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AFG Holding SA has acquired a controlling stake in Access Microfinance Holding AG, along with its African subsidiaries, bringing its total assets to N150bn.
In a statement on Thursday, the bank stated that the acquisition, which included African microfinance institutions like AB Microfinance Bank Nigeria and Access Bank Liberia, marked a move for AFG Holding’s ambition to build a pan-African banking group offering cutting-edge digital financial services.
It stated that the deal involved a transition period with LFS Advisory GmbH, one of AccessHolding’s founding partners, still in place to ensure a handover.
The Chairman of AFG Holding SA, Léon Koffi, stated, “This acquisition is a major step in building a pan-African banking group. The synergy between AFG’s digital expertise and AccessHolding’s experience in risk management and microfinance will significantly impact financial inclusion across Africa.”
As of December 2023, the combined loan portfolio of Access Holding’s African subsidiaries stood at EUR 135m, with full regulatory approvals granted by various central banks and the Common Market for Eastern and Southern Africa.
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