The African Development Bank (AFDB) has agreed to invest US$20 million in a fund managed by Uhuru Investment Partners. Uhuru Investment Partners will use the funding to invest in financial services sectors within West African countries such as Ghana, Nigeria, Cote d’Ivoire, Mali, Senegal and Burkina Faso. The funding provided by AFDB is 10% of the $200 million total fund requirement.
Uhuru Investment Partners is a private equity firm that targets the small to medium enterprises in West Africa. The new fund will be used to invest at least $5 million in the financial services sector to grow their economic reach in the region. The company has deep knowledge of the West African region and already has a portfolio of small to medium enterprise assets.