AFB, a financial services company providing innovative consumer and SME financial products, has signed a US$20m investment deal with GEMCORP, an investment management company to take care of emerging markets including those in Zambia.
AFB chief executive officer Karl Westvig said the strategic investment partnership with GEMCORP would help accelerate the growth strategy in sub-Saharan Africa.
Mr Westvig said AFB aimed at providing accessible, responsible and inclusive financial products to those who had been traditionally excluded, and in so doing give them the tools to improve their lives.
AFB currently operates in Zambia, Ghana, Kenya 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.
Mr Westvig said according to the World Bank Global Financial Index, over 400 million adults in sub-Saharan Africa were still outside of the formal financial system.
And GEMCORP chief executive officer Atanas Bostandjiev said financial services were a key sector for the firm, and was keen to look at the African market very closely. Mr Bostandjiev said such was a good partnership as it was poised for sustained and accelerated growth driven by the demand for access to credit among Africa’s growing middle class.
“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.”