German Lender MyBucks Eyes Kenya Banking Licence in Race for Clients
Sunday, October 16, 2016
German micro-lender, MyBucks, is eyeing a deposit-taking licence from the Central Bank of Kenya in a bid to grow its local clientele base.
The Frankfurt Stock Exchange-listed financial technology company currently offers small loans to borrowers through mobile phones, but is not allowed to take customer deposits as it does not have a banking licence.
MyBucks has just signed a share purchase agreement with Opportunity International, an aid organisation that gives funding to businesses across Africa that are regarded too small by traditional banks to qualify for credit.
“Having a bank account is fundamental to ensuring financial inclusion in emerging markets.