Ghana, Nigeria, Cote d'Ivoire, Cameroon, Cape Verde Financial services, Manufacturing, Food and agriculture

Advanced Finance and Investment Group (AFIG) is an investment manager that specialises in buyouts, growth investments, and expansion capital in mid-market companies in Central and West Africa.

The Senegal-based firm was established in 2005.

The AFIG Fund II aims to invest in small and mid-sized enterprises (SMEs) in sub-Saharan Africa which operate in the agribusiness, manufacturing, energy, food and beverages, healthcare, and financial services sectors.

Our investment

In 2016, CDC invested $20 million into AFIG II, alongside the EIB, the African Development Bank, and other European DFIs including Germany’s DEG and Sweden’s SwedFund. The fund targets investments of between $5 million to $20 million and the fund manager is aiming for a total fund size of $170 million. Our investment provides growth capital to support the sustainable expansion of small firms in Central, East and West African countries.

Expected impact

SMEs in sub-Saharan Africa often struggle to access affordable finance, and sometimes lack the strategic expertise that will help them scale up and expand beyond their local markets.

Our investment enables the fund manager to continue the strategy of its predecessor, the Atlantic Coast Regional Fund, to invest in African entrepreneurs and fast-growth firms that have the potential to become regional 'blue chips'.

In addition to much-needed growth capital, the fund manager provides managerial, technical and operational know-how to portfolio companies, driving business growth, job creation and regional integration.

The fund has invested in First Atlantic Bank, Ghana.

Environmental and social aspects

We worked closely with the fund manager to develop and implement an Environmental and Social Management System (ESMS).

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

Africa, West Africa

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

Financial services, Food and agriculture, Manufacturing
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Intermediated investment
Fund manager:
Advanced Finance and Investment Group
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

July 2016

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.


Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Tecnicil Industria Cape Verde Africa, West Africa Food and agriculture April 2017 Active
First Atlantic Bank Ghana Africa, West Africa Financial services January 2018 Active
NEM Insurance plc Nigeria Africa, West Africa Financial services December 2018 Active
Axis Pensions Group Limited

Axis Pensions Group is headquartered in Accra, Ghana, and offers retirement savings products and fund administration expertise.

View investment details

Ghana Africa, West Africa Financial services March 2019 Active
Nouvelle Mici – Embaci

Nouvelle Mici-Embaci is a packaging and printing solutions provider located in Abidjan, Ivory Coast.

View investment details

Cote d'Ivoire Africa, West Africa Manufacturing August 2019 Active

Soproicam is a soya bean processing company in Cameroon.

View investment details

Cameroon Africa, Central Africa Food and agriculture April 2020 Active
ITOJU Africa, West Africa Financial services Active

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