MICROCAPITAL BRIEF: Forest Capital Acquires Kayvee Microfinance Bank of Nigeria as Part of Farmforte Plan to Boost Agricultural Value Chains via Technology, Financial Access

Forest Capital, a unit of Nigeria-based Farmforte Limited, recently acquired Nigeria’s Kayvee Microfinance Bank for an undisclosed price. Based in Nigeria, Farmforte’s goal is “improving the economy of communities… to create sustainable income channels for children, youth and adults” in Africa. For example, the firm facilitates access to local and global markets to help smallholder farmers earn higher and more stable incomes.

Farmforte Co-CEO Osazuwa Osayi reportedly said, “Our multi-pronged enterprise growth strategy is ever-reliant on the financial and technological advancement of our growing 112,000 smallholder farmer network… [via] disruptive banking services, and wider sector focus on mobile-first, personalized banking…”.

Kayvee is a digital microfinance bank that provides loans, fixed deposits and savings accounts to 37,000 customers. It has disbursed approximately 50,000 loans, ranging from NGN 5,000 (USD 12) to NGN 4,000,000 (USD 9,700) to both individuals and small businesses. Kayvee, which is regulated by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation, reports having 1,280 investors.

By Arin Atluri, Research Associate

Sources and Additional Resources

The Nation (Nigeria) article
https://thenationonlineng.net/forest-capital-acquires-kayvee-microfinance-bank/

Kayvee homepage
https://www.kayvee.com.ng/

Forest Capital homepage
https://www.forestcap.co/

Farmforte homepage
https://www.farmforte.com/

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