Beltone Holding, a leading financial services provider in the Mena region, has announced that one of its key subsidiaries - Beltone Capital - has entered into a put option agreement to acquire a majority stake in Baobab, a leading African financial services provider serving more than half a million micro-entrepreneurs and MSMEs. 

 

Baobab operates across seven African countries - Senegal, Côte d'Ivoire, Madagascar, Burkina Faso, Mali, Democratic Republic of Congo and Nigeria.

 

Dalia Khorshid, Group CEO of Beltone Holding, said: "This marks a significant milestone in our strategic data driven expansion into high-potential and digitally scalable African and Emerging Markets. We are committed to a transformational impact in financial services backed by Data Science and AI to ensure ongoing sustainable growth."

 

The company's board of directors has approved obtaining a shareholder loan to finance the acquisition upon signing a binding share purchase agreement and obtaining regulatory approvals, stated Khorshid. 

 

This deal would emphasise Beltone’s ambition to drive innovation, deliver long-term value, and broaden its footprint across the region, she added.-TradeArabia News Service