GroFin honoured in Global SME Finance Awards

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GroFin’s innovative SME development model of combining access to finance, business support and market-linkages has received further recognition through an Honourable Mention at this year’s Global SME Finance Awards.

The GroFin Small and Growing Businesses Fund (“SGB Fund”) recently received this accolade in the “Product Innovation of the Year” category. The Global SME Finance Awards recognize outstanding achievements of financial institutions and fintech companies, in delivering exceptional products and services to their SME clients and are endorsed by the Global Partnership for Financial Inclusion (GPFI).

GroFin receives Honorable Mention at Global SME Finance Awards 2018

Guido Boysen, CEO, says GroFin is honoured by this recognition which affirms the merit of its approach to developing small and medium-sized businesses.

“GroFin has demonstrated how the typically very high fail rate among SMEs can be mitigated and through a model that is scalable. This means that GroFin’s approach can be replicated to make an even greater contribution to the development of emerging economies.”

Finance provided through the SGB Fund, coupled with business support interventions, have ensured that the SGB Fund has a viability rate of 86%, compared to a failure rate of 70- 90% for SMEs in emerging economies.

Guido Boysen says the SGB Fund is also regarded as innovative in its design to not only achieve socio-economic impact objectives, but also to generate sustainable returns for its investors.

“The ability to generate financial returns attracts investors and greatly strengthens the sustainability of the fund. This is crucial to any developmental project or fund which hopes to make a lasting impact.”

Earlier this year GroFin won the ICAEW and A4S Finance for the Future Awards, in the Building Sustainable Financial Products category, as well as the 2018 Islamic Economy Award in the ‘SME Development’ category.

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.

About the GroFin Small and Growing Businesses Fund (“SGB Fund”)

Established in 2014 and based on GroFin’s then decade-long experience in supporting entrepreneurs across emerging economies in Africa, the GroFin Small and Growing Businesses Fund (“SGB Fund”) focuses on SGBs that are typically neglected by traditional financiers and even conventional SME funds – the SME “missing middle” segment.

The Fund’s unique model integrates access to finance, business development skills and market linkages to ensure job creation at scale and facilitates the provision of vital services to low income households. It focuses on high impact sectors including education, healthcare, agribusiness, manufacturing and key services and further envelop women and youth as beneficiaries of its model.

GroFin wins Islamic Economy Awards 2018 in SME Development category

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GroFin is pleased to announce that it has won the 2018 Islamic Economy Award in the ‘SME Development’ category. The winners were announced at the Awards ceremony held in Dubai this Wednesday 30 October 2018.

The Islamic Economy Award was launched in 2013 under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and directed by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.

The Islamic Economy Award is managed independently by Thomson Reuters and is adjudicated by an esteemed judges’ panel based on formal, established criteria.

GroFin was represented by its Regional Investment Director for the Middle East and North Africa region, Mohamed Hawary, who collected the award on behalf of the company.

“This award is testimony to the efforts made by GroFin to ensure its products are accessible to one and all. We, at GroFin, are determined to provide our clients with financing that respects the customs and beliefs of our clients,” says Mohamed Hawary.

GroFin wins 2018 Islamic Economy Awards in the category of 'SME Development'

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, presents award to Mohamed Hawary, GroFin Regional Investment Director for the Middle East and North Africa region

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, presents award to Mohamed Hawary, GroFin Regional Investment Director for the Middle East and North Africa region

The Islamic Economy Award is held every year and has the following categories; Money and Finance, Media, Food and Health, Waqf and Endowments, SME Development, Islamic Economy Knowledge Infrastructure, Islamic Arts, Hospitality and Tourism, and the Lifetime Achievement Award.

This is the second prestigious award for GroFin this year as it also won Finance for the Future Awards in the Building Sustainable Financial Products category. Finance for the Future Awards is run by ICAEW and A4S along with their partner Deloitte.

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.

Soros Economic Development Fund commits $8 million to GroFin’s Nomou Jordan Fund

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GroFin is pleased to announce that Soros Economic Development Fund has committed $8 million to its Nomou Jordan Fund.

GroFin specializes in financing and supporting small business growth across Africa and the Middle East. Its Nomou Jordan Fund provides patient capital and business support services to small and medium-size businesses (SMEs) in Jordan and thereby contributing to the growth of Jordan’s economy and the creation of sustainable jobs. The business support services include helping to position emerging SMEs to be investment ready and networking them to local and international business opportunities.

The Nomou Jordan Fund was launched in 2014 and as of 30 June 2018 has invested $21 million in 35 SMEs in Jordan, out of which $9 million was invested in 14 SMEs owned by or employing refugees. Over the next two years the Fund will deploy at least $5 million in additional capital such SMEs, which tend to be underserved by traditional lenders.

In addition to the financial investment, GroFin will also provide these SMEs with business support at pre-finance and post-finance stages, including helping to get the enterprises investment-ready and making connections to local and international business opportunities. In addition, GroFin will encourage all of the 50+ SMEs in its portfolio in Jordan to support refugees, either through employment or providing products and services to refugee communities.

