Finclusion Consolidates in it’s Current Markets
Finclusion Group Limited successfully consolidated its operations in Kenya and Tanzania, in a transaction that saw it increase its stake in TrustGro SCA Limited (“TrustGro”), Fikia Finance Limited (“Fikia”) and awamo Uganda Limited (“awamo”) to 100%. Further to the consolidation of TrustGro, Fikia and awamo, Finclusion is currently expanding its South African footprint by integrating Commonwealth Financial Services (Pty) Limited (“Medifin”) into the Group building out its BNPL presence materially. Medifin focuses on financing life changing loans to support medical procedures, predominantly originated through medical practitioners (channel partner model).
In conjunction with the integration of TrustGro, Fikia, awamo and Medifin, Finclusion has appointed Tonderai Mutesva as Co-CEO to focus on scaling the Group’s operational footprint and implementing the stated objective to build Africa’s leading credit-lead Neobank. Tonderai was previously running the East-African business, successfully scaling Kenya and Tanzania over the last two years. Timothy Nuy will direct his focus predominantly on strategy and M&A, whereas Tonderai will focus on operations and digitization. Tonderai and Timothy have worked together for close to a decade, in scaling financial services businesses on the African continent.
These transactions follow the Group’s successful capital raise announced in January 2022 – and provide a strong foundation for growth in the next eighteen months. Building on this foundation, Finclusion expects to double loan book and revenues in 2022.
Verdant Capital is currently raising equity and debt funding for Finclusion.