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Arise, a new investment company focused on the banking sector, has launched.
It is the brainchild of international institutions, Norfund, FMO, and Rabobank, which collectively manage more than US$660-million in assets.
“The main objective of establishing this company was to strengthen and develop effective, inclusive financial systems in Africa in order to contribute to economic growth and poverty reduction,” said the CEO of Arise, Deepak Malik, in a press release to Ventureburn.
“Arise will take and manage minority stakes in Sub-Saharan African Financial Service Providers (FSPs) with the core aim of building strong and stable institutions that will serve retail, small and medium enterprises (SMEs), the rural sector, and clients who have not previously had access to financial services,” he continued.
Arise will aim to support sustainable growth and development of FSPs by providing them with technical assistance and management services in the field of governance, management, innovation, and many others.
“Arise will increase the availability of financial services to SMEs and will provide a platform for people in Sub-Saharan Africa to empower themselves by opening bank accounts and taking loans — in turn building a better life for their families,” said Malik.
Arise looks to bolster SMEs by empowering financial institutions even further
“Norfund invests in financial institutions to strengthen their ability to supply capital and financial services to SMEs and unbanked people in Sub-Saharan Africa and thereby contribute to economic growth and poverty reduction,” said CEO of Norfund Kjell Roland in a separate press release.
“The establishment of Arise will contribute to the development of the financial sector in Africa on a scale which is far beyond what Norfund can achieve by itself. By partnering with experienced, like-minded investors such as FMO and Rabobank, will ensure that Arise benefits from excellent banking, technical and managerial expertise,” he continued.
Malik further mentioned the measures put in place to ensure the accelerators success such as a diverse team of local and international specialists and industry experts. Capital will also be allocated to new investments with the aim of growing their current assets to more than US$1-billion.
“We are excited to be spearheading this new venture and sincerely believe that we can make a difference in our own small way,” concluded Malik.
Featured image: Rob Schleiffert via Flickr