News

On September 18, 2024, AFG Holding announced the signing of an agreement to acquire a majority stake in Access Holding (headquartered in Germany) and all its African subsidiaries, following negotiations that began in 2020.

The group of investors – the sellers – behind Access Holding included: British International Investment (BII), European Investment Bank (EIB), International Finance Corporation (IFC), Kreditanstalt für Wiederaufbau (KfW), two funds managed by ResponsAbility, Omidyar-Tufts Active Citizen Fund, and Triodos Investment Management (through the Triodos Fair Share Fund and Triodos Microfinance Fund), as well as founding partner LFS Advisory GmbH, which will remain involved with Access Holding in a minority shareholder position during a transitional period, along with the management team.

LFS Advisory GmbH will ensure the continuity of operations with both the management team of Access Holding and the divested subsidiaries.

Dr. Bernd Zattler, partner of LFS, stated: “Our involvement will help ensure a smooth ownership transition and continued support for micro and small enterprises.” The scope of the transaction includes five (5) African subsidiaries, namely:

• Access Bank Liberia
• Access Bank Madagascar
• AB Microfinance Bank Nigeria
• Access Bank Rwanda
• Access Bank Zambia

AFG Holding has obtained all the necessary banking approvals and regulatory authorizations for this large-scale operation, particularly from five (5) central banks in Liberia, Madagascar, Nigeria, Rwanda, Zambia, and approval from the competition authority (antitrust), COMESA.

This demonstrates the scale of AFG Group and its solid reputation across Africa (particularly in West Africa, Central Africa, the Indian Ocean, East Africa, and Southern Africa). “This acquisition represents a significant milestone in our ambition to become an integrated pan-African banking group offering cutting-edge, fully digital services. With our experience in telecommunications, IT, and financial services, AFG is well-positioned to develop innovative digital financial solutions. Meanwhile, Access Microfinance has gained strong expertise in risk management and the implementation of digital channels tailored to the needs of microfinance clients. We are confident that the synergy of our respective skills will generate a significant impact that will undoubtedly benefit our clients and partners. With this acquisition of a key player in microfinance in Africa, AFG is now equipped to fully contribute to the financial inclusion of the populations in our countries of operation, covering all levels of financing,” said Mr. Léon Konan KOFFI, Chairman of the Board of AFG Holding.

*Statement from Access Holding shareholders On behalf of the management team, Mr. Thomas Engelhardt, CEO of Access Holding, stated: “Since its creation in 2006, Access Holding has granted over nine (9) million loans totaling more than sixteen (16) billion euros and has set a shining example of how responsible finance, financial inclusion, and innovation can positively impact the lives of micro and small enterprises as well as local economies. By passing the baton to AFG Holding, a renowned African private investor, the founding investors have fulfilled their mission of initiating sustainable development. We will continue to support our banks in Georgia and Tajikistan through the newly constituted holding entities in these countries.” The firms advising AFG on this transaction were: FINACTU Group as exclusive financial advisor, Mazars (France) as audit firm, and Willkie Farr & Gallagher (France) as law firm. The firms advising the sellers on this transaction were: Norton Rose Fulbright (Germany) and Dentons Europe (Germany) as law firms.