SASFIN BANK LIMITED NASIRA PORTFOLIO
Status: Completed 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
Sasfin Bank Ltd. is a commercial bank which specialises in asset backed lending to SMEs. It was established as a family-owned textile importer in 1951 and shifted towards providing trade finance in 1970. Sasfin obtained its banking license and registered as a commercial bank in 1999. Sasfin Bank is fully owned by Sasfin Holdings Limited which obtained a listing on the JSE in 1987. The Bank provides secured loans to SMEs in the form of office and capital equipment leases, trade finance, debtor finance and commercial property finance.
What is our funding objective?
While FMO's mission is to empower entrepreneurs across the developing world, not everyone benefits equally from the processes that lead towards economic and social development. This is especially true for female, young and migrant entrepreneurs who are often at a detrimental position when it comes to accessing financial services to develop their businesses. The NASIRA guarantee seeks to address these inequalities by encouraging our partners to increase lending to these segments and contributing to inclusive development. COVID-19 affected businesses will also benefit from the NASIRA guarantee.
Why do we fund this investment?
FMO chose Sasfin as it is is one of our key longstanding and trusted partners in South Africa. The bank’s SME drive, genuine focus on financial inclusion and innovative spirit made it a suitable candidate for this first NASIRA guarantee.
What is the Environmental and Social categorization rationale?
No significant E&S risks were identified in connection with the new transaction. Sasfin remains a category FI-B client with a well-functioning Environmental and Social Management System.
- Region
- Africa
- Country
- South Africa
- Sector
- Financial Institutions
- Effective date
- 9/30/2020
- End date
- 5/6/2024
- Total FMO financing
- ZAR 559.58 MLN
- Funding
- FMO NV
-
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