ZIMBABWE Stock Exchange listed, GetBucks Microfinance Bank says it has not been spared by the cash crisis prevailing in the country.
By Fidelity Mhlanga
GetBucks chief finance officer Paul Soko told journalists at the company’s extraordinary general meeting (EGM) yesterday that customers of the deposit taking microfinance institution have been hard hit by the cash crisis.
“When we do have cash we have been able to disburse money, but particularly bond notes that we are receiving from the Reserve Bank of Zimbabwe. It differs daily based on demand so on one day it can be $30, $50 and $100. Its similar with what is prevailing in the market,” Soko said. “What we have resorted to doing is we have given our customers the ability to receive their funds from whatever electronic platform, RTGS, mobile wallet we are able to disburse into and out of those channels. So that is how we have enabled our customers to transact at the moment.” GetBucks was the first to list IPO and bond on the Zimbabwe Stock Exchange.
Yesterday’s EGM endorsed the change of name from Getbucks Financial Services to GetBucks Microfinance Bank in view of the new services the company was now offering.
“We have launched transactions accounts, savings accounts within the coming weeks we will be on Zimswitch. We are a full participant of RTGS and we are looking forward to extend our services to the banking public,” Soko said.
“As you are aware at this point and time where there seems to be difficulties in getting cash. We are also looking at electronic means for facilitating our customers to transact because our focus is financial technology. So we are really keen on using technology to extend financials services to our customers.”
Soko said with support from MyBucks which is listed on the Frankfurt Stock Exchange, the company will introduce the best technology in Zimbabwe.
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He said the focus was not on brick and mortar, but support use of technology, smartphones and internet to access services.
GetBucks currently has 14 branches and seeks to use agency network to reach out to its customers Soko said the $30 million Medium Term Note Programme running for 33 months was now open for the second tranche of $15 million bond.
“We launched the bond recently, the first bond for ($5 million) and was fully subscribed we are now currently on the offer for the second tranche for the $15 million,” he said. “It received some good respond from the market and there is a lot of interest at 10,25% per annum is the highest yielding of its type on the market. What we are looking for is we want to give our investors a good return in time and it falls in line with our stance to grow. So we are raising funds in order to deliver greater services to the transacting public. It’s something we are very happy so far with the response that we have. And when we close in July we are announcing the results of that bond offer.”
