Thursday, 18 April 2019 05:50

Dubai’s Nimai Capital, Kenya’s Victoria ComBank to launch $ 150 m Emerging Financial Services Fund

Initiative focused on financial services in South Asia and Africa
Initial target geographies for the fund will be Sri Lanka, Bangladesh, Nepal, India, Ghana, Tanzania, Kenya
Plans to invest up to maximum of $ 45 m in Sri Lankan financial services sector


Nimai Capital has 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 $ 150 million 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 Sri Lanka, Bangladesh, Nepal, India, Ghana, Tanzania and Kenya. 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.

Nimai Emerging Financial Services Fund plans to invest up to maximum of $ 45 m in Sri Lankan financial services sector.

The fund also assist 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.

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.

Victoria Commercial Bank (VCB) is a respectable Kenyan financial institution with a history of over three 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, Victoria Commercial Bank CEO Yogesh Pattni said: “We have been associated with Nimai for over two 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 multi-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 capitalise on the growing demand for financial sector targeted capital investment in these markets.

Nimai Co-Founder and Managing Director CA Pankaj Mundra 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.”

Victoria Commercial Bank is a leading commercial bank in Kenya providing quality financial services with a focus on client orientation, integrity and professionalism. VCB focuses on serving large corporations and high-net-worth clients. Victoria Commercial Bank Ltd. was founded in 1987 and is based in Nairobi, Kenya.

Nimai Emerging Financial Services Fund is a dedicated $ 150 m private equity fund set up by Nimai Capital focusing on investments in the banking and financial services space in Africa and South Asia. The Fund will selectively invest in technology/mobility enabled emerging financial services opportunities which includes but not limited to banking, insurance, retail and housing finance, microfinance, etc. and aim, through its investments, to improve the lives of at least 1.7 million financially underserved customers.

The Fund will work in partnership with entrepreneurs and management teams with proven track records of success and ambitions to scale up financial services opportunities in emerging and frontier markets. The fund seeks to create value by helping businesses drive sustainable growth, leverage core capabilities, and access international markets.

(FT)

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