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Ex-BancABC executives buy stake in GetBucks


A COMPANY owned by three former BancABC executives — Douglas Munatsi, Francis Dzanya and Bekithemba Moyo — has snapped up an 8,3% stake in GetBucks Zimbabwe after underwriting its $3,2 million capital-raising initiative.

By Business reporter

Last month, GetBucks offered 93 567 251 ordinary shares to the public at a subscription price of $0,0342 per share on its way to listing on the Zimbabwe Stock Exchange (ZSE). The fintech company will list on ZSE today.

The Initial Public Offering (IPO), which closed on January 8, had a low subscription rate of 2,29%, leaving a large chunk of shares in the hands of DBF Capital Partners Limited, who were the underwriters of the transaction.

Get Bucks (1)

Of the 93 567 251 ordinary shares that were on offer, only 2 145 120 were subscribed and applied for. The balance (91 422 131) is now in the hands of DFB Capital.

Of the $3,2 million raised, $2,9 million will go towards working capital and $300 000 will be for IPO expenses.

DBF Capital Partners is a Mauritius-based investment holding company focusing on private equity, investment banking, financial advisory services and real estate. It was founded last year by Munatsi, Dzanya and Moyo. The trio exited BancABC in 2014 following the acquisition of the banking group by Atlas Mara, a company co-founded by ex-Barclays Plc CEO Bob Diamond and billionaire entrepreneur Ashish Thakkar.

DFB Capital has operating offices in Johannesburg and Harare and works with regional and international partners.

GetBucks Zimbabwe commenced operations in 2012 as a credit-only microfinance institution, and the business has over that short period of time grown into one of the leading microfinance lenders in Zimbabwe with a current loan book of over $11 million. It has 13 branches countrywide servicing approximately 18 240 clients.

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