MyBucks buys off New Finance Bank

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New Finance Bank has rebranded to MyBucks Banking corporation after 100 percent of its shares were acquired by the financial technology company.

 

Board Chairperson of MyBucks Banking Corporation Francis Perekamoyo points out that the bank will put emphasis on technology to reach out to the unbanked population.

 

Perekamoyo also added that the transition will give MyBucks Banking Corporation an edge over its competitors.

 

“This transition does not only make us competitive, it also conforms with MyBucks Group’s strategy of consolidating its operations and streamlining services to enable fast and effective technologically driven financial services”

 

New Finance bank was established just over two years ago and its CEO Zandile Shaba points out that the bank has tripled its growth in the just ended year after a huge loss soon after its establishment.

 

The bank boasts of reaching out to the unbankable population like refugees at Dzaleka refugee camp among others.

 

Shaba has however expressed worries over poor internet connectivity which she says is weighing back the bank on its drive to reach out to more unbanked rural people.

 

MyBucks is in 12 countries which includes Australia, Mozambique, Zambia, among others.

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