it is merging its operations in Malawi (GetBucks Malawi and New Finance Bank Malawi) -and is being rebranded as MyBucks Banking Corporation, as 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.

MyBucks completed its 100% acquisition of New Finance Bank in January 2019, up from its initial 50% holding, after steering a turnaround of the bank from a loss-making position to unlock triple digit growth by 2018. The bank also opened the world’s first branch at the Dzaleka refugee camp in April 2018.

GetBucks Malawi, has been driving financial inclusion by disbursing financial services without the need for the red tape and obstacles prevalent in traditional banking. This has enabled it to use artificial intelligence, among other technology, to reach all segments of the population, including the underbanked and underserved.

The new MyBucks Banking Corporation will unlock synergies from both to offer a truly 360-degree offering. MyBucks Banking Corporation is poised to have a marked impact on the Malawian banking landscape, bringing the technology that has underpinned MyBucks’ growth in other countries to modernise the sector and reach a young population that wishes to bank easily and is hungry for finance opportunities.

MyBucks CEO Timothy Nuy says this is a very positive move for the banking industry as a whole and for the MyBucks Group specifically. “We earmarked NFB as a high potential bank and our success has been validation of this. The merger of the bank with GetBucks Malawi and the rebrand creates a Malawian entity that is poised to reach even more customers, provide seamless and easy banking and continue to enable our vision of meaningful financial inclusion.”

Nuy said that ultimately the move is expected to unlock significant economic value for all stakeholders and customers.

Zandile Shaba CEO of MyBucks Banking Corporation in Malawi says: “This is 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.

“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.”