Beltone Capital, a subsidiary of Beltone Holding, has signed a put option agreement with the majority shareholders of Baobab Group in order to purchase a majority stake in Baobab, a significant African financial services company serving more than half a million micro-entrepreneurs and MSMEs in Africa.
Baobab operates across seven African nations, including Senegal, Côte d’Ivoire, Madagascar, Burkina Faso, Mali, Democratic Republic of Congo, and Nigeria.
This agreement would highlight Beltone’s goals to promote innovation, provide lasting value, and increase its presence in the area.
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This agreement, announced on December 31, 2024 emphasised that the acquisition remains contingent to receive all required regulatory clearances.
Dalia Khorshid, Group CEO of Beltone Holding, stated, “This marks a significant milestone in our strategic data driven expansion into high-potential and digitally scalable African and Emerging Markets. We are committed to a transformational impact in financial services backed by Data Science and Al to ensure ongoing sustainable growth.”
In anticipation of regulatory clearances, the Board of Directors of the firm has approved a shareholder loan to finance the acquisition, which furthers Beltone’s foray into African markets.
In reaction to the partnership, Baobab Group CEO Philip Sigwart stated, “This strategic partnership represents a pivotal milestone for Baobab Group, unlocking significant opportunities for growth and innovation. It is a step forward that will deliver tangible benefits to our clients and countless small businesses we support across the African continent. We are genuinely excited about the promising journey that lies ahead.”
The venture aims to prepare Beltone for regional financial services growth by leveraging Baobab’s proven footprint across several African countries.
About Beltone Holding
With a multi-decade history of success in the MENA region, Beltone Holding (EGX: BTFH.CA) is a leading provider of financial services, offering a wide range of expanding financial solutions, including broking, investment banking, asset management, equity research, and private equity, as well as end-to-end non-banking financial institutions (NBFls) like leasing, factoring, consumer finance, venture capital, mortgage finance, microfinance, and small to medium enterprises (SME).
The company’s vision is to redefine the financial ecosystem in the region by leveraging global expertise, knowledge, and disruptive, value-accretive solutions that unlock limitless opportunities for clients, to drive market value, and to produce significant outcomes.
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About Baobab Group
Baobab is one of the top providers of financial services to small businesses in Africa.
Baobab offers financial services to half a million small enterprises and micro-entrepreneurs through its seven subsidiaries.
By utilising data and digital technology, it broadens its reach to MSMEs in frontier markets, achieving its goal of increasing access to financing for people who are underserved by traditional banks. Mobile payments, savings plans, and microloans are among Baobab’s worldwide product offerings.
Together, the 4,500 employees of Baobab strive to increase the transparency, inclusivity, and accessibility of financial services.