Press Release
Abler Nordic announces new fund to enable financial inclusion in Africa
(L-R) Abler Nordic Investment Director- Africa, Godfrey Kaindoh; Arthur Sletteberg CEO and Managing Director, Abler Nordic; Mwangi Githaiga Managing Director, KWFT and Nigel Smith Head of Strategy and Deal Advisory, KPMG East Africa (Photo: Abler Nordic)
Abler Nordic is the new name of Nordic Microfinance Initiative, a public-private partnership investing in companies in Sub-Saharan Africa and Asia supporting low-income households with financial services. The new name was launched locally at an event in Nairobi on February 21 by Managing Director Arthur Sletteberg, along with the announcement of the start of fundraising for their latest Fund V in 2023.
“Sub-Saharan Africa is one of our key regions, and we are excited to continue our growth under our new name and our new fund. Global poverty has risen for the first time in 20 years and low-income people in Africa are among the hardest hit by climate threats, despite contributing very little to global greenhouse gas emissions. Access to a wide range of financial services such as savings, agricultural financing, and insurance in addition to microcredit helps low-income people adapt and manage economic and climate shocks. Our new name reflects our company’s overall goal: to help low-income households gain access to these types of relevant financial services so that they can lay a foundation for a better life,” said Arthur Sletteberg, Managing Director of Abler Nordic.
At Abler Nordic, public investment capital from the Norwegian and Danish governmental funds for developing countries, Norfund and IFU respectively, is blended with commercial capital from private investors. Abler Nordic has invested a total of over USD 34 million in Sub-Saharan Africa, with current investments of USD 17.5 million. Foreign Exchange Facilities, funded by the Norwegian Ministry of Foreign Affairs, enables Abler Nordic to provide capital in local currency and has been instrumental in securing both equity and debt investments in Sub-Saharan Africa of USD 27 million where hedging conditions otherwise would limit such investments.
“The opportunities for inclusive economic growth in Sub-Saharan Africa are vast, but more risk-willing investment capital is needed. At Abler Nordic we do not invest where it is easiest or where risk is lowest, but where we believe we can achieve the biggest social impact alongside sustainable financial returns. I am looking forward to continuing to partner with our African portfolio companies alongside our Kenya-based team and seeking new investment opportunities as we continue to grow in Africa,” said Godfrey Kaindoh, Investment Director and Head of Abler Nordic’s Africa office.
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A committed and long-term investor with a tailor-made approach, Abler Nordic plays an active role in the development of the five Sub-Saharan African financial inclusion organisations it is currently directly invested in: Juhudi Kilimo (Kenya), Kenya Women Microfinance Bank, Baobab Group (Senegal, Ivory Coast, Mali, Burkina Faso, Nigeria, Tunisia, DRC, and Madagascar), Baobab Senegal, and Tugende (Uganda and Kenya). Abler Nordic holds board seats at all their equity investments and partners with portfolio companies to create value and support sustainable growth to help them achieve their mission.
Today, Abler Nordic’s global portfolio companies reach 9.4 million customers, 93 percent of whom are women and 71 percent living in rural areas. Women often face systemic barriers in accessing formal financial products, and rural areas are often the last to be financially served, due in part to infrastructure challenges. In Sub-Saharan Africa, 90 percent of loans are given for income generating purposes, which allow both rural and urban households to start and grow small businesses and improve their quality of life through increased spending on healthcare, education, and home improvements.
Since inception in 2008, over 12 million customers globally have been supported with access to responsible financial services through Abler Nordic’s investments.
The Gender Mainstreaming Programme 2024 organized by the Nigeria Climate Innovation Centre aimed to close the gender gap in climate entrepreneurship. NCIC achieves this objective by collaborating with industry players, and stakeholders to drive and gain support for women in the industry, across Nigeria and the world at large. WeClimeEquallyWorkshop and the G-FIVE Business Accelerator by NCIC are the two instruments the organization uses to foster gender equality and climate-focused entrepreneurship.
The Gender and Climate Workshop Event
This Year’s WeClimeEquallyWorkshop 2024 with the theme: Equity and Sustainability Towards a Prosperous Future was held on Thursday 21, March 2024 at Four Points by Sheraton. The welcome address was led by Mr. Adamu, the Chief Operating Officer who represented Bankole Oloruntoba, the Chief Executive Officer, of NCIC. He emphasized the work of NCIC in championing projects that drive gender equality and entrepreneurship.
Mrs. Titi Oshodi, Special Adviser to the Lagos State Governor on Climate Change and Circular Economy rendered the Goodwill Message and raised the need for effective communication to spur the needed change as there are many communication nuances in the Nigerian landscape. Rendering the speech of His Excellency Babajide Sanwolu, Governor of Lagos state, Mrs. Oshodi plauded that the WeClimEqualityWorkshop provides a pivotal platform to exchange knowledge and amplify women’s voices and ensure their meaningful participation in climate and circular economy because there is a link between gender, women, and marginalization is essential.
The workshop also featured 4 expert paper presentations delivered by industry experts from KPMG, FC4SLagos, Fate Foundation, and academia. In addition, attendees were treated to an intriguing panel session on applying a gender lens to the triple Es of Employment, Environment, and Entrepreneurship. Following hours of interactions, attendees were allowed an opportunity to co-create practical strategies to infuse gender lens in organizational programming, policies, and framework.
