We highlight five African banking and financial services exits over the past 12 months, as featured in our Dealmaker’s Log. Subscribe to this service here
1. AfricInvest completes divestment from banking group
AfricInvest announced its exit from AFG Holding, a pan-African banking group headquartered in Côte d’Ivoire.
AfricInvest, through its vehicle AF IV, invested in AFG in October 2022. During the investment period, AFG’s consolidated balance sheet doubled from $3 billion to nearly $6 billion. It’s net loan portfolio expanded from $1.4 billion to $2.5 billion and net banking income more than doubled. Read the full article
2. Oasis Capital exits Mansa Bank Côte d’Ivoire
Oasis Capital, an SME growth investor in West Africa, announced the exit of its investment in Mansa Bank Côte d’Ivoire. This disposal marks the first full exit of Oasis in the Francophone Africa market and the second of the Oasis Africa Fund I portfolio.
Oasis invested in Mansa Bank in 2021 to strengthen its capital base for operations in Côte d’Ivoire. Read the full article
3. Apis Partners, Crossfin complete iKhokha share sale in Nedbank deal
South African banking group Nedbank entered into a binding agreement to acquire 100% of fintech company iKhokha in an all cash deal for approximately R1.65 billion (about $94 million).
The transaction also marks an exit for iKhokha’s long-standing investors – Apis Partners, Crossfin Holdings, and the International Finance Corporation. Read the full article
4. Lorax Capital Partners invests in MDP as AfricInvest exits its stake
MDP, a Cairo-based payments technology infrastructure group in the Middle East and Africa, received a strategic investment led by Lorax Capital Partners. The deal also sees AfricInvest exit its position after several years as an investor. Read the full article
5. Alitheia Capital and Goodwell sell their stake in Baobab Nigeria
Alitheia Capital and Goodwell Investments 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, Alitheia and Goodwell have now exited the investment. Read the full article
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