Audio By Carbonatix
Emerging Capital Partners LLC agreed to take control of an African financial-technology company that helps more than 13,000 truck drivers haul goods across the continent.
ECP paid an undisclosed amount for a majority stake in Inter Africa Transport Forex, which began as a startup in Mauritius in 2007 and now spans 10 countries. It specializes in online fuel orders, cash pay-outs, road tolls, border payments or parking. The investment is being made by the Washington-based firm’s $640 million ECP Africa Fund IV.
“We’re looking for more opportunities, more recently also in southern Africa,” said Paul Maasdorp, a director at ECP. An almost 10% depreciation in the rand against the dollar over the past 12 months is making it easier for ECP to compete against bids from South African investors in the region, he said.
The latest deal gives ECP access to a financial-services platform that cuts the cost of trucking in a market where a lack of transport and payment infrastructure makes logistics notoriously complicated and expensive.
ECP plans to inject additional cash into Inter Africa Transport Forex for expansion as it seeks to ensure ongoing double-digit growth, Maasdorp said. The platform is supported by on-the-ground third-party agencies that can process payments where there is no data connectivity, he said.
“The business is custom-built for operating in Africa,” Maasdorp said. ECP has a 17-year track record in Africa, where the buyout firm has made more than 60 investments and completed 40 exits in 44 countries, according to its website.
Latest Stories
-
Church of Pentecost supports over 2,000 BECE candidates in Obuasi with career guidance seminar
6 minutes -
Brandon Asante and Coventry all but promoted to Premier League despite Sheffield Wednesday draw
27 minutes -
GPL 2025/26: Late Kwartemaa strike downs Hearts in Tema
34 minutes -
Ghana Faces Sierra Leone Moment as Prosecutorial Powers come under strain
43 minutes -
Don’t consume fish or seafood from Tema Shipyard until further notice – FDA warns
48 minutes -
Why volunteering might be Africa’s most underrated career accelerator
55 minutes -
ActionAid Ghana raises concern over gender gaps in Feed Ghana Programme
57 minutes -
Windstorm wreaks havoc in Gushegu, displacing nearly 2,000 residents and damaging schools
59 minutes -
Friends of Bridget Bonnie Marks her 35th birthday with donation to Kasseh Model Health Centre
2 hours -
From Ekumfi Kokodo to the Pulpit Stage: Essi Donkor’s gospel journey takes shape
2 hours -
Landfilling waste management creates no value, it’s an economic waste
2 hours -
Photos: Speaker Bagbin Commissions MPs constituency office under parliamentary decentralisation programme
2 hours -
Black Stars technical advisor Winfried Schäfer sacked as GFA shakes up backroom staff
3 hours -
Wenchi water project almost complete, critical to gov’t agenda – GWL MD
3 hours -
Anti-LGBTQ+ bill not part of government’s legislative agenda – Inusah Fuseini
3 hours