Getbucks in doubt of meeting capital requirements

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GETBUCKS Microfinance Bank (Getbucks) is unlikely to meet the Reserve Bank of Zimbabwe’s US$5 million minimum capital requirement by year end.
This comes as the financial institution recorded inflation-adjusted regulatory capital of $192 million (US$2 million) during the quarter ended September 30, 2021.

“Shareholders will pursue equity transactions to bridge the gap between the minimum capital requirement and the current regulatory requirement. However, given the limited amount of time to December 2021, it is unlikely that the regulatory capital will be met, and the regulator has been approached with a request to extend the deadline,” Getbucks said in a recent trading update.