MyBucks has acquired a 50 percent stake in New Finance Bank Malawi Limited (NFB).
According to a statement seen by Malawi24, the Frankfurt-listed FinTech, MyBucks S.A (MyBucks) has completed the acquisition of 50 percent of New Finance Bank Malawi.
The statement says the acquisition allows MyBucks to launch its virtual banking offering in one of Africa’s most vibrant markets.
“The combination of NFB’s traditional banking expertise with MyBucks proprietary technology will position NFB as a strong digital bank within Malawi.
This is in line with NFB’s long term strategy to become a truly digital bank.
“NFB is excited about the efficiencies that MyBucks will bring to the bank through their modern technology combined with the ability of NFB to raise competitively priced funding,” says the statement.
According to the statement, the bank believes that the advantage will be through providing simple financial solutions for its customers in an easily accessible manner, at lowest cost.
MyBucks also owns 100 percent of GetBucks Malawi.
The institution (MyBucks) offers financial products, transforms them into opportunities and helps to create financial inclusion.