AFG Holding takes control of Access Holding and its African subsidiaries
AFG Holding takes control of Access Holding and its African subsidiaries
The sellers comprise various funds and development finance institutions.
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Atlantic Financial Group (AFG Holding) has announced the signing of an agreement to acquire a majority stake in Access Holding (headquartered in Germany) and all its African subsidiaries, following negotiations that began in 2020.
The group of investors behind Access Holding, acting as the sellers, included British International Investment, the European Investment Bank, the International Finance Corporation (IFC), and Kreditanstalt für Wiederaufbau (KfW). Other sellers include two funds managed by ResponsAbility, the Omidyar-Tufts Active Citizen Fund, and Triodos Investment Management, through the Triodos Fair Share Fund and Triodos Microfinance Fund.
Founding partner LFS Advisory GmbH will remain involved with Access Holding as a minority shareholder during a transitional period, alongside the management team. Dr. Bernd Zattler, partner of LFS, stated: “Our involvement will help ensure a smooth ownership transition and continued support for micro and small enterprises.”
The scope of the transaction includes five African subsidiaries, namely:
Access Bank Liberia
Access Bank Madagascar
AB Microfinance Bank Nigeria
Access Bank Rwanda
Access Bank Zambia
“This acquisition represents a significant milestone in our ambition to become an integrated pan-African banking group offering cutting-edge, fully digital services. With our experience in telecommunications, IT, and financial services, AFG is well-positioned to develop innovative digital financial solutions. Meanwhile, Access Microfinance has gained strong expertise in risk management and the implementation of digital channels tailored to the needs of microfinance clients. We are confident that the synergy of our respective skills will generate a significant impact that will undoubtedly benefit our clients and partners. With this acquisition of a key player in microfinance in Africa, AFG is now equipped to fully contribute to the financial inclusion of the populations in our countries of operation, covering all levels of financing,” said Léon Konan Koffi, chairman of the board of AFG Holding.
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