AfricInvest Financial Sector Limited LLC

Equity : December 2013

BIO has invested € 5 M in equity in AfricInvest Financial Sector Limited LLC, a private equity fund investing in financial institutions in Sub-Saharan Africa.

Amount

€ 5,000,000.00

Type of investment

Equity

Development impacts

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

Beneficiary locations

Sub-Saharan Africa: Burkina Faso, Kenya, Madagascar, Mali, Mozambique, Nigeria, Rwanda, Uganda, Zambia

Investment field

Investment Companies & Funds

Activity

Financial Institution Fund

Organisation

AfricInvest Financial Sector Limited LLC

Domicile

Mauritius

AFS was launched in 2007 with the aim to contribute to the development of the African financial sector in less developed markets and post-conflict countries, and to enhance the structure and diversify the financial sector in more mature African markets. It does so by investing in following sub-sectors of the financial sector : banks (with a focus on smaller SME banks), non-banking financial institutions with a focus on leasing, insurance companies and microfinance, including greenfield projects.

Development impacts

  • Local economic growth

    The Fund targets micro, small and medium enterprises and will provide mid to long-term capital to financial institutions and improvement of financial inclusion

  • Private sector consolidation/innovation

    Know-how at the fund level: BIO has an active participation in the governance of the fund.

    Know-how and technology transfer to investees: The concrete support by the Manager can materialize in many different ways : by reinforcing governance and thereby solving conflicts of interest, by helping in the recruitment of senior management and by organizing needed trainings, by supporting the upgrade of the processes and information systems, by offering guidance in defining a growth strategy and in identifying new products and channels, by intermediating to diversify sources of funding, by assisting in the selection of strategic partners.

  • Financial inclusion

    Improvement of financial inclusion, by increasing the quantity and quality of financial services offered to the local population and businesses.

    Mobilisation of savings of clients of the investees

Made possible through this investment

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

Abbey

Nigeria

Abbey Building Society PLC (ABBEY) is one of the leading and most profitable Primary Mortgage Institutions (PMI) in Nigeria. The company currently has nine full operational branches and offers a wide range of mortgage and banking activities to individual and corporate customers. ABBEY is the first mortgage bank in Nigeria to have foreign direct investment and the third most capitalized mortgage bank in Nigeria.

Alios Zambia

Zambia

Leasing services

Alpha West (UAB)

Burkina Faso

Financial services

Banco Mais

Mozambique

The bank started in 1999 as a microfinance cooperative under the name Banco Tchuma. After obtaining a commercial banking license in 2010, the bank gradually expanded its branch network to reach 9 branches in 2014, located in Maputo, the southern and central regions of Mozambique. AfricInvest and Geocapital invested in the bank in 2014 with a view to reposition it as a leading SME bank, renaming it Banco Mais – Banco Moçambicano de Apoio aos InvestmentoS.

Cogebanque

Rwanda

Cogébanque is a Rwandan commercial bank established in 1998 by Rwandan nationals. The bank has a total of 14 branches, guichets and agencies, of which seven are in Kigali and the remaining spread across the country.

EFC Tanzania

Tanzania

Entrepreneur Financial Center Tanzania (EFC Tanzania) is a recently-created licensed deposit-taking microfinance institution in Tanzania. It is part of the EFC network of local microfinance institutions in Africa.

EFC Uganda

Uganda

EFC Uganda is a start-up microfinance institution that was founded in 2011. EFC Uganda was established by DID and AfricInvest, according to the DID model which is similar to the portfolio companies EFC Tanzania and EFC Zambia. The Company was established as a non-regulated institution, while it is currently applying for a deposit-taking license, to be regulated by the Bank of Uganda. The Company is focusing on MSMEs in Kampala and its surroundings.

Family Bank

Kenya

Family Bank is a commercial bank domiciled in Kenya. The Bank's initial target market was the low-income segment comprised of small-scale farmers; salaried staff; micro, small- and medium-sized enterprises (MSME's); youth and women.

