In line with the Malawi Government’s policy on indigenization and thereby encourage local participation, MyBucks has concluded the sale of 49% shareholding in MyBucks bank to a local entity Mpatsa Trust.
This sale will be subject to the Reserve Bank of Malawi approval. In furtherance of this indigenization program and in an effort to allow as many Malawians as possible to have a stake in MyBucks bank, the two partners i.e. MyBucks S.A. and Mpatsa Trust have committed themselves to list MyBucks bank on the Malawi Stock exchange within 2 years.
MyBucks S.A. is a FinTech operating in a number of African countries including Botswana, Kenya, Malawi, Mozambique, Namibia, South Africa, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe. The Group offers credit, banking solutions and insurance products to customers. The MyBucks product is known for enabling customers to manage their financial affairs in a simple and convenient way.
Mpatsa Trust is a Malawian private Trust whose beneficiaries are members of the Koreia-Mpatsa family, charitable organizations and religious organizations. Through its investment arm, Mpatsa Holdings Limited, it has interests in several sectors of the Malawi economy namely Agriculture, Mining, Hospitality, Real Estate, Pharmaceuticals, Distribution and Marketing.