Shareholders of the deposit taking microfinance institution, Getbucks Zimbabwe have approved the name change to GetBucks Microfinance Bank Limited as it seeks to expand its product offering.
“The change in name has been necessitated by the change in the nature of business activities that now include banking services. We have launched transactions accounts and savings accounts and within the coming weeks we will be on Zimswitch, as we look forward to extend our services to the banking public,” chief finance officer, Paul Soko told journalists after the company’s extraordinary general meeting (EGM).
GetBucks Zimbabwe was licenced by the RBZ to operate as a deposit taking microfinance institution in 2015, and subsequently listed on the Zimbabwe Stock Exchange (ZSE) last January.
The company, which currently operates 14 branches, says it will not concentrate on increasing branches but will focus on leveraging its existing network of agents and technology to reach a wider market.
Additionally, the company is planning to launch new products.
“We are looking to use artificial intelligence to boost our service offering,” Soko said.
Soko said the company sometimes disburses cash with daily limits varying between $30, $50 and $100.
In April this year, Getbucks issued a $5.4 million debt security, the first of its $30 million bond, on the local bourse, which was fully subscribed.
Offers for the second tranche of $15 million are currently open and have so far received ‘a good response’ from the market.
At 10.25 percent per annum, it is the highest yield bond of its kind on the market, according to Soko.
The company is currently in a closed period.-The Source