Peacevale moves to acquire FirstCred assets in rescue deal B4

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.