Microcred Mali

Mali

Microcred Mali is a micro-finance institution. MCM started in 2013 and offers Micro-loans and SME loans.

Microcred Madagascar

Madagascar

Microcred Madagascar (MCM) is a micro-finance institution. MCM started in 2006 and offers Micro-loans and SME loans. Microcred obtained a banking license and started collecting deposits in Q2 2010.

NMBZ

NMBZ is the holding company for NMB Bank. NMB Bank is a commercial bank that offers corporate, retail and investment banking solutions. It operates in Zimbabwe since 1993. AfricInvest invested together with a consortium of investors in 2013.

UAP Holdings

Kenya

UAP Group is a pan-African financial services group with interests in insurance, investment management, property development and investments, securities brokerage and financial advisory.

View more of our investments in this region

Poa Internet

Enterprises

Poa Internet

  17,264.00

  Kenya

  08/09/2022

  Subsidy

Comafruits SA

Enterprises

Comafruits SA

  2,500,000.00

  Mali

  08/06/2022

  Debt

Convergence Partners Digital Infrastructure Fund L.P.

Investment Companies & Funds

Convergence Partners Digital Infrastructure Fund L.P.

  8,829,240.00

  Ghana, Kenya, Nigeria, South Africa

  05/07/2022

  Equity

Ascent Rift Valley Fund II

Investment Companies & Funds

Ascent Rift Valley Fund II

  323,539.00

  Ethiopia, Kenya, Rwanda, Tanzania, Uganda

  08/02/2022

  Subsidy

Victoria Commercial Bank

Financial Institutions

Victoria Commercial Bank

  8,149,300.00

  Kenya

  24/03/2022

  Debt

Fefisol II

Investment Companies & Funds

Fefisol II

  3,000,000.00

  Burkina Faso, Côte d'Ivoire, Democratic Republic of Congo, Kenya, Mali, Niger, Uganda

  17/05/2022

  Equity

Uhuru Growth Fund I-A SCP

Investment Companies & Funds

Uhuru Growth Fund I-A SCP

  7,063,392.00

  Burkina Faso, Côte d'Ivoire, Ghana, Mali, Nigeria, Senegal

  31/03/2022

  Equity

Uhuru Growth Fund I-A SCP

Investment Companies & Funds

Uhuru Growth Fund I-A SCP

  2,500,000.00

  Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Mali, Nigeria, Senegal

  31/03/2022

  Equity

Agroserv Industrie SA

Enterprises

Agroserv Industrie SA

  23,035.00

  Burkina Faso

  31/03/2022

  Subsidy

EFC Uganda

Financial Institutions

EFC Uganda

  744,274.00

  Uganda

  10/08/2021

  Equity

Spark + Africa Fund

Infrastructure

Spark + Africa Fund

  2,444,790.00

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

  10/03/2022

  Equity

Alterfin

Financial Institutions

Alterfin

  80,000.00

  Cambodia, Nicaragua, Peru, Côte d'Ivoire, Kenya

  03/03/2022

  Subsidy

Gebana Burkina Faso

Enterprises

Gebana Burkina Faso

  13,464.00

  Burkina Faso

  11/01/2022

  Subsidy

Cofina Mali

Financial Institutions

Cofina Mali

  3,000,000.00

  Mali

  22/10/2021

  Debt

Cofina Mali

Financial Institutions

Cofina Mali

  4,185.00

  Mali

  23/11/2021

  Subsidy

ACEP Group

Financial Institutions

ACEP Group

  12,500.00

  Burkina Faso

  19/10/2021

  Subsidy

KCB Kenya

Financial Institutions

KCB Kenya

  28,200.00

  Kenya

  13/07/2021

  Subsidy

Lendable MSME Fintech Credit Fund

Investment Companies & Funds

Lendable MSME Fintech Credit Fund

  2,994,950.00

  India, Indonesia, Vietnam, Kenya, Nigeria, South Africa

  20/08/2021

  Equity

Fonds Cauris Croissance II

Investment Companies & Funds

Fonds Cauris Croissance II

  5,000,000.00

  Benin, Burkina Faso, Cameroon, Côte d'Ivoire, Ghana, Guinea, Mali, Niger, Senegal

