AfricInvest Financial Inclusion Vehicle

Equity : December 2017

AfricInvest Financial Inclusion Vehicle (FIVE) is an evergreen investment fund focusing on financial inclusion in Africa.

Amount

€ 10,000,000.00

Type of investment

Equity

Development impacts

  • Local economic growth
  • Private sector consolidation/innovation
  • Financial inclusion

Beneficiary locations

Middle East & North Africa: Morocco
Sub-Saharan Africa: Côte d'Ivoire, Democratic Republic of Congo, Ghana, Kenya, Nigeria, Rwanda, Tanzania, Zambia

Investment field

Investment Companies & Funds

Activity

MFI fund

Organisation

AfricInvest Financial Inclusion Vehicle

Core target companies will be established African mid-size banks and insurers, as well as microfinance and leasing institutions, with a strategy to expand into the unbanked retail and SME segments, with a special focus on how the ongoing fintech changes in the financial sector could impact these institutions.

The main particularity and innovation of this project is its evergreen character, i.e. no initially fixed end date. The rationale is that more time is needed to get the most out of investments in the financial sector (compared to most other sectors). More particularly, the process to obtain a banking license from local Central Banks can be very long.

Development impacts

  • Local economic growth

    Provision of additional mid to long-term capital to financial institutions which will a.o. enable them to keep up with increasing Capital Adequacy Ratios. This aspect is further reinforced by the fact that there are currently not a lot of equity providers for smaller financial institutions in Sub-Saharan Africa.

  • Private sector consolidation/innovation

    - Market structuring effects through a novel instrument : FIVE will be the first evergreen fund focusing on the financial sector in Africa, capable of offering funding on a longer term than classic closed-end vehicles. Also the specific focus on fintech to create value at the level of the investments is innovative.

    - Institution building and company development of the financial institutions FIVE will invest in through the hands-on approach that characterizes AfricInvest.

  • Financial inclusion

    One of the main targets of the fund is to increase the quantity and quality of financial services offered to the local population and businesses.

Made possible through this investment

Thanks to the direct funding from BIO, the following second-line investments have been made possible.

InstaDeep

Tunisia

InstaDeep was founded in 2014 in Tunisia and has since grown to an established AI firm with more than 60 employees spread across its headquarters in London, and offices in Paris, Tunis, Nairobi and Lagos.

CFG Bank

Morocco

CFG is an investment bank offering brokerage, asset management and corporate financial services. It started delivering retail banking services in 2015 targeting mainly retail customers.

Prime Bank

Kenya

Prime Bank Ltd. is one of the leading Private Banks in Kenya and was founded in 1992. The bank is a mid-sized retail bank that caters to both individuals and corporate clients.

View more of our investments in this region

Zoscales Fund I

Investment Companies & Funds

Zoscales Fund I

  21,757.30

  Ethiopia, Kenya, Rwanda, Tanzania, Uganda

  12/11/2019

  Subsidy

ASA Holding

Financial Institutions

ASA Holding

  8,733,600.00

  Cambodia, India, Myanmar, Pakistan, Philippines, Sri Lanka, Ghana, Kenya, Nigeria, Tanzania, Uganda

  02/12/2019

  Debt

Frontier Energy II

Investment Companies & Funds

Frontier Energy II

  8,151,000.00

  Kenya, Rwanda, Tanzania, Uganda

  21/03/2018

  Equity

Fairtrade Access Fund

Investment Companies & Funds

Fairtrade Access Fund

  3,000,000.00

  Bolivia, Brazil, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Paraguay, Peru, Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Tanzania, Uganda

  24/10/2019

  Equity

Fidelity Bank Ltd.

Financial Institutions

Fidelity Bank Ltd.

  25,075.00

  Ghana

  03/04/2019

  Subsidy

Fidelity Bank Ltd.

Financial Institutions

Fidelity Bank Ltd.

  14,433,000.00

  Ghana

  20/12/2016

  Debt

Verod Capital Growth Fund III

Investment Companies & Funds

Verod Capital Growth Fund III

  8,733,600.00

  Ghana, Nigeria

  25/07/2019

  Equity

African Rivers Fund

Investment Companies & Funds

African Rivers Fund

  4,118,275.00

  Democratic Republic of Congo, Uganda

  02/02/2016

  Equity

Plantations et Huileries du Congo

Enterprises

Plantations et Huileries du Congo

  9,741,280.77

  Democratic Republic of Congo

  21/12/2015

  Debt

Kivuwatt Ltd.

Infrastructure

Kivuwatt Ltd.

