MyBucks S.A.: MyBucks announces partnership with Lendahand to fund African entrepreneurs
MyBucks announces partnership with Lendahand to fund African entrepreneurs
- Authorised initial funding agreement for up to EUR 1.5m targeting rural Ugandan communities
Luxembourg, 19 July 2017 - Luxembourg headquartered and Frankfurt-listed FinTech, MyBucks S.A., is pleased to announce that it has signed a Website Issuer Access Agreement with Lendahand, a Netherlands based crowd funding platform that focuses on making a lasting social impact by raising funding for entrepreneurs.
MyBucks and Lendahand have agreed that MyBucks' Ugandan subsidiary bank will raise an initial amount of EUR1,500,000 which will be targeted at financing activities of Small, Medium and Micro Enterprises (SMEs). Through MyBucks' technological portfolio and digital banking strategy, proceeds from the Note issuance on the Lendahand website will be distributed to communities that are as yet unbanked or underbanked, consistent with MyBucks objective to enhance financial inclusion across the continent. This is imperative particularly in Uganda, in which 80% of the population lives in rural areas.
Tim Nuy, Deputy CEO of MyBucks said, "Partnering with social impact organisations such as Lendahand allows us to access funding at attractive rates, which in turn enables us to serve African entrepreneurs with attractive products. We are excited by what we can achieve in Uganda and are looking forward to expanding this partnership with Lendahand into other markets. Through our continued endeavours in funding cost reduction, MyBucks will be able to further grow its market share substantially."
MyBucks and Lendahand are using Uganda as a pilot market with the intention of expanding into as many of the 14 markets in which MyBucks operates as possible.
Peter Heijen, CEO of Lendahand said, "Together with our crowd of private investors from all over the world, we create jobs in emerging economies and make basic needs such as clean energy and sanitation more accessible to the poor. To achieve this, we work together with local partners in many regions. We are proud to welcome a well-reputed company like MyBucks as a partner in our mission to create social impact in emerging countries."
MyBucks S.A. (WKN: A2AJLT, ISIN: LU1404975507, Ticker Symbol: MBC:GR) is a FinTech company based in Luxembourg that delivers seamless financial services through technology. Through its brands GetBucks and GetSure the company offers impact loans, unsecured consumer loans, banking solutions as well as insurance products to customers. MyBucks has experienced exponential growth since its inception in 2011 and today has operations in twelve African and two European countries as well as in Australia. MyBucks aims to ensure that its product offering is accessible, simple and trustworthy, in comparison to traditional, non-technological methods, ultimately working towards enhancing the benefits to the customer. The MyBucks' product offering enables customers to manage their financial affairs easily and conveniently. Discover more at http://MyBucks.com
Lendahand is a Dutch based online lending platform where socially minded savers and investors can fund SMEs and sustainable initiatives in emerging economies. Small and Medium Enterprises (SMEs) in these countries do not have proper access to financing as they are too small for banks and too large and complex for microfinance institutions. Hence, they can only provide 30% of the jobs, where 60% in developed countries is the average. Financing companies and sustainable initiatives leads to significant social impact while leaving room for a solid financial return of 3-6% per annum. Contact:
19.07.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English
Company: MyBucks S.A. 14, rue Edward Steichen L-2540 Luxembourg
Grand Duchy of Luxembourg Phone: +352 2088 2123 Fax: +27 86 537 2010 E-mail: email@example.com Internet: www.mybucks.com ISIN: LU1404975507 WKN: A2AJLT Listed: Open Market (Scale) in Frankfurt End of News DGAP News Service