Browsing: Financial Inclusion Vehicle (FIVE)

The African Development Bank (AfDB) has inked a massive grant agreement to the tune of $400,000 to modernize the regional financial market infrastructure in West Africa.

The funding is to be extended via the West African Monetary Union (WAMU) and among other things is meant to fund the creation of a digital platform to automate securities issuance for the regional financial market.

In a press release, the AfDB said the funding will also help reduce the holding period preceding subscription allocations and registration on the said digital platform.…

AfricInvest, a leading pan-African private equity firm, has announced the fourth close of Financial Inclusion Vehicle (FIVE), an evergreen platform for investing in financial institutions in Africa.Through its investments, FIVE aims to improve access to financial services for the growing African population, while achieving attractive financial returns for its investors.

AfDB, the African Development Bank, joined the capital of FIVE alongside existing investors FMO and BIO both development finance institutions of the Netherlands and Belgium, respectively; Norfund, the Norwegian investment fund for developing countries; IFU, the Danish investment fund for developing countries; KfW, the German government-owned development bank and CBK Pension Fund, the pension fund of the Central Bank of Kenya.

As the current level of banking penetration on the continent is a mere 20%, achieving universal access will require a fivefold increase. Digital transformation is one of the key drivers toward the universal access and as such, FIVE seeks …