  05/10/2010

  Equity

Cathay Africinvest Innovation Fund

Investment Companies & Funds

Cathay Africinvest Innovation Fund

  4,000,000.00

  Egypt, Kenya, Nigeria, South Africa

  21/05/2021

  Equity

Cathay Africinvest Innovation Fund

Investment Companies & Funds

Cathay Africinvest Innovation Fund

  6,000,000.00

  Egypt, Kenya, Nigeria, South Africa

  21/05/2021

  Equity

Alterfin

Investment Companies & Funds

Alterfin

  20,125.00

  Cambodia, Nicaragua, Côte d'Ivoire, Kenya

  03/08/2021

  Subsidy

European Financing Partners S.A.

Investment Companies & Funds

European Financing Partners S.A.

  15,000,000.00

  India, Kenya, Nigeria, Senegal, Tanzania, Zambia

  22/12/2020

  Debt

Société Générale d'Hôtellerie

Enterprises

Société Générale d'Hôtellerie

  29,727.00

  Mali

  26/01/2021

  Subsidy

Agroserv Industrie SA

Enterprises

Agroserv Industrie SA

  10,256.00

  Burkina Faso

  09/02/2021

  Subsidy

The Currency Exchange Fund n.v.

Financial Institutions

The Currency Exchange Fund n.v.

  7,091,000.00

  Bangladesh, Cambodia, India, Indonesia, Myanmar, Nepal, Pakistan, Philippines, Sri Lanka, Vietnam, Bolivia, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Paraguay, Peru, Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, Syria, Tunisia, Palestinian Territories, Benin, Burkina Faso, Burundi, Cameroon, Côte d'Ivoire, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Kenya, Madagascar, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Uganda, Zambia

  05/09/2007

  Equity

African Minerals Limited

Enterprises

African Minerals Limited

  740,784.67

  Uganda

  22/12/2009

  Debt

Africinvest Fund II LLC.

Investment Companies & Funds

Africinvest Fund II LLC.

  6,000,000.00

  Tunisia, Burkina Faso, Cameroon, Côte d'Ivoire, Ghana, Kenya, Nigeria, Senegal

  28/08/2008

  Equity

European Financing Partners S.A.

Investment Companies & Funds

European Financing Partners S.A.

  5,000,000.00

  India, Kenya, Nigeria, Senegal, Tanzania, Zambia

  08/12/2010

  Debt

Bank of Africa Group S.A.

Financial Institutions

Bank of Africa Group S.A.

  1,954,160.00

  Benin, Burkina Faso, Côte d'Ivoire, Democratic Republic of Congo, Ghana, Kenya, Madagascar, Mali, Niger, Rwanda, Senegal, Tanzania, Uganda

  30/03/2011

  Equity

Agri-Vie Fund II

Investment Companies & Funds

Agri-Vie Fund II

  350,000.00

  Kenya, South Africa, Tanzania, Uganda, Zambia

  23/11/2020

  Subsidy

Phatisa Food Fund 2

Investment Companies & Funds

Phatisa Food Fund 2

  5,767,300.00

  Ghana, Kenya, Malawi, South Africa, Tanzania, Uganda, Zambia

  29/01/2021

  Equity

Indorama Eleme Fertilizer & Chemicals Ltd

Enterprises

Indorama Eleme Fertilizer & Chemicals Ltd

  11,368,500.00

  Nigeria

  18/02/2013

  Debt

Electrical Controls and Switchgear Ltd.

Enterprises

Electrical Controls and Switchgear Ltd.

  725,111.00

  Uganda

  27/01/2015

  Debt

Orabank Côte d'Ivoire

Financial Institutions

Orabank Côte d'Ivoire

  10,000,000.00

  Burkina Faso, Côte d'Ivoire, Guinea, Mali, Niger, Senegal

  09/02/2016

  Debt

European Financing Partners S.A.

