16 January, 2022 seen 465I've been investing in the Mintos.com peer to peer lending marketplace since the beginning of 2017, or it has been…
Botswana is a landlocked country located in Southern Africa. Formerly the British protectorate of Bechuanaland, Botswana adopted its new name after becoming independent within the Commonwealth on 30 September 1966. Since then, it has maintained a strong tradition of stable representative democracy, with a consistent record of uninterrupted democratic elections and the best-perceived corruption ranking in Africa since at least 1998.
Since gaining independence, Botswana has been one of the world’s fastest-growing economies, averaging about 5% per annum over the past decade. See: Economy of Botswana
Growth in private sector employment averaged about 10% per annum during the first 30 years of the country's independence. After a period of stagnation at the turn of the 21st century, the economy of Botswana resumed registering strong levels of growth, with GDP growth exceeding 6-7% targets. Botswana has been praised by the African Development Bank for sustaining one of the world's longest economic booms. Economic growth since the late 1960s has been on par with some of Asia's largest economies. The government has consistently maintained budget surpluses and has extensive foreign-exchange reserves.
Currently, there are two loan originators on Mintos platform offering buy-back guarantee loans from Botswana: ExpressCredit and GetBucks
Both individuals and entities can invest through Mintos. Individual investors must be at least 18 years old, have a bank account in the European Union or third countries currently considered to have AML/CFT systems equivalent to the EU, and have their identity successfully verified by Mintos. At the moment, US citizens or taxpayers cannot register as investors at Mintos.
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Loans from Botswana
ExpressCredit primarily distributes its loans to employees of the Botswana Primary Teachers Union. The company has a special agreement with the union, so all repayments are debited directly from the borrower’s salary. Due to this repayment set up, the expected default rate for ExpressCredit loans is less than 5%.
GetBucks personal loans in Botswana are issued by two GetBucks subsidiaries, GetBucks Botswana and TU Employee Benefits (Proprietary) Ltd. Both subsidiaries have special agreements with workers unions – GetBucks Botswana has an agreement with the Botswana Government Workers Union, while TU has an agreement with the Botswana Teachers Union.