GetBucks Botswana and Zambia loans suspended from the Primary and Secondary Markets

30.04.2020

mintosblog

Due to failing to fulfil their payment obligations to Mintos investors in full, we have made a decision to suspend loans originated by the lending companies GetBucks Botswana and GetBucks Zambia from the Primary and Secondary Markets on Mintos, until further notice.  

Mintos and MyBucks Group management have agreed on several steps to remedy the situation that will be announced soon.

For now, GetBucks has been placed on negative ratings watch as we consider the possibility of a Mintos Rating change. Resolution of the negative ratings watch depends on the company’s ability to address its contractual responsibilities towards investors on Mintos marketplace. 

About GetBucks

GetBucks is one of the leading alternative lending companies in Africa. It is a part of MyBucks S.A., which is a fintech company founded in 2011 and based in Luxembourg. The current amount of GetBucks outstanding investments on Mintos is € 17 545 916. There are 69 305 investors with active investments in GetBucks Botswana loans and 66 596 investors with active investments in GetBucks Zambia loans, with the average investment per investor being € 92,53 for GetBucks Botswana and € 49,86 for GetBucks Zambia. The current amount of pending payments is € 1 568 931.

About Suspension

Suspension of a particular lending company occurs when Mintos intervenes in the market – Primary, Secondary, or both – to stop investing due to concerns about a company’s operations. Once suspended, new investments cannot occur until the suspension is lifted or lapses. When both markets are suspended, this is intended to protect investors’ interests by preventing investments in new loans on the Primary market, or the sale of existing loans on the Secondary market.

 

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