Recently Frankfurt-listed Fintech MyBucks S.A. (“MyBucks” or the “Company”) announced that it has successfully completed a second phase of the Debt Restructuring of the Company as one way of consolidating and realigning its business and through the process; MyBucks SA has agreed to reduce its shareholding in Malawi to 51% with 49% being taken up by Mpatsa Holdings (“Mpatsa”) a local investment holding; subject to customary regulatory approvals, most importantly Reserve Bank of Malawi approval.

We caught up with MyBucks Malawi Managing Director Mrs. Zandile Shaba to learn more about this and here is what she had to say:

Q1. Can you briefly advise on this transaction?

Answer: As you are aware, MyBucks Malawi is a fully-fledged commercial bank with a focus on both the retail and corporate segments of the Malawian market. In terms of shareholding, MyBucks SA owned 100% of MyBucks Malawi. MyBucks SA is a Frankfurt-listed FinTech company that provides financial products and services through technology. MyBucks operates four Banks in Africa and offers credit, banking solutions and insurance products to customers.

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.

Q2. What should Customers expect out of this?

Answer: This transaction will significantly strengthen the capital position of MyBucks Malawi’s operations and ensure that we continue 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.

Q3. Will this have any impact on staff?

Answer: We are a high-performance cultured organisation and we believe in nurturing the talent that we have. 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.

Q4. Will they be any changes to the MyBucks Malawi Board?

Answer: For now, there are no changes. Please note that the transaction is still subject to Reserve Bank approval. So if there are any changes they will only be effected after receiving the relevant approvals.

Q5. Any plans to list on the Malawi stock exchange?

Answer: The acquisition of a 49% stake by Mpatsa Holdings- subject to Reserve bank of Malawi approval, is in line with the Malawi Government’s policy on indigenization. In furtherance of this indigenization program and in an effort to allow as many Malawians as possible to have a stake in MyBucks bank, I am pleased to advise that the two partners; MyBucks SA. And Mpatsa Trust have committed themselves to list MyBucks bank on the Malawi Stock exchange within 2 years.

Q6. Any Last words?

Answer: We are extremely proud, that despite suffering from the implications of Covid-19, we have been a profitable business this far. We believe that this transaction now puts MyBucks Malawi on a good footing to continue to deliver consistent profits as well as provide improved services. Most importantly we would like to thank all our customers for choosing to bank with us and for their unwavering support throughout.