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History of the fund
 AfriCap's story began over 20 years ago with noted Canadian
entrepreneur and philanthropist Martin Connell.
Connell's non-profit
organisation Calmeadow, had long been devising strategies to improve
access to financial services for the world's working poor. Along with
Stefan Harpe, Connell began laying the groundwork for a Fund that would
enhance African social and economic structures at a time when people
were sceptical about investing in the continent, particularly the
fledgling microfinance industry.
It was a goal that required dedication
and vision, as well as the help of several committed Development
Finance Organisations and Microfinance NGOs but by 2002 AfriCap opened
its first ‘office' out of the spare room of Stefan's rented home in
Dakar, Senegal. It was then that Harpe began recruiting staff and
forming relationships with Africa's microfinance industry in a
sensitive political climate.
By April 2003, the first deal was settled
when AfriCap finalised a $1.6 million deal with Kenya's Equity Bank
Limited.
AfriCap now has offices in Sandton, Johannesburg and since 2001 has
fulfilled its promise of providing a demonstration model for private
financing of the microfinance industry through providing equity
capital, active governance and capacity building to well managed market
leaders. It has become the beacon of best practices in Africa and
earned a reputation as a value enhancer with a hands-on approach to the
management of portfolio companies. |
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