Nedbank Group Ltd. and unit NedGroup Investments Africa agreed to sell 100% of Nedbank (Malawi) Ltd. to MyBucks SA's Malawi-based unit MyBucks Banking Corp. Ltd.

The financial terms of the transaction were not disclosed.

The deal, which includes the cession and delegation of a term loan from Nedbank Ltd. to Nedbank Malawi, has been approved by the Reserve Bank of Malawi, but is still subject to approval from the relevant competition authority, the Common Market of East and Southern Africa.

Nedbank Group said the transaction followed a strategic review of the business, noting that as of June 30, Nedbank Malawi accounted for less than 0.1% of the group's headline earnings and total assets, while its market share in Malawi was roughly 1%.

MyBucks is based in Luxembourg and provides financial services, such as credit, banking solutions and insurance products, through technology.