MyBucks South Africa, a fintech company that is the parent company of MyBucks Malawi, has agreed to sell its 49% stake to Mpatsa Holdings, a Malawian investment company. MyBucks is a consumer-lending platform using financial technology to distribute financial products to low and middle income consumers in emerging markets. MyBucks will remain with its 51% majority stake after it has obtained regulatory approvals in Malawi, Mozambique and Zambia for the transaction. The transaction is expected to reduce the debt position of MyBucks to US$28-million.
Mpatsa Holdings is an investment holding company established by Jimmy Mpatsa and has diversified interests in Malawian agriculture, distribution, real estate, mining, hospitality and pharmaceuticals. Earlier in 2020, the investment holding company launched an agricultural pesticide called Ecoterex, effective in reducing armyworms in maize fields. The transaction amount was not disclosed.