Rikus Grobler | Jan 9, 2018 | 0
Pointbreak increases stake in Ebank
Pointbreak, a Namibian Investment Management Company and co-founding shareholder of EBank, announced that it acquired 38.3% in EBank Holdings Limited from TYME (Take Your Money Everywhere), a leading banking technology provider and Pointbreak’s original partner in the establishment of EBank.
Pointbreak is also the owner/asset manager of Stimulus Investments, the only local private equity investor to date.
This transaction has received approval from both the Namibian Competition Commission and the Bank of Namibia and follows the recent 100% acquisition of TYME, by Commonwealth Bank of Australia.
“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” said Chief Executive Officer of Ebank, Mike Mukete.
“Following this transaction, Pointbreak will own 77.5% in EBank, with the remaining 22.5% held by individual Namibian shareholders comprising of Monica Geingos (Nee Kalondo), Martin Shipanga, as well as EBank management and staff.” Mukete further reflected on the success of the TYME and EBank relationship saying, “Our partnership has produced a state of the art, low cost banking platform that provides easy, safe and smart banking for all Namibians.”
Since its launch, EBank has shown steady growth, driven primarily by the easy-to-use Send Money solution (the ability to send money from an EBank account to any MTC cell phone number) and the “convenience of doing your banking while doing your shopping.”
Clients can also deposit (Cash In), withdraw (Cash Out) or pay for goods, services and fuel at the till points at any Woermann Brock, Cymot, Agra and at selected Engen Quickshops.