Pointbreak increases stake in EBank

Local investment management company Pointbreak yesterday announced its acquisition of an additional 38.3% stake in the country’s first fully fledged electronic lender, EBank. An original co-founder of the new-age lender, alongside South African banking technology provider TYME (Take Your Money Everywhere), EBank CEO Mike Mukete said Pointbreak had acquired the additional shares from TYME. The transaction has received approval from both the Namibia Competition Commission (NaCC) and the Bank of Namibia (BoN), and follows the recent 100% purchase of TYME by the Commonwealth Bank of Australia. Following that transaction, Pointbreak now owns 77.5% of EBank, while individual Namibian shareholding (in the hands of Pointbreak founder Monica Geingos, Martin Shipanga and EBank management and staff) stands at 22.5%. “Our positive and ongoing relationship with TYME has been cemented in a long-term master service agreement, which provides for sustainable product development capabilities as well as key technological support, Mukete said in announcing the move. “Our partnership has produced a state-of-the-art, low-cost banking platform that provides easy, safe and smart banking for all Namibians, he added. Under the original setup, both Pointbreak and TYME had owned 42.44% in the bank. EBank officially launched to the public on November 1 2014, and according to its shareholders, has shown steady growth since then “driven primarily by the easy-to-use send money solution and the convenience of doing your banking while doing your shopping. The bank’s uniqueness lies in its banking model, which allows clients to open an account from their cellphones, without requiring an opening deposit or minimum balance. WINDHOEK DENVER ISAACS