Getbucks takes on a conservative approach as economy worsens

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Given a harsh operating environment for the business fraternity, listed financial services institution Getbucks is pursuing a capital preservation strategy while working at maintaining profitability despite the headwinds.

According to a trading update issued by the Chief Executive Terry Mudangwe, Getbucks acquired investment property in  2018 as a means of leveraging the firm’s capital base against an unfriendly business environment, a move that is yielding positives for the firm.

 Terry highlighted the entity will continue to pursue value conservation in the face of a worsening economy. The trading update read:

“We now have to strike a fine balancing act between value preservation and profitability.”

Getbucks acquired a license to operate and fully fledged bank in 2019 and in addition to growing its customer base, is engaging in “Impact lending,” by way of funding export oriented agricultural activities in a bid to generate the much needed foreign currency. Examples are chillies projects and banana exporting farmers in the Middle Sabi region.

In line with a conservative slant,  the financial institution will continue on an aggressive lending tip that is skewed toward short term loans considering the soaring inflation and a weakening exchange rate that has lost more than 85% since the launch of the interbank in February of 2019.

Digital innovation underpins the growth of the entity’s customer base in a bid toward financial inclusion. Getbucks recently launched an innovative mobile banking application with unique features  that allow the user to transact direct to any recipient.

“There are many more exciting developments that are in the offing and will be rolled out in phases by our innovative development team for the convenience of our banking public,” read the report issued at an Annual General Meeting held in the capital on Tuesday.

Not to be outdone in innovation, the bank received a license to operate a bureau de change and commenced bureau de change operations in July 2019.

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