GetBucks Botswana Limited, a subsidiary of Frankfurt-listed Fintech, MyBucks, on Friday listed its medium term note on the Botswana Stock Exchange (BSE) amounting to about P71.8 million.
The proceeds will be used to reduce the cost of funding, decrease the exposure to foreign exchange fluctuations and expand its current service and product offering and interest generated on note offers will amount to 15 percent on three-year notes and 18 percent on five-year notes.
Speaking at the listing, the Vice President, Mokgweetsi Masisi, said government supported the development of the local capital markets. He added that government also supported the opportunity for fostering economic growth led by a vigorous private sector that could resourcefully be financed through capital markets for their long term sustainable growth and prosperity.
“From recent trends it is apparent that the business case for the development of capital markets is self-evident. They mobilise savings for productive investment, while the price discovery mechanism makes the economy more efficient and dynamic,” said Masisi.
He believes the investors are in good hands and their interests will continue to remain at the centre of the hearts of those handling these investments.
Masisi is of the view that listing the bond will result in among others, transparency and accountability, efficient processes of capital raising, improvement in governance, as well as expansion of the investor base and enlarging the pace and diversity for GetBucks.
Masisis said GetBucks Botswana were now entering a stage that is growing and is demonstrating that it had invested considerable efforts in developing a sustainable organisation that will soar and also in turn give back to the economy of Botswana.
“We are committed to providing a conducive and enabling environment to ensure support for the evolution of our FinTech start-ups though initiatives that are tailored to create maximum value for the FinTech sector,” he said.
Managing Director of GetBucks Botswana Marthin de Kock said they were confident that the proceeds would see further growth and cement their place as an industry leader within the local market.
He believes that this is only the beginning; the local market can therefore anticipate and look forward to more financial service excellence and innovative financial solutions.
He added that GetBucks Botswana consists of three operating entities namely GetBucks, TU Employee Benefits (Proprietary) Limited and CashCorp (Proprietary) Limited.
GetBucks Botswana and TU Employee Benefits(Proprietary) Limited provide term loans for a period of six to 60 months, while CashCorp (Proprietary) Limited provides short term one-month to three-month loans while cross selling also take place in terms of term loans.
“Going forward we are looking at enhancing both our product range and service offering to ultimately enable faster, more efficient and less expensive access to financial services for clients,” he said.