GroFin press releases and media articles.

GroFin Iraq partners with Orange Corners Erbil to offer training and finance to young, local entrepreneurs

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29th of April 2022, Erbil

GroFin Iraq partners with Orange Corners Erbil to offer training and finance to young, local entrepreneurs

GroFin and Orange Corners Erbil are excited to announce a new partnership to provide coaching, mentoring and financial assistance, in the form of the Orange Corners Innovation Fund (OCIF), to local startups as part of the Orange Corners programme in Kurdistan, northern Iraq.

GroFin Iraq will offer skills workshops and one-on-one coaching sessions to nearly 100 entrepreneurs, participating in the Orange Corners incubation programme in Erbil. After completing the six-month programme, incubatees will be selected to receive additional financial assistance from OCIF and continued business support over the next three years.

OCIF is an additional programme to Orange Corners. It aims to stimulate innovation and improve access to finance for entrepreneurs in Africa and the Middle East.

“We see a lot of potential in the young Kurdish entrepreneurs and therefore we are very eager to support this Orange Corners Innovation Fund. We believe this fund encourages their initiatives and enthusiasm to develop a sustainable entrepreneurial environment in the KRI”.

Maaike Keizer, Deputy Consul General of the Netherlands in Erbil

GroFin’s activities will be carried out in collaboration with the Orange Corners incubation programme, initiated by the Netherlands Consulate General in Erbil, implemented by Mselect and supported by funding from AsiaCell and in-kind contributions from Rwanga Foundation, Babylon Group, Mena Associate, and Field Ready.

Ashraf Esmael, Chief Investment Officer, Middle East at GroFin, says: GroFin is excited to broaden its impact in Iraq through working with partners to administer the Orange Corners Innovation Fund.

“GroFin was founded based on the belief that entrepreneurs need more than money to successfully grow their businesses. We are proud to be part of a project that recognises this and will enable us to advise and guide an even greater number of young Iraqi entrepreneurs to start and grow their businesses, so they create sustainable livelihoods for Iraqis.”

Ashraf Esmael, Chief Investment Officer, Middle East at GroFin

GroFin is an impact-driven SME financier providing not only business loans but continuous advice and guidance to the entrepreneurs it finances across Africa and the Middle East. Since launching its operations in Iraq in 2013, GroFin Iraq has facilitated nearly USD14.5 million in financing to 39 Iraqi SMEs to help sustain nearly 1,500 direct and indirect jobs.

Raed Badran, Investment Executive at GroFin Iraq, says:  The training and mentorship offered to Orange Corners incubatees will help to ensure that they are equipped to turn their business ideas into viable businesses.

“Business skills and knowledge are crucial in helping Iraqi startups to succeed in a very challenging operating environment. GroFin’s experience in supporting small businesses in Iraq has given us valuable insight into the real challenges entrepreneurs face on the ground and the skills they need to overcome them.”

Raed Badran, Investment Executive at GroFin Iraq

David Tannourji, Business Communication manager at MSELECT and Programme Manager for Orange Corners Erbil, says:

“We are thrilled to have such a great partnership with GroFin and we look forward to a fruitful collaboration that will support the programme and the entrepreneurial ecosystem in the region”.

About GroFin

GroFin is a specialist, impact-driven SME financier and fund manager. We help entrepreneurs succeed by providing them with expert advice, continuous guidance, and finance to grow their businesses. We believe that growing a small business sector that can create sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives.

About Orange Corners

Orange Corners (OC) aims to improve job prospects for youth between the ages of 18 and 35, in Sub-Saharan Africa and the Middle East. OC is a public-private initiative, active in 14 countries, with 17 hubs and counting. The programme strengthens ecosystems for youth entrepreneurship and youth employment. Furthermore, Orange Corners stimulates the entrepreneurial mindset of young people. It offers incubation, acceleration, access to finance, education and training, better policies and business challenges, with a strong involvement of the Embassies or Consulates General of the Kingdom of the Netherlands and partners from the private sector. Herewith, Orange Corners actively contributes to creating sustainable and inclusive economic growth and decent work for all (SDG8).

