Published narrative
Retail investors and pensioners in Botswana face near-total losses following the collapse of FirstCred Limited, formerly GetBucks Botswana, after forensic audits revealed the misappropriation of up to BWP 130.1 million. The audits confirmed that funds raised through local bonds and offshore platforms like Mintos were diverted, prompting the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) to launch statutory enforcement inquiries in November 2023. The probe centers on the entity's historical management under founder David Van Niekerk, whose related corporate structures have faced similar cross-border regulatory actions, including a SZL 335.24 million default judgment in Eswatini. In March 2024, an adjudicator determined that major inter-company claims held zero recoverable value. Authorities are now attempting to trace the transactional pathways of the missing capital to determine if funds were systematically funneled into offshore or related-party vehicles prior to insolvency. With critical evidence gaps remaining regarding the destination of the funds and who authorized the transfers, affected bondholders and pensioners are being urged to submit their documentation to assist in mapping the unrecovered millions.
