Nimai Capital announces a partnership with Victoria Commercial Bank, Kenya to launch a US$ 150million Emerging Financial Services Fund, focused on Financial Services in Africa / South Asia.
On 2nd April. 2019, Nimai Capital entered into a strategic alliance with Financial Institution Victoria Commercial Bank, Kenya, to manage a unique Private Equity Fund focused on investing into financial Services opportunities in Africa and South Asia.
The Nimai Emerging Financial Services Fund (NESF) is a US$ 150 Mn fund focused on the banking and financial services space in Africa and South Asia. The Fund will invest in and actively manage a well-diversified portfolio of financial services opportunities and aim to improve the lives of at least 1.7 million underserved customers.
The initial target geographies for the fund will be Ghana, Tanzania, Kenya, Bangladesh, Sri Lanka, Nepal and India. While there is a strong need to develop financial services across all countries of Africa/Asia, these markets have been specifically chosen based on the existing presence/experience in these markets. The Fund integrates investment expertise with deep operational capability and resources.
NESF’s operations will be regulated by the Cayman Islands Monetary Authority and will have the best in class advisors for corporate governance. We have firm belief that the fund will make a significant and positive impact in the lives of millions of families in addition to generating appropriate financial returns for investors.
Nimai Emerging Financial Services Fund plans to invest up to maximum of US$45m in Ghana financial services sector.
The fund also assists investee companies by creating access to diaspora financial services, cross pollination of ideas within our portfolio companies, paving way to international financial services’ markets and employing fintech integration from mature Indian market.
Victoria Commercial Bank (VCB) is a respectable Kenyan Financial Institution with a history of over 3 decades in providing top quality financial services to the nation’s leading indigenous firms and corporates. VCB boasts of a robust capital base, a strong corporate governance structure, excellent asset quality with strong earnings and a sound liquidity profile.
VCB has established itself as an important financier of SMEs with a track record in serving this segment. On this occasion, Yogesh Pattni, CEO of Victoria Commercial Bank, said “We have been associated with Nimai for over 2 years and am glad that we are deepening our relationship by working together on this exciting new opportunity.”
Nimai Capital, the parent of NESF, is a multiple-award winning Investment Banking Advisory Firm headquartered out of Dubai. Nimai, with its demonstrable record of accomplishment and market expertise in Asia and Africa, is well poised to capitalize on the growing demand for financial sector targeted capital investment in these markets.
CA Pankaj Mundra, Co-Founder and Managing Director, Nimai, said “We are very excited to partner with Victoria Commercial Bank and will benefit from their business experience and deep understanding of the Kenyan market. After an intensive preparation, we are now commencing the launch of the Fund. We look forward to working with Victoria Commercial Bank to sourcing and developing investment opportunities for the Fund across East Africa.”