Orange Corners is managed by the Netherlands Enterprise Agency (RVO) at the request of the Dutch Ministry of Foreign Affairs.

More information:

GroFin:
Mari Blumenthal

[email protected]

Orange Corners:

Mike Sips

[email protected]

GroFin becomes latest signatory to IFC Impact Principles

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15 December 2020. Bambous, Mauritius. GroFin is proud to further its commitment to global best practice in managing investments that generate impact by becoming a signatory of the Operating Principles for Impact Management. IFC led the development of and launched the Impact Principles in April 2019 to provide a global standard and reference point for assessing the impact management systems of investment funds and institutions. The Principles provide a framework for investors to ensure that impact considerations are purposefully integrated throughout the investment life cycle and aim to bring greater rigour and transparency to the impact investing market. As a signatory, GroFin would be required to produce annual disclosure statements describing how each Principle is incorporated into its investment process and to carry out independent verification of its impact management and measurement system.

Brienne van der Walt, CEO of GroFin, says becoming a signatory is a milestone that publicly demonstrates and reinforces the company’s disciplined approach to achieving, measuring, and reporting on impact.

“GroFin was founded to be an agent of impact and recording how our investments improve lives and communities has always been an integral part of who we are and the commitment we make to our investors. We have continuously sought to improve our impact measurement and management framework and to ensure that we adhere to international best practice. We view this as another important step on that journey.” – Brienne van der Walt, GroFin CEO

Roubesh Jhumun, GroFin’s Impact & ESG Manager, says adhering to the Impact Principles further exemplifies GroFin’s engagement to establish a robust impact management system and provide greater transparency on our ability – and that of our investors and partners – to generate long-lasting positive impact in the communities where our investees operate.

“GroFin is excited to become part of a global community of impact investors joining hands to share insights and learn from one another as we continuously push the frontiers of impact measurement and management practice. As part of this community, GroFin can also contribute to the further development of the impact investment industry which continues to grow and mature.” – Roubesh Jhumun, GroFin Impact & ESG Manager

According to the Global Impact Investing Network (GIIN), the size of the global impact investment industry is estimated to be around $715 billion. The GIIN says the industry continues to show steady growth, while impact measurement and management practices have noticeably evolved over the past decade to become sophisticated and rigorous.

About GroFin

GroFin is a specialist, impact-driven SME financier. We help entrepreneurs succeed by providing them with expert advice, continuous guidance, and financing to grow their businesses. We believe that growing a small business sector that can create sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives.

Since its inception in 2003, GroFin has invested in over 700 SMEs and sustained nearly 90 000 jobs. Headquartered in Mauritius, we offer financing and support to SMEs in 14 countries in Africa and the Middle East. GroFin is supported by 34 international finance institutions, development organisations, and private funders who have committed nearly $510 million in capital & grants to our funds.

GroFin launches COVID-19 SME Support Fund in Northern Iraq

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GroFin, with the support of USAID through a gift from the American people, is extending $1.5 million in financing to help small businesses in Northern Iraq overcome the crippling impact of the COVID-19 pandemic.

Ashraf Esmael, GroFin Chief Investment Officer: Middle East, says the pandemic has placed economies under immense pressure and has hit SMEs especially hard.

“The sudden halt in trading caused by strict lockdown measures has left many small businesses in Iraq’s Nineveh governorate struggling to cover their expenses. We are providing them with the working capital they need to survive and to preserve jobs and livelihoods.” – Ashraf Esmael, GroFin Chief Investment Officer: Middle East

The Fund offers loans of between $10,000 and $100,000 to existing businesses. The loan tenor is between 12 and 48 months, where the first 12 months is interest-free and a concessionary interest rate of 5% is levied for the remaining term.

Esmael says GroFin has moved quickly to adapt its existing programme in Northern Iraq to respond to the urgent financing need created by the COVID-19 crisis. In 2019, GroFin launched Northern Iraq Investments (NII) to help rebuild the local SME sector after the severe damage inflicted on the region’s infrastructure and economy when it was invaded by ISIS.

“Our work in Northern Iraq has shown us that access to financing is a major obstacle for local entrepreneurs who are trying to rebuild their businesses in a very difficult environment. We knew that we had to adapt our approach in the wake of COVID-19 for NII to fulfill its goal to help grow sustainable small businesses that create jobs,” Esmael explains.