The investments by the Nomou Jordan Fund have been made possible with the support of its investors including Shell Foundation, KFW, Lundin Foundation, UK Aid, GroFin Capital and the most recent commitment from the Open Society Foundations’ Soros Economic Development Fund.

GroFin CEO, Guido Boysen said:

“With this additional funding from the Open Society Foundations, Nomou Jordan Fund will be able to expand its reach and focus to make its investments in a more inclusive way, by improving livelihoods for Jordanians as well as members of the country’s substantial refugee population”

GroFin wins its category at the 2018 Finance for the Future Awards

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GroFin is pleased to announce that it is the winner of the Finance for the Future Awards, in the Building Sustainable Financial Products category.

Finance for the Future Awards is run by ICAEW (Institute of Chartered Accountants in England and Wales) and A4S (The Prince’s Accounting for Sustainability Project) along with their partner Deloitte. The prestigious awards saw nominees, in the different categories, such as HSBC (UK), Coca Cola and Standard Bank Group amongst others.

With the Building Sustainable Financial Products category, the nominees competing with GroFin were the highly-recognised and highly-respected nominees, namely, Abundance Investment (UK), Environmental Finance (UK), QBE (Australia) and Yes Bank (India).

The award ceremony took place in London on the 16th of October and GroFin was represented by its CFO William Morkel who collected the award on behalf of the company.

“I would like to dedicate this award to our employees, as well as our clients and investors. It is testimony to the collective effort we undertake here at GroFin to bring about positive social and financial impact in the lives of the people we serve,” says Guido Boysen, GroFin CEO.

GroFin wins 2018 Finance for the Future Awards

Finance for the Future Awards is held every year and has six categories namely; Embedding an integrated approach, Innovative project, Communicating integrated thinking, Investing and financing, Building sustainable financial products and Driving change through education, training and academia.

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:

Sharmila Kowlessur (Chief Marketing Officer – GroFin) on +230 452 9156 , or email [email protected]

Notes to editors:

ICAEW connects over 147,000 chartered accountants worldwide, providing this community of professionals with the power to build and sustain strong economies.

Training, developing and supporting accountants throughout their career, we ensure that they have the expertise and values to meet the needs of tomorrow’s businesses.

Our profession is right at the heart of the decisions that will define the future, and we contribute by sharing our knowledge, insight and capabilities with others. That way, we can be sure that we are building robust, accountable and fair economies across the globe.

ICAEW is a member of Chartered Accountants Worldwide (CAW), which brings together 11 chartered accountancy bodies, representing over 1.6m members and students globally.

The Prince’s Accounting for Sustainability Project (A4S)

The Prince’s Accounting for Sustainability Project (A4S) was established by HRH The Prince of Wales in 2004. Our aim is to make sustainable decision making business as usual.

We work with the finance and accounting community to:

  • Inspire finance leaders to adopt sustainable and resilient business models
  • Transform financial decision making to enable an integrated approach, reflective of the opportunities and risks posed by environmental and social issues
  • Scale up action across the global finance and accounting community

A4S has three global networks: the Chief Financial Officers Leadership Network, a group of CFOs from leading organizations seeking to transform finance and accounting; the Accounting Bodies Network whose members comprise approximately two thirds of the world’s accountants; and, the Asset Owners Network which brings together Pension Fund Chairs to integrate sustainability into investment.

www.accountingforsustainability.org

Deloitte

In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NWE LLP, which is a member firm of DTTL, and is among the UK’s leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk.

GroFin opens 16th office across Africa and MENA, to invest in SMEs in Senegal

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GroFin, a pioneering SME development financier, has opened its office in Senegal, furthering its expansion into West Africa’s Francophone belt after Ivory Coast.

With the opening of this office, Senegalese entrepreneurs can expect to benefit from the unique model of appropriate, medium-term finance and specialised, value-added business support that GroFin extends to Small and Growing Businesses (SGBs) across its locations of operation.

Headquartered in Mauritius, GroFin currently has an investment footprint in 14 countriesacross Africa and the Middle East – straddling key economies in Eastern Africa, Western Africa, Southern Africa and the Middle East and North Africa (MENA) region – with one to two countries expected to be added each year.

GroFin’s latest in-country expansion heralds a new investment horizon for its flagship Small and Growing Businesses Fund (SGB Fund). Launched in September 2014 across nine African countries, the Fund has capital commitments of USD 100 million, making it one of the largest funds specifically targeting SGBs in Africa.

The SGB Fund follows on the fully invested GroFin Africa Fund, marking 13 years during which GroFin has supported over 8,500 entrepreneurs and invested in 640 SGBs, as well as sustained 104,950 jobs, benefitted 524,770 livelihoods and added economic value exceeding USD 700 m per annum through its investees, as at 30th June 2017.

With an evergreen structure, the SGB Fund was created by GroFin together with the Shell Foundation, an independent charity; the German Development Bank, KfW; the Norwegian Investment Fund for Developing Countries, Norfund; and the Dutch government through the Dutch Good Growth Fund (DGGF).