Forest Capital (“Forest”), the investment subsidiary of Farmforte Limited (“Farmforte”, or the “Company”), has acquired Kayvee Microfinance Bank as part of its strategic imperative to create greater synergy between socio-economic empowerment, agriculture, and the finance sector.
Speaking on the acquisition, Osazuwa Osayi, Farmforte’s co-Chief Executive Officer, said: “This strategic acquisition demonstrates our commitment to continuously improve our portfolio and effect economically sustainable developments, primarily across the agri-value chain. Our multi-pronged enterprise growth strategy is ever-reliant on the financial and technological advancement of our growing 112,000 smallholder farmer network, which will be up to 1 million by the close of 2022. With a widely heralded generation of disruptive banking services, and wider sector focus on mobile-first, personalised banking, we are structuring a world class and formidable agriculture services ecosystem via Forest Capital.”
A Tier-1 digital microfinance bank operating under the license of the Central Bank of Nigeria (CBN), Kayvee MFB leverages technology to provide savings and lending platforms to support the CBN’s financial inclusion strategy.
Forest’s short term strategic diversification plans include a ramp up of its investment advisory services, the development of high yield portfolio investments, and the build out of Forest Bank, a modern digital interface based on the rapidly evolving concept of API-driven embedded finance.
Also speaking on the acquisition rationale, Forest Capital Managing Director, Paul Okunaiya, said: "As Africa’s digital financial services sector grows exponentially in the next few years, this transaction underpins our desire for a necessary symbiosis between the unbanked and private entities pertaining to access, relevance, and ultimately trust. With about 350 million adults un-served by the financial services industry in sub-Saharan Africa, there is more emphasis on financial inclusion, and Forest is poised to provide much-needed solutions to individuals and corporates, from farmers to entrepreneurs, and industries at large.”
Forest will bridge the access to requisite financing across the agriculture value chain for small to medium scale farmers, infrastructure and supply chain operations, distributors, wholesalers, and retailers, last mile delivery and Ag. tech-driven startups.
For more information, please contact:
Kevin Johnson-Azuara
Head, Marketing & Corporate Communications
8 The Rock Drive,
Lekki, Lagos, Nigeria.
Email: [email protected]
Tel: +234 (0) 809 200 0048
About Farmforte
Farmforte is an impact-oriented and innovation-driven value chain development company focused on creating novel solutions to existing problems within the African landscape. With significant verticals spanning the agriculture landscape, including a global land bank of 250,000 hectares, the company utilises technology and enterprise models to create efficient and affordable methods to produce crops, add value, and create greater market access. For more information, visit www.farmforte.com.
About Forest Capital
Forest Capital is a Private Equity Fund Management and Investment Advisory Company, which provides private equity, private credit, quasi-equity and mezzanine instruments for financing projects, infra-development, and expansions. Registered as a Global Business Company under the Financial Services Act of Mauritius, it deploys international best practices and in full compliance with domestic regulatory environments, and emerging trends in technology and customer experience. The company has a mid-term investment target of US$350 million across scaleable established businesses within the agriculture, technology, finance, manufacturing, retail, and renewable energy sectors.
