MyBucks Banking Corporation says it will continue to operate normally in line with the Banking Act despite its parent company MyBucks S.A. being placed into bankruptcy in December 2021.
In a statement, MyBucks Malawi says local operations have not been impacted and that the bank is not under any bankruptcy order of receivership.
The bank further says that prior to the bankruptcy order, its parent company was already in the process of disposing of its 100 percent shareholding in MyBucks Malawi to a strategic investor, with the support of the Reserve Bank of Malawi.
“All relevant stakeholders have agreed to continue with the process of selling the shares to a strategic investor.
“We are and will continue to work with the Reserve Bank of Malawi on this process,” reads the statement.
RBM licensed MyBucks Malawi on May 13 2014 and the bank started its operations on July 24 2015.
The bank is 100 percent owned by MyBucks S.A, whose Head Office is in Luxembourg and listed on the Börse Frankfurt Stock Exchange.
MyBucks S.A. is a fintech company.