Table of contents

the shares in the Group agreed to a Lock-up Agreement,
prohibiting them from disposing of their shares until 31
December 2017. This is excludes transfers that do not
constitute a change in beneficial ownership. As a result, in
excess of 80% of the shares outstanding are bound by the
Lock-up Agreement.
On 5 October 2016, Christopher Charles Rokos transferred
1,416,141 shares, representing 12.70% of the current
share capital of MyBucks S.A, to Redwood Capital and
383,499 shares, representing 3.44% of the current share
capital of MyBucks S.A, to Bluehill Capital (both entities
being fully owned by Mr Christopher Charles Rokos).
The transfers took place within the terms of the Lock-up
Agreement between Christopher Charles Rokos and Hauck
& Aufhauser Privatbankiers KGaA dated 9 May 2016.
Year ahead
Since year-end, the Group has successfully completed
the Opportunity International acquisitions in Kenya,
Mozambique, Tanzania and Uganda. Management is also
confident that it will successfully complete the regulatory
approval process in Ghana and Malawi in the near future.
Together with organic banking applications in other
jurisdictions, the Group believes it will end the financial
period ending 30 June 2017 with at least seven deposittaking
entities. Beyond the expansion into banking, a key
focus for the Group in the next financial year will be the
roll-out of its insurance offering across all jurisdictions and
the enhancement of the lending product portfolio. The
company intends to continue using its technology angle
to enhance the customer experience throughout financial
services and revolutionize the way products are granted.
As part of our research and development activities, we have
developed and utilised proprietary and custom designed
technologies and in-house IT solutions, such as
our cloud-based proprietary customer interface and loan
management System, FinCloud, which is designed to be
both powerful enough to handle the large volumes of data
required to evaluate customer applications and flexible
enough to capitalise on changing customer preferences,
market trends and regulatory changes. Furthermore, the
information gathered from our loan management system
allows us to focus on clients, both potential or existing, who
we believe are more likely to provide us with better credit
performance. Using this approach, we are able to build a
valuable list of clients who use the credit products offered,
and to whom we can market our new product offerings. In
addition, we have also fully integrated third party platforms
such as several government platforms into our systems
to ensure seamless customer and internal processes. We
have also developed and periodically improved custom loan
processing and debt collection systems that are based on
Microsoft.Net technologies.
Subsequent to year-end, the Group entered into
a Trademark License Agreement with Opportunity
International. As in the past, Opportunity International
will continue to provide funding to banks for programme
related financial products and services and has committed
to a minimum of US $30 million to further its mission
to provide financial services to the unbanked. Based
on the current licensed institutions, MyBucks will pay a
consideration of EUR 4.75m for the license, equating to a
maximum of EUR 79,000 per annum per bank. This amount
will reduce with the inclusion of further banks down the
line. MyBucks will settle the consideration through the
issuance of 250,000 shares out of its authorised capital
at a value of EUR 19 per share. MyBucks will process the
issuance of the shares upon finalisation of its annual
accounts and expects this process to be completed by
31 March 2017. MyBucks expects the partnership with
Opportunity International to aid with funding, whilst also
assisting with a faster roll-out of its SMME, Agriculture and
Education product offerings.
The Group has already successfully raised EUR 8 million
from FinTech Group AG at a substantially lower all-in rate of
11% per annum.
Independent auditor’s report
Audit report
To the Shareholders of
MyBucks S.A.
Report on the consolidated combined financial statements
We have audited the accompanying consolidated combined
financial statements of MyBucks S.A. (the "Company") and
its subsidiaries (the "Group"), which comprise the consolidated
combined statement of financial position as at 30 June 2016,
and the consolidated combined statement of profit or loss
and comprehensive income, consolidated combined statement
of changes in equity and consolidated combined statement of
cash flow for the year then ended and a summary of significant
accounting policies and other explanatory information.
Board of Directors' responsibility for the consolidated combined
financial statements
The Board of Directors is responsible for the preparation and fair
presentation of these consolidated combined financial statements
in accordance with International Financial Reporting Standards
as adopted by the European Union, and for such internal control
as the Board of Directors determines is necessary to enable the
preparation of consolidated combined financial statements that are
free from material misstatement , whether due to fraud or error.
Responsibility of the "Reviseur d'entreprises agree"
Our responsibility is to express an opinion on these consolidated
combined financial statements based on our audit. We conducted
our audit in accordance with International Standards on Auditing
as adopted for Luxembourg by the "Commission de Surveillance
du Secteur Financier". Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the consolidated combined
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the consolidated combined
financial statements. The procedures selected depend on the
judgment of the "Reviseur d'entreprises agree" including
the assessment of the risks of material misstatement of the
consolidated combined financial statements, whether due to fraud
or error. In making those risk assessments, the "Reviseur
PricewaterhouseCoopers, Societe cooperative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F: +352 494848 2900, www.pwc.lu
Cabinet de revision agree. Expert-comptable (autorisation gouvemementale n°10028256)
R.C.S. Luxembourg B 65 477- TVA LU25482518
d'entreprises agree" considers internal control relevant to the
entity's preparation and fair presentation of the consolidated
combined financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the
entity's internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the Board of Directors, as well as
evaluating the overall presentation of the consolidated combined
financial statements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated combined financial statements
give a true and fair view of the financial position of the Group
as of 30 June 2016, and of its financial performance and its cash
flows for the year then ended in accordance with International
Financial Reporting Standards as adopted by the European Union.
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MyBucks Annual Report 2016 68
69 MyBucks Annual Report 2016