Letshego Holding Limited, which is based in Botswana and offers deposit and lending services in 10 African countries, recently paid an undisclosed price to Jumo World Limited, a financial technology firm registered in Mauritius, for all of the shares of afb Ghana, which has 60,000 customers and total assets of GHS 97 million (USD 23 million) as of December 2016. Both afb and Letshego lend for both microenterprise and consumer purchases. The transaction, which involved multiple bids managed by Verdant Capital, has been approved by the central Bank of Ghana.
Arnold Parker, the Managing Director of afb Ghana, said, “While we have a profitable and successful customer delivery model, we look forward to the innovations and capacity-building that Letshego’s engagement will bring to our business, the Ghanaian people and the economy.”
Letshego is listed on the Botswana Stock Exchange and has total assets of BWP 7.5 billion (USD 710 million) as of December 2016.
Jumo, whose investors include Leapfrog, Vostok and Gemcorp, describes its expertise as working with banks on “managing risk, preventing fraud and automating decision making.” The firm has operations in five African countries. Financial data on Jumo are not available.
Verdant Capital, a corporate finance firm operating from offices in Johannesburg, South Africa; Mauritius; and Accra, Ghana, provides capital raising as well as merger and acquisition advisory services to clients in Africa. It serves clients in the agri-business, clean energy, business services, financial services and manufacturing industries.
Sources and Additional Resources
Information provided directly to MicroCapital by Verdant Capital.
afb Ghana
http://afb.com.gh/
Letshego
https://www.letshego.com/
Verdant Capital
http://www.verdant-cap.com/
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