Alitheia Capital and Goodwell exit Baobab Nigeria
Alitheia Capital and Goodwell Investments have announced the first exit of their joint uMunthu Fund.
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Alitheia Capital and Goodwell Investments have announced the first exit of their joint uMunthu Fund: Baobab Nigeria, a financial institution that provides banking services to individuals and MSMEs in underserved areas.
More than 12 years after investing in Baobab Nigeria (first via their GWAMDC fund and later uMunthu), Alitheia and Goodwell have now exited the investment.
From operating only in Kaduna state to 16 states in Nigeria, Baobab Nigeria has grown from serving 19,000 customers through a regional network of five branches to serving 230,000 customers through a national network of 38 branches.
This exit marks a new phase for Baobab Nigeria, as uMunthu passes the baton to the holding company. Now fully owned by the international Baobab Group, the Nigerian team plans to keep providing financial services to the underserved.
“This was a bank that was operating out of a single room in northern Nigeria when we invested, and today it is top-three nationally licensed microfinance bank. We've walked a journey of leadership, governance, and financial and impactful growth, scaling from small beginnings through to the top tier national microfinance bank that it is today. We’re proud of what’s been achieved together, and look forward to seeing where the future will take Baobab Nigeria,” shared Alitheia managing partner, Tokunboh Ishmael.
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