Senegal: Abler Nordic exits microfinance institution

Abler Nordic announced the exit from its investment in Baobab Senegal, a deposit-taking microfinance institution established in 2007 to provide banking services that help underserved micro-businesses and SMEs tap into their full entrepreneurial potential.

Abler Nordic (formerly Nordic Microfinance Initiative) invested in Baobab Senegal in 2012 through the NMI Frontier Fund, seeing an opportunity to help create tangible impact for unbanked entrepreneurs in Senegal, alongside generating robust financial returns for investors.

During Abler Nordic’s investment period, Baobab Senegal’s gross loan portfolio has almost quintupled, and the number of borrowers and depositors has more than doubled.

“Since 2012, Abler Nordic has actively partnered with the highly competent Baobab leadership team in enabling opportunities for Senegalese entrepreneurs through access to much-needed financial services,” said Arthur Sletteberg, managing director at Abler Nordic. “As we hand the baton on, we are very pleased with how the company has grown, the impressive social results they have achieved, and the solid returns generated for our investors. We wish Baobab Senegal every success in their continued development and pursuit of their important social mission.”

Abler Nordic’s equity stake has been sold to Baobab Group, a financial services group with operations in seven African countries that Baobab Senegal is a subsidiary of, and which Abler Nordic is an equity investor in.