BancABC clinches P3bn financing deal

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BancABC parent company, Atlas Mara has partnered up with the US government’s development finance institution, the Overseas Private Investment Corp, for a $300 million(P3 billion) project to finance acquisitions and on-lending across Africa.

Under the terms of the agreement, OPIC will provide $200 million in long-term debt and Atlas Mara will provide $100 million of committed resources, to expand the operations of Atlas Mara’s Southern African banking platform BancABC.

BancABC will scale up its SME loan portfolio, increase on-lending for financial inclusion products, and invest in information technology upgrades to quicken implementation of its new financial technology and mobile banking initiatives, Atlas Mara said.

Editor's Comment
Doctor's orders can't be overemphasised

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