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afb receives USD20 million investment to advance expansion into sub-Saharan Africa

afb, a financial services company providing consumer and SME financial products, has signed a USD20m investment deal with GEMCORP, an investment management firm with an emerging markets focus.

afb CEO Karl Westvig, says: “I am extremely pleased that afb has secured this new investment at an important time for the firm. The strategic investment by GEMCORP will help accelerate our growth strategy into sub-Saharan Africa.”
afb currently operates in Ghana, Kenya, Zambia and Tanzania, and plans to expand into a number of other African countries by 2020, with innovative products and solutions designed to suit the needs of each market.
According to the World Bank Global Financial Index, there are over 400 million adults in sub-Saharan Africa still outside of the formal financial system. “afb aims to provide accessible, responsible and inclusive financial products to those who have been traditionally excluded, and in so doing give them the tools to improve their lives,” added Westvig.
Atanas Bostandjiev, CEO of GEMCORP, says: “Financial services is a key sector for our firm and we have been looking at the African market very closely, afb is a great investment opportunity for us. 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.”
“We highly value GEMCORP’s commitment to afb and its confidence in our vision and strategy for the company,” says Westvig. “We look forward to working together on the future development of afb.”

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