GetBucks to Offer Short-Term Loans to Protect Bank from Hyperinflation

By Alois Vinga

A FINANCIAL service provider, Getbucks Microfinance Bank will provide short-term loans as a strategy to alleviate the hyperinflation ravaging the country’s economy.

Speaking to Business this week, the financial institution’s chief executive, Terrence Mudangwe, said the move was aimed at protecting the bank from the devastating effects of inflation.

“The lending aggression will continue although with a deliberate bias towards shorter-term lending in an attempt to preserve value in this hyper-inflationary environment,” he said.

Most credit institutions have opted for short-term loans whose service is scheduled within twelve months in order to avoid the risk of recovering the money lent when its value has been lost.

GetBucks is also working to expand its retail presence through the use of digital self-service channels and has since announced plans to focus on an increased banking presence in order to bring more convenience to customers.

Mudangwe said that in the future, loans to the agricultural sector and the mass market will also be one of their areas of focus.

“In our digitization journey, we recently launched an innovative mobile banking app with unique features such as Bank to Ecocash wallets that can transfer directly to any recipient. Most bank wallets at Ecocash only allow a user to transfer to their wallet first, ”he said.

Despite obtaining a difficult economic environment, the Bank obtained a license to operate a bureau de change and started its bureau de change operations in July 2019 and the value preservation strategy to acquire investment properties in 2018 continued to bear fruit.

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