Pointbreak increases stake in EBank

Home Business Pointbreak increases stake in EBank

WINDHOEK – Pointbreak, a Namibian Investment Management Company and co-founding shareholder of EBank, announced that it acquired 38.3 percent 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.

This transaction has received approval from both the Namibian Competition Commission and the Bank of Namibia and follows the recent 100 percent 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 Mike Mukete, CEO of EBank.

“Following this transaction, Pointbreak will own 77.5 percent in EBank, with the remaining 22.5 percent held by individual Namibian shareholders comprising of Mrs 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.”

EBank was founded in August of 2013 to provide access to a new generation of Easy, Safe and Smart Banking. The Bank received its banking licence on 28 May 2014 and was officially launched to the public on November 01, 2014, offering two banking solutions, EBank Easy and EBank Smart.

The unique Branchless Banking model allows clients to open an EBank Easy from their cell phone (on the MTC network). This activation process takes no more than 3 minutes and results in an active EBank Easy solution with a transaction account and a linked 32-day notice savings account.

Both solution sets are free to open and do not require an opening deposit or a minimum balance. Since 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.