Peacevale moves to acquire FirstCred assets in rescue deal B4

Pauline Dikuelo | Monday March 23, 2026 06:00

 

The transaction, which has been notified to the Competition and Consumer Authority (CCA), involves Peacevale acquiring key assets tied to FirstCred’s micro-lending and insurance agency operations. The deal has been structured as an asset purchase, aimed specifically at facilitating the rescue and continuation of the struggling business.

FirstCred, formally known as GetBucks Botswana, was placed under judicial management in 2022 by the High Court following a period of financial turbulence, with part of the troubles involving the alleged mismanagement of hundreds of millions of pula by its former directors.

FirstCred’s then-CEO said the microlender’s former directors were responsible for the misuse of the bond proceeds, which triggered FirstCred’s troubles. She said forensic examinations revealed that P160 million was raised between 2017 and 2019 when the company was operating as Getbucks Botswana, and P120 million of these funds were grossly and inappropriately misused, resulting in losses.

Documents seen by this publication at the time indicated that while the judicial managers believed their interventions since August 2022 had stabilised FirstCred, an amount of P258 million owed to the microlender was “probably not recoverable”, meaning the company was insolvent.

BusinessWeek was informed that the P258 million related to two deals entered into by FirstCred in 2021, with one agreement partially completed and the other unfinished. Peacevale Enterprises, the acquiring entity, is a special purpose vehicle incorporated under Botswana law. The company currently has no existing operations within the country and does not control any other enterprise locally. Its shareholders include Nikolic and Mmelesi, as well as Transformational Minds (Pty) Ltd. Nikolic and her husband, Milivoje, are serving as directors.

Mmelesi was the local head of leading microlender, Letshego Botswana, for several years, being credited with consolidating and growing its local strength.

The CCA has invited stakeholders to submit comments regarding the proposed deal.

“In accordance with Section 50(3) of the Competition Act, any interested party, including those not directly involved in the transaction, may provide relevant information, documents, or statements for consideration,” the authority said.

FirstCred is wholly owned by GetBucks Limited, a Mauritius-incorporated firm. Due to its judicial management status, shareholder powers have been suspended, with control transferred to appointed co-judicial managers responsible for overseeing the company’s operations and assets.