MyBucks Malawi not insolvent: statement

MyBucks Banking Cooperation, one of Malawi's fastest-growing financial institutions, insists it is not in bankruptcy and is operating regularly in the country.

MALAWI: MyBucks Banking Cooperation, one of the country's fastest-growing financial institutions, insists it is not in bankruptcy and is operating regularly in the country.

This follows the publication of media reports and social media posts about MyBucks South Africa's bankruptcy (S.A).

According to a statement issued by MyBucks Malawi on Friday, MyBucks S.A is in bankruptcy, although this does not impede the bank's operations in the nation.

“MyBucks S.A was indeed placed into bankruptcy in December 2021 and is under the management of a receiver. Prior to the bankruptcy order, MyBucks S.A was already in a process of disposing of its 100 percent shareholding in MyBucks Malawi to a strategic investor with the support of the Reserve Bank of Malawi,” reads part of the statement.

The message went on to say that MyBucks Malawi is still operating normally in the country for the time being.