FirstCred mulls regional expansion
With competitive interest rates, FirstCred intends to retain and grow its market share throughout Africa.
The company intends to rollout evolving and innovative product suite, supported by technology, while managing its cost of funding.
“FirstCred will continue to utilise technology to support the quality and speed of its service delivery, in addition to expanding on its agent banking platform,” said FirstCred Chief Executive Officer, Dudu Garekwe. She said the company continues to grow its operational footprint and expects the portfolio to evolve into deposit taking banking institutions across all operations.
In addition, FirstCred will also introduce various innovative online platforms and products, to further increase the group’s ability to provide accessible financial services to all. Currently, the Group has applied to the relevant regulatory authorities in countries of operation not yet offering full financing package, to expand its lending to SMEs, which will allow the company to increase its offering and continue to drive financial inclusion.
She said though the current economic environment has been significantly affected by COVID- 19, opportunities in transformation through technology have been presented.
“The group continues to exploit the available resources to deliver customer centric and quick credit decisions and loan disbursements,” said Garekwe.
FirstCred Limited is on an aggressive re- branding mission from its former name, GetBucks Limited, following its takeover by MHMK Group limited.
On the local market, the group recently received an approval of P1 billion guaranteed medium term note programme from the Botswana Stock Exchange Listings and Trading Committee. Dudu said the proceeds of the note programme will be used for regional expansion, as operating capital for general corporate purposes to aggressively grow the loan book through its lending operations. The funds will also be used to re- finance and retire the existing external debt to allow the Group to lower its cost of funding and reduce the cost of capital.