BUSINESS REPORTER
A firm linked to three former BancABC executives, Xtenda Financial Holdings Limited (XFHL), has acquired shareholding held by MyBucks S.A in Mozambique and Zambia as it expands its reach in Southern Africa.
Xtenda, a Mauritius-registered retail financial services company, has Douglas Munatsi, Francis Dzanya and Beki Moyo as directors.
The trio were executives at BancABC and exited the group after its acquisition by Atlas Mara.
“The acquisition of 55% of MyBucks Zambia and 100% of MyBucks Mozambique awaits central bank approval,” Xtenda said.
Last year, MyBucks said it had completed, subject to regulatory authorities in Zambia, a sale of 20% of Ecsponent Financial Services Limited trading as MyBucks Zambia to Xtenda Finance Limited.
It said Ecsponent Limited and Barkat Ali (former CEO of Mybucks Zambia) also sold their 25% and 10% shareholding in MyBucks Zambia, respectively.
“These transactions remain subject to regulatory approval and MyBucks, Ecsponent Limited and Barkat Ali and Xtenda have extended the long-stop date to obtain necessary regulatory approval to March 31, 2021,” the Luxembourg-domiciled FinTech company said last month.
Xtenda is also in line to get MyBuck’s remaining 45% stake in MyBucks Zambia.
The shareholding was subject to a call and put option agreement (which had an expiry December 31, 2020) between MyBucks and Finsbury Investments Limited.
Finsbury had on December 22 irrevocably exercised the call option for it to acquire the 45% stake in MyBucks Zambia and set a completion date of January 14, 2021.
The deadline was not met forcing MyBucks to enter into a sale and purchase agreement in which it will sell its 45% stake to Xtenda, subject to approval by regulatory authorities in Zambia.
MyBucks’ exit in Mozambique has seen the unit’s MD George Nheweyembwa taking over the reins at former sister company, GetBucks.
Xtenda has operating subsidiaries in Mozambique, Tanzania and Zambia, each with local and satellite branches.
Xtenda also has a management agreement with DBF Capital Partners Limited to manage the day-to-day operations of Xtenda Finance (Pvt) Limited, Zimbabwe.
Its major shareholder is DBF Capital, a Mauritius-based investment holding company focusing on private equity specifically sector-agnostic principal investing.
DBF has invested in oil and gas, financial services and real estate.
