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Bank of Mozambique authorises Opportunity Bank to change its name to Mybucks
3:46 CAT | 05 Oct 2018
Photo: O País
The Bank of Mozambique has authorised the Opportunity Bank to change its name to Mybucks Bank Mozambique, in line with that of its main shareholder.
Opportunity Bank was the smallest financial institution in the country, according to the industry ranking published annually by consultancy KPMG.
MyBucks, the financial company listed on the Luxembourg stock exchange which bought the bank in 2016, says the name-change “will better align the operation with the brand and vision of the group”.
After Opportunity Bank posted losses, MyBucks announced new funding of € 14.7 million and training for 1,000 employees in providing new services such as “authorising loans for Mozambican clients via Facebook and Whatsapp”.
MyBucks executive chairman Dave van Niekerk said in a statement released in August that the goals were to focus on “financial inclusion” and “transitioning from traditional banking to a fully automated and efficient digital bank”.
MyBucks has operations in 12 African countries, two European countries and in Australia.
Source: Lusa
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