MyBucks - Balanced focus on growth and margins
Artificial intelligence (AI)-driven MyBucks (MBC) has made notable progress in recent months. The strategic partnership with NAGA is a key step in developing MBC’s digital banking business and builds on the H1 turnaround in banking results. These, along with improved cost ratios, partly countered the still burdensome level of financing costs, as the group swung into pre-tax profit from losses in the prior year. This takes the company a step closer to becoming net earnings positive. Debt refinancing costs are being reduced and a €11.7m gross private placing was undertaken in February. MBC is also well positioned for organic growth through the launch of new insurance and lending products and plans to integrate its TESS user experience product throughout its operations.MyBucks SA. MyBucks SA is a Luxembourg-based company primarily engaged in the consumer lending sector. The Company is a financial technology (FinTech) entity, which focuses on distributing financial products through online platforms. Its products and services portfolio comprises: GetBucks, which offers short-term single payment loans, installment loans and other credit-related services; GetSure, which provides insurance cover, including life, funeral and health insurance, among others, and GetBanked, which offers saving accounts, mobile payment transactions, credit card transactions, as well as access to banking, credit and insurance portfolio in an online tool, among others. The Company aims at low- and middle-income consumer segment, mainly in emerging markets. It operates in a number of European and South African countries, such as Spain, Poland, Zimbabwe, Kenya, Botswana and Uganda. It operates through New Finance Bank Malawi Ltd, a Lilongwe-based commercial bank.
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