The AFB Group, one of the fastest growing finance businesses in Africa, has attracted debt and equity investment from LeapFrog Investments of London – the private equity firm which has a focus on Africa and Asia. The deal is purported to be worth over $ 25 Million.
The AFB Group currently operates in four African countries including Ghana, South Africa, Kenya and Tanzania with plans underway to expand to Zambia, Uganda and Rwanda in the very near future.
“LeapFrog’s investment, specialist expertise and rich African networks will help the AFB Group to turbo charge our expansion drive,” AFB Group CEO, Karl Westvig said in a statement.
Michael Joyce, an associate director for LeapFrog, also said in a statement that, “afb is connecting the dots between Africa’s demand for financial services and the promise of new technologies”. The investment, he said is drawn from LeapFrog’s second fund, which recently raised $400 million — half of which is earmarked for Africa.
The Managing Director of AFB Ghana, Mr. Arnold Parker, has said this is a significant step in the history of the company as it seeks to explore the frontiers of financial inclusion through the use of technology.
AFB Ghana, is currently present in over 23 locations in all ten regions across the country and is one of the largest Payroll Lenders in Ghana with Over 80,000 customers.