AFRICAN CENTURY LIMITED
Status: Approved investmentWhy disclosure?
FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more
In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
African Century Ltd (ACL) is a Zimbabwean leasing company founded in October 2010 by an existing Zimbabwean client of FMO and its largest shareholder, a UK based investment company African Century. Up to date, ACL has set up a team of 15 employees, built a good quality portfolio of US$ 29 million and has been profitable since its first year. The overall mission of the company is to create opportunities for SMEs to grow their business more cost-effectively with reduced capital outlay. It provides financial lease, primarily for productive equipment (machinery) and moveable assets (vehicles).
What is our funding objective?
ACL will benefit from a US$ 5 million loan from MASSIF with a four year tenor to be used for on-lending in the form of financial leases to SMEs. The transaction fits well within FMO’s and MASSIF’s strategy of building a comprehensive financial system in one of the world's poorest countries and creating access to finance for SMEs.
Why do we fund this investment?
FMO is committed to creating sustainable economic impact in emerging markets. By providing long term funding to ACL it will contribute to the development of the SME sector in Zimbabwe. The country remains deprived from adequate access to finance, which is also the case for an early growth leasing company.
More investments
| Date | Total FMO financing |
|---|---|
| 7/12/2018 | EUR 0.01 MLN |
- Website customer/investment
- http://www.africancentury.co.zw/contact-us
- Region
- Africa
- Country
- Zimbabwe
- Sector
- Financial Institutions
- Effective date
- 6/11/2015
- Total FMO financing
- USD 5.00 MLN
- Funding
- MASSIF
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B