Opportunity International partners with MyBucks Group

Published on

November 18, 2015

Opportunity International enters into a groundbreaking agreement with fintech company MyBucks Group to better serve customers throughout Africa.

Opportunity International recently agreed to sell the majority of its shares of six banks serving sub-Saharan Africa to the MyBucks Group. MyBucks Group is a Luexembourg-based financial technology company that holds the brands GetBucks, GetSure and GetBanked. This is a particularly groundbreaking partnership because it marks the first time a fintech company has acquired banks to help reconcile virtual and traditional banking.

As part of the agreement, Opportunity International will be a minority shareholder in MyBucks and a minimum of one board seat at parent and bank levels. Said Viki Escarra, Global CEO of Opportunity International:

“MyBucks brings a number of other benefits to banks including integrating cutting-edge digital and mobile banking technology to serve clients in even the most remote areas of Africa. MyBucks will also expand the number of small, medium and micro-entrepreneurs served. Often, these are small businesses that need financial resources but have been declined by traditional banks. MyBucks uses a comprehensive credit analysis process that can get critical resources into the hands of our clients quickly and efficiently."

In order to deliver outreach services it previously offered through banks, Opportunity International will open "Transformation Centers" throughout Africa to provide business and financial training, Social  Performance Management, education services, health counseling, agriculture training and other extension services to help clients break the cycle of poverty, transform their lives and strengthen their families and communities.

Read more about the agreement here.

About the Author(s)

Opportunity International
Learning Lab Partner

Opportunity International operates the Africa Growth and Innovations Initiative to promote access to loans, savings programs and other critical financial products and services by expanding delivery channels. Opportunity International also hosts the Knowledge Exchange.

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