USAID has committed a total of $7.5 million to NII to support business activities and SMEs in Northern Iraq as part of its Middle East and North Africa Investment Initiative. This amount includes the $1.5 million set aside for the COVID-19 SME Support Fund.

“USAID is happy to support Northern Iraq businesses recover from the economic shock caused by this pandemic,” says USAID Mission Director Dana Mansuri.

“This flexible small business loan program is another example of the longstanding U.S. commitment to the people of Iraq. Small businesses are an important driver of growth and recovery, and thus, our ongoing support to private enterprise and entrepreneurship in Iraq is important in helping Iraqis grow, prosper, and build their futures,” Mansuri concludes. GroFin has been operating in Iraq since 2013 and its funds have already invested $7.5 million in SMEs in the country, helping these businesses to sustain 658 jobs. Its staff in Iraq have also provided technical assistance to over 100 Iraqi entrepreneurs, assisting them in setting up and formalising their businesses to contribute to economic growth and stability. GroFin Iraq currently has offices in both Basra and Erbil, with plans to open a third in Baghdad.

About GroFin

GroFin is a specialist, impact-driven SME financier. We help entrepreneurs succeed by providing them expert advice, continuous guidance, and financing to grow their businesses. We believe that growing small businesses to create sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives.

Since its inception in 2004, GroFin has invested in over 700 SMEs and sustained nearly 90 000 jobs. Headquartered in Mauritius, we offer financing and support to SMEs in 14 countries in Africa and the Middle East. GroFin is supported by 34 international finance institutions, development organisations, and private funders who have committed nearly $535 million in capital & grants to our funds.

New CEO takes the helm at GroFin

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Port Louis, Mauritius. GroFin, an impact-first SME financier, is excited to announce that Brienne van der Walt has started his tenure as the company’s new CEO.

Brienne joined GroFin as Chief Investment Officer before succeeding Guido Boysen as CEO, who served GroFin since 2007.

Brienne says he is excited about his new role and optimistic about what the future holds for GroFin and its clients.

“I am honoured by the opportunity to lead a company driven by the objective to make a real and positive impact on people’s lives. GroFin finances SMEs, but ultimately, we invest in communities.”

GroFin improves people’s lives through empowering entrepreneurs with the financing and support they need to grow sustainable businesses that create jobs. The company has sustained nearly 91 000 jobs by financing over 700 SMEs in Africa and the Middle East.

“Many of the problems so prevalent in the countries where we operate – whether it is unemployment in Africa or political instability in the Middle East – create negative ripple effects around the world. Job creation remains one of the most powerful forces to counter this,” Brienne adds.

Jurie Willemse, Chairman of GroFin, says Brienne is a dynamic and values-driven leader with relevant experience and insight.

“Brienne brings the qualities GroFin would look for in a CEO. I am confident he will lead GroFin to even greater success in achieving our founding objective to develop successful SMEs at scale, in order to create jobs and measurable impact.”

An entrepreneur himself, Brienne has over 20 years of experience in corporate and business banking, financial services, and public sector consultancy. He has extensive knowledge of the African SME sector and is available for telephonic media interviews, or to provide media comment, on the following topics:

About GroFin

GroFin is a specialist, impact-driven SME financier. As a pioneering private development finance institution, GroFin combines medium-term loan capital and development assistance to grow small and growing businesses (SGBs) in emerging market. Since its inception in 2003, GroFin has invested in over 700 SMEs and sustained over 90 900 jobs. We have the support of 34 international finance institutions, development organisations, and private funders with committed capital of nearly $500 million. Headquartered in Mauritius, GroFin operates in 15 countries across Africa and the Middle East.

Media enquiries:
Mari Blumenthal
GroFin Content Specialist

Email: [email protected]

GroFin wins the ‘SME Financier’ category in AGF Awards

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The Awards were presented at a gala dinner hosted in Sandton, Johannesburg last week and attended by nearly 100 professionals from the asset management and private equity industry. The AGF Awards are decided by an independent panel of esteemed industry leaders and experts and the winners are determined solely on merit.