Green Females in Venture Enterprise Business Accelerator
Building on some key outcomes of the #WeClimeEqually Workshop, 50 climate-focused women entrepreneurs entered a 4-day hybrid business accelerator program delivered in partnership with the Lagos Business School Sustainability Center. Core modules of the accelerator centered around sustainability, innovation, legal regulatory frameworks, business management, and grant writing amongst others.
Additional program support included a nursery for mothers, accommodation, a virtual learning platform for long-distance learners, and bonding activities. Participants were also certified at the end of the program. The Gender Mainstreaming for Climate Entrepreneurship is sponsored by Climate KIC; Europe’s leading Climate Innovation and Irish Aid. To learn more about the Nigeria Climate Innovation Center Visit the website here https://nigeriacic.org/about-us/
AFEX Management (Image: Supplied).
AFEX, Africa’s leading commodities market player, announced that it has secured a place in the Financial Times (FT) ranking of Africa’s Fastest-Growing Companies in 2024. Coming in at Number 5 this year, this marks the organization’s 3rd consecutive entry on the list, after ranking as the fastest growing company in Africa in 2023.
The Financial Times, in partnership with Statista, recognizes Africa’s most exciting businesses through the Fastest Growing Companies ranking, celebrating thriving businesses with exceptional revenue growth. The list ranks African companies by their compound annual growth rate (CAGR) in revenue for 2019 and 2022. In that period, AFEX grew by 287.82% in the 4-year period, despite still felt effects of COVID-19, macroeconomic headwinds and market upheavals caused by uncertain policy environments and increasing natural disasters/ climate change effects witnessed in its existing markets of Nigeria, Kenya and Uganda.
Since 2019, AFEX has been working across Africa, creating an efficient market for commodities trading and solving food insecurity by driving financing from the Nigerian Capital markets and retail investors. In 2020, the launch of their digital trading platform, ComX, lowered barriers for commodity trading and alternative investments, while providing transparent financing options for the currently fragmented agriculture value chain. Through innovative financial instruments like the FETC and Asset Backed Commercial Papers which have historically performed well, AFEX is creating the infrastructure to boost agriculture production across Africa.
Akinyinka Akintunde, President/CEO, AFEX Nigeria said “We are proud to once again be featured on the Fastest growing companies list for the third time in a row. This year’s entry is perhaps more significant for us considering the harsh market environment that a lot of businesses are undoubtedly contending with. This is a testament to all the work we have put in over the past few years to ensure Africa’s food self-sufficiency. Our expansion into Cote d’Ivoire this year also mirrors our commitment to our strategic expansion plan, Project Black Panther, which sees us replicating our business model in 9 African countries in the next decade to improve cross border trade on the continent”.
Today, AFEX has impacted the lives of over 500,000 farmers across 4 countries, while prioritizing creating a positive and lasting difference in their communities. Ultimately, AFEX is empowering local farming communities, fostering economic opportunities, and contributing to Africa’s sustainable self-sufficiency as the company prioritizes its impact goals.
LCH Consultancy & Associates Evelyn Wangui (Image: Supplied).
LCH Consultancy & Associates, an integrated advisory and strategic corporate communications agency focused on African development, is delighted to announce the appointment of Evelyn Wangui as the newest addition to its growing team to support the agency’s expanding global client portfolio. With over ten years of experience in strategic public relations, Evelyne brings a wealth of knowledge and expertise to LCH Consultancy & Associates. As Director of Content and Media Relations, she will be pivotal in strengthening strategic services across the African region.
During her career, Evelyne has represented many multinational organisations from various industries, operating in both corporate and developmental spheres. She was educated in Kenya, studying journalism and political science at Nairobi University.
Commenting on her appointment, Evelyne said, “I am delighted to join this talented team of inspirational and highly motivated peers. This marks an exciting milestone in my profession. I look forward to innovating and executing new forms of corporate communications blended with business advisory.”
Lydia-Claire Halliday, Founder and Executive Director of LCH Consultancy & Associates, welcomed Evelyne. She noted that her entry aligns with the agency’s ongoing commitment to attract unique talent for continued world-class client support. “With this growing talent pool, I am confident that our clients will benefit from unparalleled communications and stakeholder relations support. We encourage both collaboration and intrapreneurship, which paves the way for our team’s development and success.”
LCH Consultancy was launched in 2012 to bridge the global knowledge gap by representing Africa and the corporations, organisations and people vested in its empowerment and equitable development. In 2023, the company officially rebranded as LCH Consultancy & Associates, representing the vital contribution of colleagues.
The agency specialises in three core areas:
- Investor Relations – supporting capital and debt raising while maintaining the perception of value across the global investment community. In this role, LCH Consultancy & Associates advises on price-sensitive commercial developments and business strategies to local and global audiences.
- Corporate Communications – developing and executing communications plans that strengthen relationships with the media, public, industry, regulatory, and government stakeholders.
- Strategic Business Advisory – providing unique intelligence, analysis, and insights to clients distinguished by a deep understanding of the opportunities present in Africa. This service has been instrumental in enabling clients to make informed decisions regarding their business development and identify partnerships and strategic alliances.
