RBM working with MyBucks to identify investor

The Reserve Bank of Malawi (RBM) says it is working with the parent company of MyBucks Banking Corporation to identify a strategic investor following the bankruptcy order of the MyBucks South Africa.

In a statement on Friday, RBM Governor Wilson Banda said once identified, the new investor will be vetted as a shareholder of MyBucks Malawi in line with financial services laws.

He said: “It should be noted that MyBucks Malawi, a bank licensed and supervised by the registrar of financial institutions in Malawi, is not under receivership.

“Meanwhile, MyBucks South Africa was in the process of disposing of its 100 percent stake in MyBucks Malawi to a strategic investor. The registrar is working with the receiver, MyBucks South Africa and the bank to expedite sale of the shares to a strategic investor.”

MyBucks South Africa was placed in bankruptcy in December 2021 by the Tax Authority in Luxembourg where it was incorporated and is now under management of a receiver based in the same country.

In a statement issued last week, MyBucks Malawi said it will continue operating normally in line with the Banking Act and that its local operations have not been impacted.

The bank confirmed that prior to the bankruptcy order, its parent company was already in the process of disposing of its 100 percent shareholding in MyBucks Malawi to a strategic investor, with the support of RBM.

RBM licensed MyBucks Malawi on May 13 2014 and the bank started its operations on July 24 2015.