Such as Nedbank Malawi: Luxembourg, December 9th, 2016 – Frankfurt-listed African bank group MyBucks S.A. (MyBucks) today announced that its subsidiary MyBucks Banking Corporation Limited (MyBucks Malawi or MBC Malawi), secured approval from the Reserve Bank of Malawi to acquire 100% of Nedbank Malawi Limited on December 2nd, 2019.

MyBucks Malawi and Nedbank SA are now working to meet certain suspensive conditions to facilitate the completion of the transaction. Completion is expected in the first quarter of 2020.

MyBucks’ presence in Malawi began with the microlending business, GetBucks Malawi, in 2013, and was subsequently expanded through the acquisition of 50% of New Finance Bank Malawi Limited (“FNB”) in 2017. Both operations were consolidated into MyBucks Malawi through a parallel buy-out of the other shareholders in 2019.

MyBucks notably turned around MyBucks Malawi from a loss-making position to a profit and opened the world’s first banking branch in a refugee camp in 2018. It also listed the first-ever corporate bond on the Malawi Stock Exchange in the same year. Through the acquisition of Nedbank Malawi, MyBucks Malawi aims to boost its presence and growth trajectory in the country.