“GroFin is honoured to be recognised for our work in developing SMEs in Africa through our model of providing our clients support beyond finance. We are proud to contribute to increasing direct investment into Africa through financing businesses that deliver real impact alongside positive returns,” – Guido Boysen, CEO of GroFin

Africa Global Funds (AGF) is a leading monthly publication which provides coverage and analysis of the African asset management, investment and private equity industries. AGF created the Awards to honour and generate both industry and public recognition of the outstanding efforts and accomplishments of Fund Service Providers covering Africa.

This was the first year that a category for fund managers in the SME space was added to the list of awards presented. GroFin was shortlisted for this award alongside two strong competitors namely, Spartan SME Finance and Barak Fund Management. Other award categories recognised firms such as Investec, Standard Bank, Maitland, Webber Wentzel, and BNY Mellon for excellence in providing specialised fund administration, brokering, banking, legal and advisory services in the African asset management space.

“GroFin is honoured to be recognised for our work in developing SMEs in Africa through our model of providing our clients support beyond finance. We are proud to contribute to increasing direct investment into Africa through financing businesses that deliver real impact alongside positive returns,” said Guido Boysen, CEO of GroFin.

GroFin was established in 2004 to provide a unique solution of finance and support to SMEs previously doomed to the ‘missing middle’ because they are considered too big for micro-finance and too small for private equity funds. Since its inception in 2004, GroFin has invested nearly $340 million in over 700 SMEs in Africa, as well as the Middle East.

About GroFin

GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. By successfully combining medium-term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 90 000 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin is headquartered in Mauritius.

Media Enquiries:
Marketing & Communications Department
Email: [email protected]

Brienne van der Walt appointed as successor to Guido Boysen

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GroFin today announced that Brienne van der Walt, currently Chief Investment Officer, has been appointed as its CEO, effective 13 January 2020, to succeed Guido Boysen who will relocate back to Europe.

Jurie Willemse, GroFin Chairman said: “Guido’s drive combined with his commitment to serving the best interests of the company, have materially strengthened GroFin. He leaves a strong company well placed for future success. I’d like to thank him for his contribution to GroFin.”

“I am excited about the future of GroFin as Brienne has the qualities that we looked for in a CEO. He is a multi-disciplinary thinker with broad experience, shows intellectual curiosity, is entrepreneurial, yet objective.  He has strong technical skills and great business insight. He is a strong, dynamic and values-driven leader. The Board warmly welcomes Brienne to the role and wishes him every success.”

Guido Boysen, GroFin CEO said: “I congratulate Brienne on his appointment and look forward to working with him during the transition period. Brienne is a proven leader that shows appreciation for people, he builds respect and trust and his appointment is well supported by fellow team members.”

“It has been an honour to lead GroFin over the last years. Throughout this time, I have been humbled by the commitment and hard work of our people, and their passion for creating a truly purpose-driven company. I am very grateful to them, as I am to GroFin’s supportive investors and other stakeholders, with whom we have worked to build our unique business”.

Brienne van der Walt said: “It will be a great privilege to lead GroFin, a truly pioneering impact first SME financier full of talented people. I have seen first-hand the many ways in which GroFin finance and business support improve people’s businesses, positively impacting so many lives every day.”

“I’d also like to extend my gratitude to Guido for his leadership of GroFin and look forward to working closely with him during the transition.” 

Guido Boysen’s tenure as CEO ends 12 January 2020. He will support the transition process in the first half of 2020 and will leave the company at the end of June.

A successor to the role of Chief Investment Officer will be announced shortly.

About GroFin

GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. We combine medium term loan capital and specialised business support to grow SGBs in emerging markets. By successfully combining medium term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 90,900 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin has its headquarters located in Mauritius.

Media Enquiries:
Marketing & Communications Department
Email: [email protected]

GroFin receives high accolade at Nigerian Healthcare Excellence Awards

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GroFin Nigeria won the Outstanding Healthcare Project-Friendly Financial Institution of the Year Award at the Nigerian Healthcare Excellence Awards (NHEA) 2019.

