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    Google Expands its Digital Wallet to South Africa

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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

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    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

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    PICTDA announces Resumption Date for Code Plateau Cohort

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    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

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    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

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    Is Africa Ready to Operate a Digital Monetary Policy?

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    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

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    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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Home FINANCE

Africa Guarantee Fund Gets $2.5 million USAID Fund to Boost SME operations in West Africa

by Nuel Umahi
January 25, 2022
in FINANCE, News
Reading Time: 3 mins read
0
Africa Guarantee Fund Gets $2.5 million USAID Fund to Boost SME operations in West Africa
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Non-banking financial institution, Africa Guarantee Fund (AGF) has received the sum of $2.5 million investment grant from USAID-funded West Africa Trade & Investment Hub to support high-potential Small and Medium Scale (SME) businesses in the region alongside the companies that finance them.

This is coming as an aid to SMEs as most of them in the region battle with gaining back their feet due to the post COVID-19 challenges.

According to its press release made available by Nairametrics, the received funds will add to the $20 million private equity funds and will be used to support its two-part COVID-19 Guarantee Facility.

The aggregated $22.5 million co-investment will aid AGF in absorbing additional pandemic-related risks and provide its guarantees Partner Financial Institutions (PFIs) on more favourable terms and conditions while remaining financially sustainable.

Speaking on the funds gotten, Jules Ngankam, AGF’s Group Chief Executive Officer said that the Guarantee Facility is a response to the COVID-19 related challenges. He also added that AGF is excited in patterning with the Trade Hub in order to increase its capacity in bridging the SME financing gap through innovative initiatives.

“Despite the internationally recognized importance of SMEs, African small businesses often have difficulties accessing financing for growth and innovation from the formal financial sector”, Ngankam said.

He added, “Over the past two years, SME financing challenges have further escalated due to economic uncertainties brought about by the impact of the pandemic.”

Speaking on the partnership, Robin Wheeler, the Trade Hub’s Chief of Party added that similar collaborations in the past yielded positive results.

He said, “Similar partnerships with Cordaid Investment Management and CrossBoundary, launched in 2021, are already showing success in bringing together the partners, capital, and resources that create a more stable environment for SMEs to grow and make a positive impact in the region. We are excited to add AGF as a co-investment partner.”

As expected through the COVID-19 Guarantee Facility, AGF will issue loan guarantees to 30 partner financial institutions (PFIs), allowing them to unlock up to $160 million in financing for approximately 3,000 West Africa-based SMEs impacted by the pandemic.

In addition, it is expected to provide technical assistance to the PFIs and SMEs benefiting from the COVID-19 Guarantee Facility to accelerate their post-pandemic recovery.

During AGF’s three-year partnership with the Trade Hub, the COVID-19 Guarantee Facility is expected to help SMEs create 15,000 new jobs, maintain 20,000 existing jobs, and collectively generate $100 million in sales and $8 million in exports.

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