Investment Companies & Funds

European Financing Partners S.A.

  6,000.00

  India, Kenya, Nigeria, Senegal, Tanzania, Zambia

  21/11/2003

  Equity

Grofin East Africa Fund LLC.

Investment Companies & Funds

Grofin East Africa Fund LLC.

  2,211,000.00

  Kenya, Rwanda, Tanzania, Uganda

  25/01/2006

  Equity

Rubaya-Nyabihu Tea Company Ltd.

Enterprises

Rubaya-Nyabihu Tea Company Ltd.

  3,674,000.00

  Rwanda

  01/03/2017

  Debt

AgRIF Coöperatief U.A.

Investment Companies & Funds

AgRIF Coöperatief U.A.

  105,000.00

  Cambodia, India, Mongolia, Myanmar, Bolivia, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Peru, Burkina Faso, Côte d'Ivoire, Kenya, Senegal

  11/09/2018

  Subsidy

AgRIF Coöperatief U.A.

Investment Companies & Funds

AgRIF Coöperatief U.A.

  5,438,332.50

  Cambodia, India, Mongolia, Myanmar, Bolivia, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Peru, Burkina Faso, Côte d'Ivoire, Kenya, Senegal

  18/06/2015

  Equity

Enko Education

Enterprises

Enko Education

  850,000.00

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

  17/12/2020

  Debt

Zoscales Fund I

Investment Companies & Funds

Zoscales Fund I

  350,000.00

  Ethiopia, Kenya, Rwanda, Tanzania, Uganda

  23/11/2020

  Subsidy

JTF Madagascar

Enterprises

JTF Madagascar

  17,463.50

  Madagascar

  09/10/2020

  Subsidy

KCB Kenya

Financial Institutions

KCB Kenya

  18,040,180.40

  Kenya

  22/12/2020

  Debt

Ascent Rift Valley Fund II

Investment Companies & Funds

Ascent Rift Valley Fund II

  2,300,000.00

  Ethiopia, Kenya, Rwanda, Tanzania, Uganda

  17/12/2020

  Equity

Ascent Rift Valley Fund II

Investment Companies & Funds

Ascent Rift Valley Fund II

  5,743,220.00

  Ethiopia, Kenya, Rwanda, Tanzania, Uganda

  23/12/2020

  Equity

ACEP Group

Financial Institutions

ACEP Group

  30,900.00

  Burkina Faso, Cameroon, Madagascar, Niger, Senegal

  30/07/2018

  Subsidy

African Rivers Fund III

Investment Companies & Funds

African Rivers Fund III

  1,500,000.00

  Democratic Republic of Congo, Uganda

  01/09/2020

  Equity

Adenia Capital III

Investment Companies & Funds

Adenia Capital III

  100,000.00

  Côte d'Ivoire, Ghana, Madagascar

  05/05/2020

  Subsidy

Alterfin

Financial Institutions

Alterfin

  3,000,000.00

  Cambodia, Nicaragua, Côte d'Ivoire, Kenya

  15/07/2020

  Debt

African Rivers Fund III

Investment Companies & Funds

African Rivers Fund III

  6,113,520.00

  Democratic Republic of Congo, Uganda

  01/09/2020

  Equity

ACEP Burkina Faso

Financial Institutions

ACEP Burkina Faso

  1,441,675.96

  Burkina Faso

  29/10/2016

  Debt

Fairtrade Access Fund

Investment Companies & Funds

Fairtrade Access Fund

  350,000.00

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

  07/04/2020

  Subsidy

Aquila Leasing

Financial Institutions

Aquila Leasing

  4,000,000.00

  Nigeria

  09/03/2015

  Debt

Aquila Leasing

Financial Institutions

Aquila Leasing

  3,828,000.00

  Nigeria

  09/02/2010

  Debt

Alios Finance S.A.

Financial Institutions

Alios Finance S.A.

