MyBucks secures funding for SME finance in Uganda
Frankfurt-listed FinTech, MyBucks S.A. had secured a term loan facility arranged by Symbiotics S.A to finance SME lending in Uganda.
The funding forms part of a broader strategy within MyBucks to increase long-term funding at subsidiary level, thus providing a platform to enhance financial inclusion and to promote sustainable development in Africa.
OBUL, with the assistance of MyBucks’ technology, intends to deploy funding to micro SMEs and SMEs within Uganda through the digital banking offering which it is currently seeking to grow within the market.
MyBucks CEO, Tim Nuy says, “Partnerships with social impact investors is important to MyBucks from the perspective that it provides much needed long-term funding, but also comes with the added advantage as we are able to continue to leverage on the wealth of experience that our partners have in micro SME and SME funding. We are grateful for the support of Symbiotics S.A. and look forward to replicating this partnership in our other markets.”
Symbiotics’ Head of Investments, Daniel Schriber, says: “We are pleased to partner with Opportunity Bank Uganda to facilitate financing to local entrepreneurs and MSMEs. This investment will help grow our outreach in Uganda and in areas where financial inclusion is most needed”