Bolstering Africa's Consumer Class

26 Sep 2019

The breadth and depth of the African investment story was shown by investors continued backing of enterprises catering to Africa’s consumer. For example, noting the opportunities posed by the low level of insurance penetration in Nigeria, Verod Capital Management purchased Metropolitan Life Nigeria. While, the Danish SDG Investment Fund, managed by IFU, invested DKK45mn in Africa Education Holding, which owns and operates two universities: Cavendish University Uganda and Cavendish University Zambia. 

Continuing in this vein, with an eye to promoting sustainable development, Oikocredit International invested KES1bn for a minority stake in Credit Bank, which will use the funding to expand its lending activities to SMEs, assisting in the creation of sustainable jobs in Kenya. Also, Pearl Capital Partners invested in Raintree Farms, a pioneering agri-ceutical enterprise specialising in the production and processing of organic moringa, for sale in the nutritional, beauty and health markets in Uganda and internationally. Finally, Amethis bought a stake in VLH, the hospitality subsidiary of Rogers Group, a listed company on the Stock Exchange of Mauritius. They are looking to diversify the company’s portfolio of activities and services, as well as its geographical footprint.

Turning to activity in venture capital, FairMoney, a Paris-based fintech start-up that uses alternative smartphone data to underwrite microcredit in Nigeria, closed a EUR10mn Series A round led by Flourish Ventures. To learn more on how technology is transforming how Nigeria meets its economy's unmet needs, please click here.

Finally, African law firm Bowmans, which, with a presence already established in Kenya, South Africa, Tanzania, and Uganda, announced plans to expand into Mauritius and Ethiopia. A decision informed by Mauritius’s positioning as a recognised international financial centre, and Ethiopia’s status as one of the world’s fastest growing economies.

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