Cape Town - Arise, a collaborative partnership between international companies, Norfund, FMO and Rabobank was launched in Cape Town on Thursday.
It currently manages assets in excess of $660m and is operational in over 10 countries.
“The main objective of establishing this company was to strengthen and develop effective, inclusive financial systems in Africa in order to contribute to economic growth and poverty reduction,” said Arise’s CEO Deepak Malik.
“Arise will take and manage minority stakes in sub-Saharan African financial service providers (FSPs) with the core aim of building strong and stable institutions that will serve retail, small and medium enterprises (SMEs), the rural sector and clients who have not previously had access to financial services."
The company will support the growth and development of FSPs through providing among others technical assistance and management services in the field of governance, management, marketing, innovation, compliance and risk management.
“Arise will increase the availability of financial services to SMES and will provide a platform for people in sub-Saharan Africa to empower themselves by opening bank accounts and taking loans – in turn building a better life for their families,” said Malik.
Malik added that, in order to ensure the success of this venture, a diverse team of local and international specialists and industry experts was put together. Capital will also be allocated for new investments and it is the aim to grow current assets in excess of $1bn.
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