  7,750,715.07

  Rwanda

  24/08/2011

  Debt

FPM - Fonds pour l'inclusion financière en DRC

Investment Companies & Funds

FPM - Fonds pour l'inclusion financière en DRC

  5,800,888.00

  Democratic Republic of Congo

  26/06/2014

  Equity

Rwanda Mountain Tea

Infrastructure

Rwanda Mountain Tea

  1,986,637.72

  Rwanda

  21/12/2011

  Debt

Africa Renewable Energy Fund

Investment Companies & Funds

Africa Renewable Energy Fund

  8,896,000.00

  Ghana, Kenya, Senegal, Uganda, Zambia

  30/10/2014

  Equity

Beyond the Grid Solar Fund

Investment Companies & Funds

Beyond the Grid Solar Fund

  4,175,007.50

  Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Nigeria, Rwanda, Tanzania, Uganda

  26/10/2017

  Debt

Azito Energie

Infrastructure

Azito Energie

  15,000,000.00

  Côte d'Ivoire

  19/07/2019

  Debt

Agri-Vie Fund II

Investment Companies & Funds

Agri-Vie Fund II

  6,552,700.00

  Kenya, South Africa, Tanzania, Uganda, Zambia

  20/01/2017

  Equity

Adenia Capital IV LP

Investment Companies & Funds

Adenia Capital IV LP

  9,000,000.00

  Côte d'Ivoire, Ghana, Madagascar

  01/11/2016

  Equity

TLcom TIDE Africa

Investment Companies & Funds

TIDE Africa

  4,367,820.00

  Kenya, Nigeria

  28/06/2019

  Equity

Ethos Mezzanine Partners 3

Investment Companies & Funds

Ethos Mezzanine Partners 3

  8,868,980.00

  Burundi, Ethiopia, Kenya, Malawi, Mozambique, Rwanda, South Africa, Tanzania, Uganda, Zambia

  13/06/2019

  Equity

Compagnie Africaine de Crédit

Financial Institutions

Compagnie Africaine de Crédit

  4,200.00

  Côte d'Ivoire

  28/01/2019

  Subsidy

AccessBank Nigeria

Financial Institutions

AccessBank Nigeria

  15,024,304.02

  Nigeria

  30/01/2019

  Debt

AccessBank Nigeria

Financial Institutions

AccessBank Nigeria

  2,232,000.00

  Nigeria

  09/03/2006

  Debt

Azito Energie

Infrastructure

Azito Energie

  17,760,600.00

  Côte d'Ivoire

  18/10/2012

  Debt

Enko Education

Enterprises

Enko Education

  2,000,000.00

  Burkina Faso, Cameroon, Côte d'Ivoire, Mali, Mozambique, Senegal, South Africa

  20/09/2018

  Debt

Adenia Capital III

Investment Companies & Funds

Adenia Capital III

  5,000,000.00

  Côte d'Ivoire, Ghana, Madagascar

  28/02/2012

  Equity

Adenia Capital III

Investment Companies & Funds

Adenia Capital III

  100,000.00

  Côte d'Ivoire, Ghana, Madagascar

  19/05/2016

  Subsidy

Adenia Capital III

Investment Companies & Funds

Adenia Capital III

  150,000.00

  Côte d'Ivoire, Ghana, Madagascar

  28/09/2012

  Subsidy

Niche Cocoa Industry Ltd

Enterprises

Niche Cocoa

  449,000.00

  Ghana

  29/12/2010

  Debt

Niche Cocoa Industry Ltd

Enterprises

Niche Cocoa

  4,300,000.00

  Ghana

  02/06/2015

  Debt

Niche Cocoa Industry Ltd

Enterprises

Niche Cocoa

  41,603.00

  Ghana

  16/03/2016

  Subsidy

Global Broadband Solution

Enterprises

Global Broadband Solution

  700,000.00

  Democratic Republic of Congo

  29/05/2008

  Debt

Global Broadband Solution

Enterprises

Global Broadband Solution

  454,740.00

  Democratic Republic of Congo

  21/03/2013

  Debt

Global Broadband Solution

Enterprises

Global Broadband Solution

  23,000.00

  Democratic Republic of Congo

  01/09/2008

  Subsidy

Global Broadband Solution

Enterprises

Global Broadband Solution

  7,497.00

  Democratic Republic of Congo

  04/05/2012

  Subsidy

Compagnie Africaine de Crédit

Financial Institutions

Cofina Ivory Coast

  3,000,000.00

  Côte d'Ivoire

  15/03/2019

  Debt

Compagnie Africaine de Crédit

Financial Institutions

Cofina Ivory Coast

  3,000,000.00

  Côte d'Ivoire

  15/03/2019

  Debt

Zoscales Fund I

Investment Companies & Funds

Zoscales Fund I

  4,169,100.00

  Ethiopia, Kenya, Rwanda, Tanzania, Uganda

  18/04/2019

  Equity

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  620,000.00

  Tanzania

  01/08/2007

  Equity

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  145,000.00

  Tanzania

  05/02/2009

  Equity

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  1,500,000.00

  Tanzania

  15/09/2009

  Debt

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  274,000.00

  Tanzania

  25/02/2010

  Equity

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  225,000.00

  Tanzania

  28/06/2012

  Equity

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  425,000.00

  Tanzania

  30/05/2013

  Equity

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  100,000.00

  Tanzania

  01/12/2007

  Subsidy

AccessBank Tanzania Ltd.

Financial Institutions

AccessBank Tanzania

  13,700.00

  Tanzania

  26/03/2012

  Subsidy

Babban Gona Farmers Services

Enterprises

Babban Gona Farmers Services

  1,837,000.00

  Nigeria

  30/01/2019

  Debt