afb, a financial services company providing innovative consumer and SME financial products, has signed a US$20m investment deal with GEMCORP, an investment management firm with an emerging markets focus.
Commenting on the deal, afb
CEO Karl Westvig said, “I am extremely pleased that afb has secured this new
investment at an important time for the firm. The strategic investment by
GEMCORP will help accelerate our growth strategy into sub-Saharan
Africa.”
afb currently operates in
Ghana, Kenya, Zambia and Tanzania, and plans to expand into a number of other
African countries by 2020, with innovative products and solutions designed to
suit the needs of each market.
According to the World Bank
Global Financial Index, there are over 400 million adults in sub-Saharan Africa
still outside of the formal financial system. “afb aims to provide accessible,
responsible and inclusive financial products to those who have been
traditionally excluded, and in so doing give them the tools to improve their
lives,” added Westvig.
Commenting on the
investment, Atanas Bostandjiev, CEO of GEMCORP said: “Financial services is a
key sector for our firm and we have been looking at the African market very
closely, afb is a great investment opportunity for us. With its focus on
driving financial inclusion through technology-based solutions, the company is
poised for sustained and accelerated growth driven by the demand for access to
credit amongst Africa’s growing middle class.”
“We highly value GEMCORP’s
commitment to afb and its confidence in our vision and strategy for the
company,” said Westvig. “We look forward to working together on the future
development of afb.”
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