New Finance Bank (NFB) Malawi and GetBucks Malawi have merged and the new entity will now be called MyBucks Banking Corporation.
In a statement published yesterday, the parent company of GetBucks Malawi, Frankfurt-listed Fintech, MyBucks, 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,” reads the statement in part.
The statement further said 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.
MyBucks chief executive officer Timothy Nuy is quoted in the statement as having said the move will unlock significant economic value for all stakeholders and customers.
On her part, 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. n