Deposit taking microﬁnance institution Getbucks has issued a $5.4 million debt security, the first series of its $30 million bond, on the local bourse.
“GetBucks Financial Services Limited (“GetBucks Zimbabwe” or the “Issuer”) issued $5 442 250.95 within the $30 000 000 Medium Term Note Programme. The Zimbabwe Stock Exchange (“ZSE”) has granted the Issuer a financial instrument listing and the Note was listed on the ZSE on 26 April 2017”, the company said in a statement.
An interest rate of 11 per annum will apply and interest payments will be made monthly while capital redemption will be at the end of tenure which is approximately 33 months.
GetBucks Zimbabwe, a subsidiary of MyBucks S.A. Luxembourg began its operations in 2012 as a credit only microfinance institutions in Zimbabwe.
To date, the company has disbursed in excess of 76 000 loans amounting to over $40 million.
It operates 14 branches in major cities and towns in Zimbabwe and the company currently services approximately 15 000 clients.
On July 16, 2015 GetBucks Zimbabwe was licenced by the RBZ to operate as a deposit taking microfinance institution, and subsequently listed on the Zimbabwe Stock Exchange on January 15, 2016.- The Source