Opportunity, Inc., a next generation microfinance organization that invests philanthropic and social impact capital to spark and scale innovative solutions to global poverty, has entered into a share purchase agreement to sell six banks serving sub-Saharan Africa to the MyBucks Group, a Luxembourg-based financial technology (fintech) company which holds the three brands GetBucks, GetSure and GetBanked. Opportunity International will be a minority shareholder in MyBucks and retain at least one board seat at the parent level and one on the board of each bank. In addition, funding will be made available to the African banks to ensure continued social impact and responsibility. The transaction is subject to customary closing conditions and regulatory approval from the Central Bank in each country.
“This partnership will greatly accelerate our work to help lift more people out of poverty, transform their lives and strengthen their families and communities," said Vicki Escarra, Global CEO, Opportunity International. "MyBucks will supercharge our mission by adding significant capital, resources and expertise to help drive financial inclusion of the unbanked and underbanked clients throughout Africa. It also helps us achieve our goal of creating and sustaining 20 million jobs by 2020, which will impact 100 million lives worldwide."