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CURRENT PORTFOLIOAfriCap has invested in the following companies:
Woman World Bank, Ghana (WWBG)
Part of the Women’s World Baking MFI umbrella organization, Women’s World Banking Ghana (WWBG) is a long-standing MFI, founded in 1983 as a donor-funded organization. It converted to a commercial MFI in 1996, and into a public limited company in 2005. Recently WWBG has faced financial setbacks, and AfriCap acquired its stake with the strategy of implementing a corporate turn-around. WWBG has refurbished its branches, designed a new line of loan products, and is ready to grow its loan portfolio.
SOCREMO Bank, Mozambique
SOCREMO is one of the three dominant Microfinance Institutions in Mozambique. Born in the early 1990’s as a GTZ-funded project, it was subsequently converted into a company jointly owned by local and international private organizations and the Government of Mozambique. Today, the company is operated under management contract by LFS, an international technical assistance provider specialized in Microfinance and financial services for SMEs. Its product offering includes, SME loans, savings accounts, foreign exchange, money transfers and time deposit account.
SUSU Microfinance, Nigeria
SUSU Microfinance Bank (SMB) was established in June 2006 as a privately owned microfinance bank. Its objective is to provide microfinance services in Lagos under the new microfinance policy prepared by the Central Bank of Nigeria. SMB is planning to offer three loan products Individual small business working capital loans, Solidarity group working capital loans, fixed asset loans, savings products that include current accounts, savings accounts, fixed term deposits and compulsory loans.
Afrique emergence & Investissement, Ivory Coast
AE & I is a small MFI founded in October 2003 in Abidjan. The bank has developed sound business relationships with local commercial banks such as Omni Finance Bank and international institutions such as ECO Bank. AE & I offer a range of credit products, such as Small Size Credit and Small Credit for Individual loans, micro-credits, which specifically target women and Savings Guarantee Fund.(e.g. COOPEC, CMEC).
ASUSU, Niger
ASUSU S.A is a leading MFI in Niger that emerged from the transformation of an MFI NGO, ASUSU CIIGABA in 2005. ASUSU has access to commercial funding through partnerships with local commercial banks. ASUSU serves the low-income population giving micro-entrepreneurs access to financial services, including savings and working capital loans and its main products offerings are savings and credit, specially credit for cattle breeding and farm equipment.
WIZZIT, South Africa
WIZZIT offers a simple to open, transactional bank account that can access through both a debit card and a mobile phone. The concept was conceived after significant research the business model and technologies were purposefully developed to meet the needs of the un-banked population. WIZZIT offers the following savings and transaction products A savings account which can be accessed via debit card or mobile phone, Mobile phone functionality that includes person to person payments, prepaid mobile airtime purchases, and bill payments, Access to Point of Sale and ATM services.
FERLO, Senegal
Ferlo was created in Senegal in February 2004 as a joint project between ByTech and AfriCap. The objective was to create a shared electronics payment platform for the microfinance industry and test its potential as the basis for a sustainable model to provide payment services. Ferlo has now evolved from a limited liability company into a share company. MFIs use Ferlo’s platform in their branches and outlets to offer clients card-based services. Ferlo’s platforms also support transactions between consumers and a range of transacting parties: financial institutions, employers, merchants, individuals and the government.
Finance Salone, Sierra Leone
Finance Salone offers a solidarity group-lending product to low income entrepreneurs who currently manage micro enterprises. Loans start at US $75 for seven months and increase to US $250 for 10 months with on-time repayment. Taking into account inflation and an appropriate operating margin, Finance Salone charges an effective interest rate of 50% through a combination of up-front fees and a 2.5% monthly flat interest rate. In order to serve clients who’s needs have outgrown the group loan product, Finance Salone will offer an individual loan product starting in late 2004 /early 2005.
UTB, Sierra Leone
UTB is one of the six commercial banks operating in Sierra Leone. Founded in 1995, via the acquisition of Meridien-BIAO International Bank by local entrepreneurs, it is to date one of the only locally owned and operated financial institutions in Sierra Leone. UTB survived Sierra Leone’s civil war, and has a track record of serving the community and maintaining profitability during most difficult periods. While UTB began life as a commercial bank, and continues to serve the commercial sector, its long-term strategy is to transition into a full-service MFI. UTB offers traditional banking services targeted for small to medium enterprises and employees in urban areas.
La Regionale, Cameroon
La Regionale was founded in 1997 by its CEO Mr. Ombang Ekatt, a former bank executive with over 25 years of experience in Finance. It has since become a leading profitable MFI in the CEMAC (Central Africa Economic and Monetary Community) sub-region. Currently, the company has 24 branches in Cameroon, and is in the process of obtaining a microfinance license in Gabon. La Regionale offers loans and saving accounts to three market segments (Upper segment: SMEs, NGOs etc, Mid segment: employees of public and private sectors, and Lower segment: students, GIC).
Opportunity International Bank of Malawi (OIBM)
OIBM is an MFI geared towards servicing Malawi’s rural population, with a focus on low-income groups and un-banked agricultural workers. OIBM is able to maintain this focus while moving towards profitability because of a superb IT platform, including a biometric technology, which allows it to offer ATM services and payment services to illiterate customers. While OIBM’s focus has garnered it an extremely positive image in Malawi, management is currently pursuing a savings mobilization strategy in order to increase the market penetration of its current branches.
Tutijenge, Tanzania
Six former FINCA Tanzania employees founded Tujijenge Tanzania Limited in 2006. Their strategy was to form a holding company that incorporates a local institution with a Tanzanian focus. Tujijenge Tanzania hopes to expand into other countries by creating local institutions under the holding company. Tujijenge Tanzania offers both loan and savings products including Group Loans, Individual Loans, SME loans, Money Transfers and Payments.
Sofipe, Burkina Fasso
SOFIPE is being set up as “the Banque Agricole et Commerciale du Burkina’s (BACB)” microfinance subsidiary. The BACB has been involved in microfinance since 1993 via its Linkages program. SOFIPE is meant to spin off the BACB’s microfinance lending activities. Its objective will be to leverage its relationship with BACB to provide first-rate financial services to Burkina Faso’s informal sector, particularly micro-enterprises and SMEs that are too small to be served by the banking sector, but too large to be well-served by the microfinance sector. SOFIPE will begin by offering a group loan product and will expand his product offering to a micro-entrepreneur and a Very Small Enterprise loan.
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