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AFRICAP Fund

BP 5909
Dakar-Fann
SENEGAL

Contact: Wagane Diouf, Managing Partner
Phone: 27-11-784-0815
Fax: (221) 869-1217
URL: www.africapfund.com
Email: wagane@africapfund.com
AFRICAP Fund

AfriCap Microfinance Fund (AfriCap) is a $15 million equity investment fund dedicated to the microfinance industry in Africa. AfriCap is incorporated in Mauritius, with an operational base in Dakar, Senegal. AfriCap has a dual mission – to generate both a commercial return to shareholders and a social return in the form of a viable micro finance industry. The Fund's activities are intended to stimulate the legitimization and growth of the commercial microfinance industry in Africa.

Program



Client Population

Clients of the fund includes a range of organizations, non-governmental organizations, finance companies, banks and other local financial intermediaries each reaching clients in the range of 20,000 to 30,000 rural and urban poor in Africa. All together, the Fund is expected to reach on the order of 200,000 disadvantaged African households. Although initially the fund will target the Western and Southern/Eastern regions of Africa, eventually AFRICAP's investments may be distributed throughout the continent.

Impact

AfriCap has continued the development of its investment pipeline with investments in indigenous organizations, financial intermediaries that strategically reinvestment for development, and commercially focused organizations with profitable growth rates and providing economic opportunities. It also manages a grant facility, currently funded with $3 million of donor commitments over five years, to support certain institutional and industry development activities. It has made an investment of $1.6 million for 16% of the common shares of Equity Building Society (EBS), and most recently AfriCap has invested $1 million in Pride Uganda the primary Microfinance Institution in Uganda.

Story

 
The AfriCap Microfinance Fund (AfriCap) completed an investment on December 19, 2003 of 2 billion Ugandan Shillings, about US$1 million, in PRIDE UGANDA. The investment was in the form of a convertible debenture, structured to support PRIDE’s transformation into a regulated financial intermediary under the recently launched microfinance regulatory regime in Uganda. This gives PRIDE the funds required to finance growth and ensure their long-term sustainability. Full Story

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