AfDB Targets Africa’s Low and Middle Class with $15m Investment in Private Equity Fund

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African Development Bank (AfDB) has invested $15 million in Shore Capital Fund III, a multinational Private Equity Fund that encourages financial inclusion by supporting financial service providers serving Africa’s low-income and emerging middle-class communities.

The private equity fund has a capitalization target of $150 million and plans to fund a variety of financial institutions including Small Business Banks (SBBs), microfinance institutions (MFIs), insurance providers, leasing companies and financial technology providers, a report by The Nerve Africa confirmed.

Shore Capital Fund III hopes to invest in about 15 institutions with a planned $8 million investment per firm. It will focus all of its investment within sub-Saharan Africa.

The fund manager has a 13-year track record of investing in the financial services sector with a focus on inclusiveness.

Its latest round of investment is in line with the AfDB’s core mandate of promoting financial inclusiveness through strategic developmental investments.

 

 

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