Getbucks Posts $20 Million Loss

Local Microfinance Company Getbucks reportedly posted a $20 Million loss for the 6 month period ending 31 December 2019, Newsday reports.

This was revealed by the micro finance’s Chair Rungano Mbire in a statement accompanying the results. Mbire said:

The primary reporting numbers are inflation adjusted. Borrowings reduced from $78 million to $47 million reflecting real reduction in funds available for deployment into the loan book. The 40% reduction is reflected in the adverse movement as the income statement moved from a $21 million profit in prior year to a $20 million loss in the current year,

Getbucks also spoke about the future and said they will employ tech to deliver smart solutions to their customers.

More: Newsday