AFG Holding SA has acquired a controlling stake in Access Microfinance Holding AG (AccessHolding) and indirectly in its African subsidiaries. Previous investors in AccessHolding included major entities such as BII, EIB, IFC, KfW, two funds managed by responsAbility, Omidyar-Tufts Active Citizen Trust, and Triodos Investment Management, along with founding partner LFS Advisory GmbH, which will continue to be involved in the structure during a transition period. Additionally, the management teams of AccessHolding and its subsidiaries will remain unchanged during this phase.
Dr. Bernd Zattler, partner at LFS, stated that their involvement will ensure a smooth transition of ownership and continued support to micro and small businesses. The African subsidiaries affected by this acquisition are:
– Access Bank Liberia
– AccèsBanque Madagascar
– AB Microfinance Bank Nigeria
– AB Rwanda
– AB Bank Zambia
The combined assets of these subsidiaries exceed 150 million euros, with a loan portfolio amounting to 135 million euros as of December 2023. AFG Holding has obtained all necessary banking and regulatory approvals from the relevant central banks and has received clearance from the COMESA antitrust authority to carry out this large-scale operation.
This acquisition underscores the scale and reputation of the AFG Group across the African continent, including West Africa, Central Africa, the Indian Ocean, East Africa, and Southern Africa. Léon Konan KOFFI, Chairman of the Board of AFG Holding SA, stated: “This acquisition is a significant step towards our goal of creating a pan-African banking group that offers fully digital and cutting-edge services. With our expertise in telecommunications, IT, and financial services, AFG is ideally positioned to develop innovative digital financial solutions. Access Microfinance Holding has accumulated solid experience in risk management and developing digital channels tailored to the needs of microfinance clients. We are confident that the synergy of our capabilities will have a significant and beneficial impact for our clients and partners. With this acquisition, AFG is now equipped to fully contribute to financial inclusion across the continent, addressing all financing needs.”
Thomas Engelhardt, CEO of AccessHolding, commented on behalf of the management team: “Since its establishment in 2006, the Access Group has disbursed over 9 million loans totaling 16,000 million euros, demonstrating how responsible finance and financial innovation can benefit microentrepreneurs and small business owners and their local economies. By passing the baton to AFG Holding, an African private investor, the mission of initiating sustainable development has been fulfilled.”
AFG’s advisory firms in this transaction were Groupe FINACTU as exclusive financial advisor, Mazars (France) as auditor, and Willkie Farr & Gallagher (France) as legal counsel. Norton Rose Fulbright (Germany) and Dentons Europe (Germany) advised the selling shareholders.
AFG Holding, based in Ivory Coast, is the banking arm of Atlantic Group, an entity with over 40 years of activity in the banking and insurance sector in Africa. With the addition of Access Holding, AFG expands its banking network to new regions and reinforces its ambition to be an integrated pan-African banking group offering innovative and sustainable financial services.
Distributed by EQS Newswire on behalf of AFG Holding.
Source: MiMub in Spanish
