Timeline – MyBucks

Founding of MyBucks by Dave Van Niekerk and Johan Jonck in Luxembourg via GetBucks South Africa and GetBucks Mauritius
Established through GetBucks South Africa and holding company GetBucks Mauritius
Begins operations in early African markets

Entry into Europe via Poland and Spain, testing products in regulated markets
Zimbabwe subsidiary obtains deposit-taking licence (major step toward banking)
Signs acquisition agreement with Opportunity International for banks in Ghana, Tanzania, and Mozambique

Builds further footprint in Malawi, Kenya, and Uganda
Consolidates African operations under the MyBucks Group structure in preparation for public listing

New Fintech Campus: MyBucks establishes a new head office and fintech campus in Pretoria, South Africa
Virtual Shared Services Model: All AI development and intellectual property (IP) are consolidated into a central shared services hub in Pretoria, serving operations across Africa, Europe, and Australia
Capital Raising: The group raises €11.7 million via a private placement, strengthening its balance sheet and positioning itself for growth
Pan-African Fintech Model: Positioned as the first pan-African fintech banking hybrid, embedding AI-driven probability-of-default prediction and fraud detection models into its operations
Industry Recognition: The company receives numerous fintech awards, highlighting its innovation and continental footprint
Acquires remaining 50% of NFB Malawi – full control
Debt Financing: Ecsponent provides R420 million in funding to MyBucks across South Africa and the Common Monetary Area (CMA)
High Cost of Funding: Dispute arises around the 25% per annum cost of funding, with MyBucks leadership arguing the rate is excessively high
Conversion Proposal: Ecsponent proposes converting its R420 million debt into equity — but at a discounted share price, below the prevailing market value of MyBucks shares.

Board & Shareholder Disagreements: Intense debates emerge among shareholders and the board regarding Ecsponent’s proposal to convert debt into equity
George Manyere’s Influence: Through Ecsponent, Manyere convinces the board that conversion is strategically beneficial:
Interest Savings: Conversion would eliminate the heavy annual interest burden
New Capital: Manyere argues it would unlock further DFI funding for MyBucks
CEO Exit: Dave van Niekerk exits as CEO, opposing the strategy and the governance direction being pursued
Debt-to-Equity Conversion: Other funder-shareholders are persuaded to agree to a conversion at €1 per share, even though the stock had been trading at €8 per share
Control Shift: Ecsponent (Ecsponent) acquires majority control of MyBucks

Divestment of Subsidiaries: Following the debt-to-equity conversions, MyBucks begins selling off its subsidiaries across Africa
Sales to Related Parties: Many of these transactions involve entities owned by MHMK (George Manyere’s company)
Subsidiary sales were executed via loan accounts, rather than outright third-party sales
Asset Stripping: Subsidiaries and loan books are ultimately transferred or consolidated into related-party structures, including Finclusion (GetBucks SA, Kenya, Eswatini, Zimbabwe, Botswana, Malawi, Mozambique, Namibia, Tanzania, Uganda, Zambia, Poland, Australia and Spain) and FirstCred (GetBucks Botswana), owned and/or managed by Tim Nuy and George Manyere
Result: MyBucks’ core African banking subsidiaries and their loan portfolios are stripped out, leaving the listed entity weakened and exposed

Continued struggles to stabilize loan book and operations
Afristrat claims(formerly Ecsponent) reports ongoing losses tied to MyBucks (not surprising since all its profitable subsidiaries are gone)

Luxembourg court places MyBucks in bankruptcy after tax authority proceedings
Afristrat claims loses ~ R1.5 billion in MyBucks investment (R420m to R1.5b ?)
Afristrat launches civil claims
Commission of Inquiry launched to investigate irregularities (417 inquire finds AI and systems stripped out)

Bank of Zambia seizes control of MyBucks Zambia (Ecsponent Financial Services Ltd) citing insolvency
Marks final collapse of MyBucks operations in the region

MyBucks Timeline