The award recognises banks and financial institutions that have created an inclusive innovative financing model for healthcare entrepreneurs or healthcare SMEs across the value chain. NHEA is an initiative of Global Health Project and Resources in Partnership with Anadach group and celebrates organisations who have contributed immensely to the growth of the Nigerian healthcare sector.

Felix Ezeh, Investment Executive at GroFin Nigeria, felt honoured that GroFin was recognised for this prestigious award:

“By this award, the public that voted for GroFin made a statement that they are appreciative of the work we are doing.  We heard them.  Our promise to them is that this award will only spur us to do more.”

NHEA’s recognition aims to stimulate quality improvement and innovation in the Nigerian health sector leading to improved service delivery & management of key health issues and the capacity of individuals to influence and set new performance standards in Nigeria & beyond.

GroFin’s unique model of combining finance and business support helps healthcare entrepreneurs and SMEs overcome challenges and improves their ability to manage the complexity of a growing business. GroFin has dedicated healthcare investment and business support expertise, both through its in-house healthcare “industry experts” and through formal partnerships with specialist healthcare partners like Medical Credit Fund (MCF).

GroFin’s healthcare portfolio in Africa and the Middle East consists of investments made in 41 SMEs, representing a total investment of US$ 16M, across the value chain of businesses in the healthcare industry including hospitals, clinics, dental facilities, maternal care and pharmaceutical outlets. Business support offered by GroFin includes a business planning framework, quality management systems, cash flow advice, medical waste management systems as well as operations and management expertise. And through its investments, GroFin has over 277,280 patients able to obtain medical care services annually and has helped sustain a total of 3,950 healthcare related jobs.

The NHEA 2019 brought further good news as a GroFin Nigeria exited client Healthplus Limited won Retailer of the Year Award, further helping to cement GroFin’s impact in the health sector of Nigeria.

About GroFin

GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. We combine medium term loan capital and specialised business support to grow SGBs in emerging markets. By successfully combining medium term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 88,150 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin has its headquarters located in Mauritius.

Media enquiries: Felix Ezeh, [email protected]

GroFin Executive Transition Announcement

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GroFin and its Board of Directors are announcing that effective 12 January 2020, Guido Boysen, Chief Executive Officer, is leaving the company to begin the next chapter of his career.  Over the past 12 years, Guido has played an instrumental role in establishing a culture of mutual respect, collaboration, and innovation within GroFin and among our stakeholders in the SME development and impact community.

We are grateful for his tireless efforts in helping GroFin grow and develop from its early years. Guido effected extensive change throughout GroFin and the SME development finance sector by implementing a benchmark SME risk finance system for the underserved.

“I am deeply inspired by how far GroFin has come and how many lives it has touched. The knowledge that now is right time for the next chapter in GroFin’s journey has helped me to make this difficult decision. I believe now is the time to secure GroFin’s future through new leadership, a fresh investment focus and boundless passion. There will always be challenges, but I am confident that GroFin is now poised to enter an exciting period in its history,” said Boysen.

“I will focus my remaining time with GroFin on facilitating a smooth transition to new leadership and support the implementation of the company’s medium-term Strategic plan. I also want to thank an outstanding GroFin team and our community of investors, funders, and advocates whose commitment and passion helped fuel our progress and demonstrable impact”. 

Jurie Willemse, GroFin Founder and Chairman, said:

“Guido and I share a passion and commitment for the mission of GroFin, and we both recognise the need for the business to continue to evolve. I am grateful for what Guido has contributed during his time with GroFin and he has played an instrumental role in getting GroFin to this point. We will miss Guido, but he leaves GroFin well positioned for further development and growth and we sincerely thank him for his leadership and great contribution to the company. The Board and senior team are committed to continuing to move GroFin and its mission forward as we have done for the last 15 years.”

An announcement regarding the appointment of a new CEO will be made in due course. If an appointment is not made by 1 January 2020, Chairman Jurie Willemse will lead GroFin in an executive capacity in the interim.

About GroFin

GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. We combine medium term loan capital and specialised business support to grow SGBs in emerging markets. By successfully combining medium term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 88,150 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin has its headquarters located in Mauritius.

Media Enquiries:
Marketing & Communications Department
Email: [email protected]