Rwanda: Incofin exits investment
Incofin Investment Management has sold the 28% equity stake that its Rural Impulse Fund (RIF II) had in Rwanda’s Unguka Bank to LOLC Holdings.
The LOLC group is a diversified financial services business with a presence in 23 countries across Asia, Africa and Australia.
Since its investment in 2012, RIF II has helped the company more than double its total assets from $14 million to $29 million, growing into the largest microfinance bank in Rwanda.
Geert Peetermans, co-CEO of Incofin commented, “From the time we entered over a decade ago as first foreign institutional investor in the then early-stage microfinance bank Unguka, its team has consistently built out tailored services and deepened outreach among Rwanda’s rural MSMEs. We are today passing on the baton to a new strategic investor, with confidence that Unguka Bank and its spirited team have a great future ahead offering responsible financial services.”
Deputy chairman of LOLC Holdings Ishara Nanayakkara said, “The African region possesses immense growth potential, characterised by higher GDP growth. Leveraging on our position as a leading global player in the MSME market, we are eager to address the requirements of this population segment and empower them to enhance their standard of living. By implementing our successful MSME model within Unguka Bank, we aim to offer accessible financial products and services that effectively meet the diverse financial needs of entrepreneurs.”
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