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.
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
This week Minister of Finance & Economic Development, Dr Thapelo Matsheka approached parliament seeking lawmakers approval of Government’s intention to increase bond program ceiling from the current P15 Billion to P30 billion.
“I stand to request this honorable house to authorize increase in bond issuance program from the current P15 billion to P30 billion,” Dr Matsheka said. He explained that due to the halt in economic growth occasioned by COVID-19 pandemic government had to revisit options for funding the national budget, particularly for the second half of the National Development Plan (NDP) 11.
Botswana Stock Exchange (BSE) has this week revealed a gloomy picture of diamond mining newcomer, Lucara, with its stock devaluated and its entire business affected by the COVID-19 pandemic.
A BSE survey for a period between 1st January to 31st August 2020 — recording the second half of the year, the third quarter of the year and five months of coronavirus in Botswana — shows that the Domestic Company Index (DCI) depreciated by 5.9 percent.
Botswana Diamond PLC, a diamond exploration company trading on both London Stock Exchange Alternative Investment Market (AIM) and Botswana Stock Exchange (BSE) on Monday unlocked value from its shares to raise capital for its ongoing exploration works in Botswana and South Africa.
A statement from the company this week reveals that the placing was with existing and new investors to raise £300,000 via the issue of 50,000,000 new ordinary shares at a placing price of 0.6p per Placing Share.
Each Placing Share, according to Botswana Diamond Executives has one warrant attached with the right to subscribe for one new ordinary share at 0.6p per new ordinary share for a period of two years from, 7th September 2020, being the date of the Placing Warrants issue.
In a statement Chairman of Botswana Diamonds, John Teeling explained that the funds raised will be used to fund ongoing exploration activities during the current year in Botswana and South Africa, and to provide additional working capital for the Company.
The company is currently drilling kimberlite M8 on the Marsfontein licence in South Africa and has generated further kimberlite targets which will be drilled on the adjacent Thorny River concession.
In Botswana, the funds will be focused on commercializing the KX36 project following the recent acquisition of Sekaka Diamonds from Petra Diamonds. This will include finalizing a work programme to upgrade the grades and diamond value of the kimberlite pipe as well as investigating innovative mining options.
Drilling is planned for the adjacent Sunland Minerals property and following further assessment of the comprehensive Sekaka database more drilling targets are likely. “This is a very active and exciting time for Botswana Diamonds. We are drilling the very promising M8 kimberlite at Marsfontein and further drilling is likely on targets identified on the adjacent Thorny River ground,” he said.
The company Board Chair further noted, “We have a number of active projects. The recently acquired KX36 diamond resource in the Kalahari offers great potential. While awaiting final approvals from the Botswana authorities some of the funds raised will be used to detail the works we will do to refine grade, size distribution and value per carat.”
In addition BOD said the Placing Shares will rank pari passu with the Company’s existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that such admission will become effective on or around 23 September 2020.
Last month Botswana Diamond announced that it has entered into agreement with global miner Petra Diamonds to acquire the latter’s exploration assets in Botswana. Key to these assets, housed under Sekaka Diamonds, 100 % subsidiary of Petra is the KX36 Diamond discovery, a high grade ore Kimberlite pipe located in the CKGR, considered Botswana’s next diamond glory after the magnificent Orapa and prolific Jwaneng Mines.
The acquisition entailed two adjacent Prospecting Licences and a diamond processing plant. Sekaka has been Petra’s exploration vehicle in Botswana for year and holds three Prospecting Licenses in the Central Kalahari Game Reserve (Kalahari) PL169/2019, PL058/2007 and PL224/2007, which includes the high grade KX36 kimberlite pipe.