GetBucks Goes for the Bucks in Botswana
The Botswana Stock Exchange (BSE) has approved the Programme Memorandum for the Note and it is anticipated that the Note will be listed on the BSE on Monday, 30 January 2017. Proceeds from the first tranche of the Note of up to BWP 200 million will be used by the Issuer to reduce the cost of funding.
GetBucks Botswana is 100% owned by GetBucks Limited, a Mauritius entity with MyBucks, the Guarantor, being the ultimate beneficial owner. The GetBucks Botswana Group provides micro-financing and insurance products. The Issuer has 14 service points, 49 employees, 88 agents and has disbursed over 100,000 loans amounting to P345 million since its inception.
The GetBucks Botswana Group consists of three operating entities; GetBucks Botswana, TU Loans (Proprietary) Limited and CashCorp (Proprietary) Limited. The Issuer and TU Loans (Proprietary) Limited provides term loans for a period of six to sixty months and CashCorp (Proprietary) Limited provides short term credit of one month loans. Their customer base is primarily employees of the Government of Botswana, employees of forty-three Local City Councils’ in Botswana and those employed in the private sector.
The issuer also provides insurance products through their insurance corporate agent entity, Regent Insurance, to the same customer base including Botswana Teachers Union members. GetBucks Botswana Group provides their products using their IT system proprietary Fincloud software which is complemented by a physical footprint.