BancABC clinches P3bn financing deal

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.