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Why Getbucks?

GetBucks Managing Director, Marthin de Kock outlines the fin-tech strategy, comments on the GetBucks Bank in Zimbabwe and Malawi and possibilities for this market.

You started this business from scratch as its first MD here in Botswana. How has the journey been five or so years later?

Leading a company has its highs and lows but for the last few years the highs outweighed the lows. I recall very well the 1st of June 2012 when we issued our first loan. It was so surreal. We started with BTU (Botswana Teacher’s Union) Employee Benefits, in 2014 we saw a niche gap and we acquired CashCorp which gave us the opportunity to provide credit services to all employed people in Botswana.

By the end of 2014 we established a relationship with BOGOWU (Botswana Government Worker’s Union), which enabled us to provide credit and insurance services for government and council employees. From a modest start to a locally listed company in 2017 and now a group listing on the German Stock Exchange, we are proud of each of our staff who contributed to our achievements over the years and grateful to our partners and loyal customers

What are the latest trends in micro-finance and where is GetBucks positioned?

The latest trend in the micro finance industry and the current buzz word is fintech (financial technology) and being part of the MyBucks Group, a renowned international FinTech organisation, we are proud that our services are provided fully online. We make use of Artificial Intelligence in order to learn lessons from our current client base to continuously and consistently improve systems for our customers.  It is very exciting to know there are still more to come within this industry with offering more innovative fintech products to the Botswana market.

The education phase with the Botswana market has taken a bit longer than anticipated however it is a never ending process that will ensure that anyone who has access to the internet or a smart phone will be able to make use of our services.

How have you mitigated challenges to remain relevant in a highly competitive industry?

The answer to this has two parts:

What sets us apart is that we are a fintech company. By making use of the latest technologies we are able to provide financial services quickly, simply and more conveniently to our clients. We could not have succeeded in doing this without the various strategic partnerships we have built over the past six years. I can highlight the relationships with BTU & BOGOWU. We are strong believers in relationship management and stakeholder engagement hence it’s been a part of our business philosophy since our existence. I am reminded of a billboard at OR Tambo airport in Johannesburg which reads: If you want to go faster, walk alone, but if you want to go further, walk together.

Which pockets in the market do you want to dominate, how and why?

I will not say we want to dominate a certain section of the market, but rather to educate the market to become fully fintech, so that any person that has access to the internet or a smart phone can make use of the services that we provide.

You have a bank in Zimbabwe, should we expect anything similar in Botswana in the coming years? If not what’s the GetBucks’ Botswana long term strategy?

The MyBucks group don’t only have a banking license in Zimbabwe we also have banking licenses in a few other operating countries including Mozambique and Malawi. I cannot confirm the strategy for Botswana at this point, but I can say it is the vision of the group to be a fully-fledged financial services provider across Africa.

How has the listed bond influenced your agility and competitiveness in the market?

Listing the bond also demonstrates our long-term commitment to this market. It has allowed us to provide our services to our clients at a more competitive rate due to the reduction in funding cost.
 
What do you believe is your greatest value offer in the market that gives you a distinctive advantage?  

The speed of our service due to the systems and procedures that are put into place.

What have you got in store for your customer over the festive season?

We have a festive promotion called #tsena_modijong. This promotion allows our selected customer segment to bring in 5 people to apply for a loan and after the loan has been disbursed the person who made the referrals instantly wins themselves prize money of P1000.00. This promotion runs from November 2018 till 31st March 2019.

You are a Fin-Tech company. What brand promise does this trigger and are you keeping that promise?

Fintech is improving the way people get and use financial services everywhere. It is taking away exclusivity, improving accessibility, and allows companies to service customers with financial services, insurance or banking where they are, and when they need it. Yes, I believe we are keeping that promise but will continue to work on ourselves to ensure the market is better educated and better equipped in-order to become a fully-fledged fintech company in Botswana. It is not a complete product however with continuous innovation and commitment to be the best, The GetBucks Botswana team will get there.

Why GetBucks?

  • Strict culture of ethical lending and insurance solutions
  • Easily accessible, yet more socially responsible products
  • Superior customer service
  • 1 hour approval/responses on loans
  • Well-trained and motivated staff that genuinely care
  • Supported by major investors and locally listed company

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Business

Jewellery manufacturing plant to create over 100 jobs

30th January 2023

The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.

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Business

Investors inject capital into Tsodilo Resources Company

25th January 2023

Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.

According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.

The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.

Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.

Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana.  The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.

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Global CEOs Back Plan to Unlock $3.4 Trillion Potential of Africa Free Trade Area

23rd January 2023

African heads of state and global CEOs at the World Economic Forum Annual Meeting backed the launch of the first of its kind report on how public-private partnerships can support the implementation of the African Continental Free Trade Area (AfCFTA).

AfCFTA: A New Era for Global Business and Investment in Africa outlines high-potential sectors, initiatives to support business and investment, operational tools to facilitate the AfCFTA, and illustrative examples from successful businesses in Africa to guide businesses in entering and expanding in this area.

The report aims to provide a pathway for global businesses and investors to understand the biggest trends, opportunities and strategies to successfully invest and achieve high returns in Africa, developing local, sub-regional and continental value chains and accelerating industrialization, all of which go hand in hand with the success of the AfCFTA.

The AfCFTA is the largest free trade area in the world, by area and number of participating countries. Once fully implemented, it will be the fifth-largest economy in the world, with the potential to have a combined GDP of more than $3.4 trillion. Conceived in 2018, it now has 54 national economies in Africa, could attract billions in foreign investment, and boost overseas exports by a third, double intra-continental trade, raise incomes by 8% and lift 50 million people out of poverty.

To ease the pain of transition to its new single market, Africa has learned from trade liberalization in North America and Europe. “Our wide range of partners and experience can help anticipate and mitigate potential disruptions in business and production dynamics,” said Børge Brende, President, and World Economic Forum. “The Forum’s initiatives will help to ease physical, capital and digital flows in Africa through stakeholder collaboration, private-public collaboration and information-sharing.”

Given the continent’s historically low foreign direct investment relative to other regions, the report highlights the sense of excitement as the AfCFTA lowers or removes barriers to trade and competitiveness. “The promising gains from an integrated African market should be a signal to investors around the world that the continent is ripe for business creation, integration and expansion,” said Chido Munyati, Head of Regional Agenda, Africa, World Economic Forum.

The report focuses on four key sectors that have a combined worth of $130 billion and represent high-potential opportunities for companies looking to invest in Africa: automotive; agriculture and agroprocessing; pharmaceuticals; and transport and logistics.

“Macro trends in the four key sectors and across Africa’s growth potential reveal tremendous opportunities for business expansion as population, income and connectivity are on the rise,” said Wamkele Mene, Secretary-General, AfCFTA Secretariat.

“These projections reveal an unprecedented opportunity for local and global businesses to invest in African countries and play a vital role in the development of crucial local and regional value chains on the continent,” said Landry Signé, Executive Director and Professor, Thunderbird School of Global Management and Co-Chair, World Economic Forum Regional Action Group for Africa.

The Forum is actively working towards implementing trade and investment tools through initiatives, such as Friends of the Africa Continental Free Trade Area, to align with the negotiation process of the AfCFTA. It identifies areas where public-private collaboration can help reduce barriers and facilitate investment from international firms.

About the World Economic Forum Annual Meeting 2023

The World Economic Forum Annual Meeting 2023 convenes the world’s foremost leaders under the theme, Cooperation in a Fragmented World. It calls on world leaders to address immediate economic, energy and food crises while laying the groundwork for a more sustainable, resilient world. For further information,

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