GETBUCKS Microfinance Bank (GetBucks) is pinning its hopes on a rights issue to raise capital to meet the regulatory minimum capital threshold of US$5 million set by the central bank.
Microfinance institutions were expected to have attained a minimum capital level of US$5 million or equivalent by the end of 2021, but GetBucks’ inflation-adjusted regulatory capital was only US$2 million by September 30, 2021.
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Operating expenses increased by 55 percent during the year under review from $258 million to $399 million.
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