On February 2nd, Arise was launched in Cape Town. Arise is a collaborative partnership between Norfund, FMO and Rabobank and will play a pivotal role in advancing the financial sector in Africa.
Will play a pivotal role in Africa
“The main objective of establishing this company was to strengthen and develop effective, inclusive financial systems in Africa in order to contribute to economic growth and poverty reduction,” announces Arise’s CEO, Deepak Malik. “Arise will take and manage minority stakes in Sub-Saharan African Financial Service Providers (FSPs) with the core aim of building strong and stable institutions that will serve retail, Small and Medium Enterprises (SMEs), the rural sector, and clients who have not previously had access to financial services.
Arise currently manages assets in excess of USD 660 million and is operational in over 10 countries.
Supporting growth of Sub-Saharan African Financial Service Providers (FSPs)
“The company will support the growth and development of FSPs through providing among others technical assistance and management services in the field of governance, management, marketing, innovation, compliance and risk management”, says Malik. “Arise will increase the availability of financial services to SMES and will provide a platform for people in Sub-Saharan Africa to empower themselves by opening bank accounts and taking loans – in turn building a better life for their families,” added Malik.
Malik says that in order to ensure the success of this venture we have put in place a diverse team of local and international specialists and industry experts. Capital will also be allocated for new investments and it is our aim to grow our current assets in excess of USD 1 billion.
“We are excited to be spearheading this new venture and sincerely believe that we can make a difference in our own small way”, Malik concluded.