Progression Eastern African Microfinance Equity Fund

East Africa,Africa Financial services, Communications and IT Services

This is an equity fund investing in microfinance institutions and microfinance enablers (up to 25%) in East Africa.

This investment was made under a previous strategy. We disclose information on all our current investments, but narrative information on our pre-2012 investments, when we introduced a new strategy, may be limited.

Key facts

Status:
Active
Region

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

:
Africa, East Africa
Countries

For funds, the countries listed here are those the fund has invested in so far.

:
Ethiopia, Kenya, Rwanda, Tanzania, Uganda, Zimbabwe
Sector

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.

:
Communications and IT Services, Financial services
Investment type

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

:
Intermediated investment
Fund manager:
Progression Capital
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

:
December 2011
Amount

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.

:
$10m
Domicile

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

:
Mauritius

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Jamii Bora Bank Ltd

Jamii Bora Bank (JBB) is a rapidly growing commercial bank in Kenya licensed by the Central Bank of Kenya, the national banking regulator.

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Kenya Africa, East Africa Financial services August 2013 Active
Uganda Finance Trust Ltd

Uganda Finance Trust Limited (UFTL), commonly known as Finance Trust, is a microfinance institution (MDI) in Uganda. It is licensed as a deposit-taking microfinance institution by the Bank of Uganda, the national banking regulator.

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Uganda Africa, East Africa Financial services August 2013 Active
Tujijenge Tanzania Limited

Tujijenge Tanzania provides financial services to low and medium income Tanzanians through group and individual microfinance lending products.

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Tanzania Africa, East Africa Financial services January 2014 Active
Cellulant Corporation Limited

Cellulant Corporation is a developer of mobile payments ecosystems through the provision of mobile wallet, transaction banking and mobile payment gateway solutions to financial inclusion businesses such as commercial banks and large micro-finance institutions and other clients. It is headquartered in Kenya and has operations in Kenya, Nigeria, Zambia, Tanzania, Uganda and Rwanda.

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Kenya Africa, East Africa Communications and IT Services February 2014 Active
Unguka Bank Limited

Unguka Bank is a microfinance institution based in Rwanda.

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Rwanda Africa, East Africa Financial services December 2015 Active
Microhub Financial Servies (PVT) Ltd

Microhub Financial Services is a greenfield microfinance institution focused on individual and SME enterprise lending in Zimbabwe. It started operating in April 2016.

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Zimbabwe Africa, East Africa Financial services April 2016 Active
Blue Nile Holdings Limited Ethiopia Africa, East Africa Financial services June 2017 Active