AfricInvest exits EFC Zambia
AfricInvest has backed the Zambian microfinance institution since 2009.
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The AfricInvest Financial Sector (AFS) fund has exited Entrepreneurs Financial Centre (EFC) Zambia following the acquisition of the institution by NMBZ Holdings, a financial services group headquartered in Harare, Zimbabwe.
The transaction follows a long-term partnership in which AfricInvest, alongside its strategic partner Desjardins International Development (DID), supported EFC Zambia’s development since 2009. DID is an international development organisation based in Canada.
Founded in 1994, EFC Zambia is a deposit-taking microfinance institution serving micro, small, and medium-sized enterprises (MSMEs). MSMEs account for over 50% of employment in Zambia. Despite their importance, access to formal finance remains limited, with over 70% of MSMEs facing credit constraints.
The transaction was among AfricInvest’s early investments in the microfinance sector. Over the investment period, the institution enhanced operating standards and expanded its product offering. It invested in digital capabilities and transitioned to a local management team.
The acquisition by NMBZ Holdings, alongside the existing local management, is expected to provide EFC Zambia with access to additional operational and digital capabilities to support its next phase of growth.
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