Atlas Mara raises USD40 million for BancABC fintech

Atlas Mara

Atlas Mara, has raised USD40 million for BancABC, its subsidiary in Botswana.

Atlas Mara said in an email statement that it raised the fintech debt facility from Overseas Private Investment Corporation, OPIC.

The company said the funding is part of the US$200 million multi-country facility that OPIC approved for Atlas Mara’s banks in Botswana, Zambia, and Mozambique in August 2015.

Atlas Mara has a focus on profit with purpose in financial services in sub-Saharan Africa and it has prioritized working with OPIC and other Development Finance Institutions (DFIs) in the US, Europe, and Africa to facilitate these objectives. The debt facility will be used to provide access to finance for SMEs and to support the Company’s efforts to accelerate it digital finance initiatives, which are key areas of the Company’s strategy. It is consistent with Atlas Mara’s objective of supporting financial inclusion and will allow the company to expand access to finance in underserved markets.

Commenting on the news, Bob Diamond, Chairman of the Board of Atlas Mara said, “The OPIC facility underscores our commitment to working with DFIs on financial development and access to finance for SMEs and individuals in Africa and reflects our multifaceted strategic engagement with DFIs. As we indicated with our third quarter results, we are increasingly focused on organic growth, scaling up our banking operations, and delivering accelerated growth in key areas of our operations. As a top tier bank in Botswana, we are excited to have the support and funding of OPIC to drive financial inclusion and support our growth ambitions.”

Atlas Mara is one of the largest financial services investor with over 36% of Union Bank Nigeria.

The move can be seen as part of the bank’s positioning to focus on the use of technology in transforming its business interests in banks where it has controlling stake.

Last month the company announced a restructuring that led to the exit of John Vitalo, its former CEO, a position he only held for two years.

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