A Mintos loan company operating in sub-Saharan Africa has secured $ 9m (£ 6.6m) in new funding for specialist finance operations in Botswana.
ExpressCredit Group, which is listed on Mintos’ European loan market, said operations in Botswana will allow it to diversify its financial resources and partially refinance its existing credit facilities funded by Mintos investors.
The funding commitment was provided by US alternative asset manager Finacity Corporation and consultancy firm Africa Growth Capital.
ExpressCredit Group said it will continue to provide attractive investment opportunities for retail investors by listing ExpressCredit Botswana personal loans on the Mintos platform.
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“Botswana is poised for strong economic growth, and we expect the demand for consumer loans to increase with this new financing facility,” said Charlotte Mathula, Managing Director of ExpressCredit Botswana, in a blog post on the Mintos website.
“The new loan financing program is timely to diversify financing opportunities and support ExpressCredit and its ambitious growth plans in Botswana. This will improve our liquidity and further strengthen our position in the market as one of the leading providers of specialist finance. “
Mintos last month downgraded the risk ratings of eight loan originators in its market and added ratings for recently added companies following a second quarter review.
In September, it hit the 7 billion euros (£ 5.97 billion) milestone.