afb, a financial services company providing consumer and SME financial products, has signed a $20 million (Ksh2 billion) investment deal with GEMCORP, an investment management firm with an emerging markets focus.
afb CEO Karl Westvig said the strategic investment by GEMCORP will help accelerate its foray in sub-Saharan Africa. The company has operations in Ghana, Kenya, Zambia and Tanzania, and plans to expand to a number of other African countries by 2020.
Atanas Bostandjiev, CEO of GEMCORP said: “With its focus on driving financial inclusion through technology-based solutions, the company is poised for sustained and accelerated growth driven by the demand for access to credit amongst Africa’s growing middle class.”
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