DGAP-News
MyBucks S.A.: MyBucks and Opportunity International further historic partnership
DGAP-News: MyBucks S.A. / Key word(s): Agreement
MyBucks S.A.: MyBucks and Opportunity International further historic
partnership
12.10.2016 / 16:14
The issuer is solely responsible for the content of this announcement.
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MyBucks S.A.: MyBucks and Opportunity International further historic
partnership
12.10.2016 / 16:14
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
/
Press Release
MyBucks and Opportunity International further historic partnership
Luxembourg, 12 October 2016 - As part of its partnership with Opportunity
International, MyBucks S.A. ("MyBucks"), a leading Fintech company,
announced today that it has officially concluded a relationship and
Trademark License Agreement with Opportunity International, the global non-
profit organisation, in countries where MyBucks has acquired the
Opportunity bank's operations. The Agreement provides MyBucks with the
exclusive right to use the Opportunity Bank trademark across Africa.
MyBucks will be retaining the Opportunity brand in the banking operations
in Uganda, Mozambique, Tanzania and Kenya, with the joint organisational
goal of promoting financial inclusion across the continent. In addition,
the 15-year term agreement will also apply to any new countries where
MyBucks has or is in the process of obtaining deposit-taking licences, with
the intention of future expansion into Zambia and other potential African
countries.
As in the past, Opportunity International will continue to provide funding
to banks for program related financial products and services and commits to
a minimum of US $30 million to further its mission to provide financial
services to the unbanked. Based on the current licensed institutions,
MyBucks will pay a consideration of EUR 4.75m for the license, equating to
a maximum of EUR 79k per annum per bank. This amount will come down through
the inclusion of further Banks down the line. MyBucks will settle the
consideration through the issuance of 250,000 shares out of its authorised
capital at a value of EUR 19 per share.
"Having a bank account is fundamental to ensuring financial inclusion in
emerging markets," said Dave van Niekerk, CEO, MyBucks. "Our partnership
not only ensures the existing operations we acquired from Opportunity
International remain under the Opportunity banner, but also includes select
new deposit-taking operations in our other countries as well. In addition,
MyBucks, as a commercial entity, has greater access to capital and the
compliance resources necessary to meet the increasing banking regulatory
requirements."
Through the partnership, Opportunity International will continue to provide
Press Release
MyBucks and Opportunity International further historic partnership
Luxembourg, 12 October 2016 - As part of its partnership with Opportunity
International, MyBucks S.A. ("MyBucks"), a leading Fintech company,
announced today that it has officially concluded a relationship and
Trademark License Agreement with Opportunity International, the global non-
profit organisation, in countries where MyBucks has acquired the
Opportunity bank's operations. The Agreement provides MyBucks with the
exclusive right to use the Opportunity Bank trademark across Africa.
MyBucks will be retaining the Opportunity brand in the banking operations
in Uganda, Mozambique, Tanzania and Kenya, with the joint organisational
goal of promoting financial inclusion across the continent. In addition,
the 15-year term agreement will also apply to any new countries where
MyBucks has or is in the process of obtaining deposit-taking licences, with
the intention of future expansion into Zambia and other potential African
countries.
As in the past, Opportunity International will continue to provide funding
to banks for program related financial products and services and commits to
a minimum of US $30 million to further its mission to provide financial
services to the unbanked. Based on the current licensed institutions,
MyBucks will pay a consideration of EUR 4.75m for the license, equating to
a maximum of EUR 79k per annum per bank. This amount will come down through
the inclusion of further Banks down the line. MyBucks will settle the
consideration through the issuance of 250,000 shares out of its authorised
capital at a value of EUR 19 per share.
"Having a bank account is fundamental to ensuring financial inclusion in
emerging markets," said Dave van Niekerk, CEO, MyBucks. "Our partnership
not only ensures the existing operations we acquired from Opportunity
International remain under the Opportunity banner, but also includes select
new deposit-taking operations in our other countries as well. In addition,
MyBucks, as a commercial entity, has greater access to capital and the
compliance resources necessary to meet the increasing banking regulatory
requirements."
Through the partnership, Opportunity International will continue to provide
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