  2,877,422.00

  Kenya, Tanzania, Zambia

  15/12/2015

  Debt

EFC Uganda

Financial Institutions

EFC Uganda

  16,144.00

  Uganda

  18/12/2019

  Subsidy

JTF Madagascar

Enterprises

JTF Madagascar

  59,581.00

  Madagascar

  19/12/2019

  Subsidy

JTF Madagascar

Enterprises

JTF Madagascar

  3,750,000.00

  Madagascar

  25/11/2019

  Debt

Zoscales Fund I

Investment Companies & Funds

Zoscales Fund I

  21,757.30

  Ethiopia, Kenya, Rwanda, Tanzania, Uganda

  12/11/2019

  Subsidy

Société Générale d'Hôtellerie

Enterprises

Société Générale d'Hôtellerie

  4,000,000.00

  Mali

  28/09/2015

  Debt

Frontier Energy II

Investment Companies & Funds

Frontier Energy II

  8,151,000.00

  Kenya, Rwanda, Tanzania, Uganda

  21/03/2018

  Equity

AfricInvest Financial Inclusion Vehicle

Investment Companies & Funds

AfricInvest Financial Inclusion Vehicle

  10,000,000.00

  Morocco, Côte d'Ivoire, Democratic Republic of Congo, Ghana, Kenya, Nigeria, Rwanda, Tanzania, Zambia

  14/12/2017

  Equity

Alterfin

Investment Companies & Funds

Alterfin

  250,000.00

  Cambodia, Nicaragua, Côte d'Ivoire, Kenya

  13/12/2002

  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

ACEP Group

Financial Institutions

ACEP Group

  4,100,000.00

  Burkina Faso, Cameroon, Madagascar, Niger, Senegal

  14/10/2019

  Equity

Verod Capital Growth Fund III

Investment Companies & Funds

Verod Capital Growth Fund III

  8,733,600.00

  Ghana, Nigeria

  25/07/2019

  Equity

ARPE Ltd.

Infrastructure

ARPE Ltd.

  8,236,550.00

  Uganda

  07/12/2016

  Debt

Banco Comercial e de Investimento

Financial Institutions

Banco Comercial e de Investimento

  11,194,029.85

  Mozambique

  29/01/2013

  Debt

EFC Uganda

Financial Institutions

EFC Uganda

  285,933.00

  Uganda

  28/09/2016

  Equity

EFC Uganda

Financial Institutions

EFC Uganda

  1,000,000.00

  Uganda

  23/03/2018

  Equity

African Rivers Fund

Investment Companies & Funds

African Rivers Fund

  4,118,275.00

  Democratic Republic of Congo, Uganda

  02/02/2016

  Equity

Kivuwatt Ltd.

Infrastructure

Kivuwatt Ltd.

  7,750,715.07

  Rwanda

  24/08/2011

  Debt

Rwimi EP Company

Infrastructure

Rwimi EP Company

  9,426,443.00

  Uganda

  29/07/2015

  Debt

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

  3,185,582.00

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

  26/10/2017

  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

Investment Companies & Funds

Adenia Capital IV

  9,000,000.00

  Côte d'Ivoire, Ghana, Kenya, Madagascar

  01/11/2016

  Equity

ACEP Group

Financial Institutions

ACEP group

  67,512.00

  Burkina Faso, Cameroon, Madagascar, Niger, Senegal

  23/07/2019

  Subsidy

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

Africa Sustainable Forestry Fund II

Investment Companies & Funds

Africa Sustainable Forestry Fund II

  4,366,800.00

  South Africa, Tanzania, Uganda

  26/04/2018

  Equity

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

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

Moablaou

Enterprises

Moablaou

  600,000.00

  Burkina Faso

  30/01/2007

  Debt

Moablaou

Enterprises

Moablaou

  100,000.00

  Burkina Faso

  17/02/2009

  Debt

Zoscales Fund I

Investment Companies & Funds

Zoscales Fund I

  4,169,100.00

  Ethiopia, Kenya, Rwanda, Tanzania, Uganda

  18/04/2019

  Equity

7 Hills

Enterprises

7 hills

  77,000.00

  Uganda

  05/10/2006

  Subsidy