24.08.2023
[Mbabane] 24 August 2023 – Norsad Capital, an impact investor and private credit provider, has invested ZAR 150 million in First Finance eSwatini in order to support the Fincorp Group subsidiary in its endeavour to provide access to credit and financial services to the people of eSwatini.
eSwatini’s population faces challenges in accessing financial services as an estimated 66% of the population does not have access to formal credit according to FinMark Trust and UNCDF, 2020.
“With this in mind, First Finance is playing its role to improve middle income earners’ access to credit. The investment from Norsad Capital will play a catalytic role in driving our growth and achieving success and financial inclusion” says Simelane Justice, Chief Financial Officer at First Finance
Financial inclusion seeks to remove the obstacles that hinder people from accessing financial services and ultimately reducing poverty and enhances wellbeing.
First Finance is a non-deposit taking development finance institution, offering financial planning and debt counselling services to borrowers. Its primary objective is to promote responsible lending and protect recipients from excessive debt.
“We are thrilled to announce our expanded partnership with First Finance, one of the leading financial services providers in eSwatini. Norsad’s investment will greatly support the company’s expansion in the market, specifically in unsecured personal loans, and enable the diversification and expansion of its loan products, including catering for more private institutions,” says Carol-Jean Harward, Investment Director and Transaction Lead at Norsad Capital.
“This investment is strategically aligned with Norsad’s goal of fostering strong relationships with our existing clients, and we anticipate significant benefits from this collaboration,” she adds.
Norsad’s investment is aligned to its focus on the Financial Institutions sector and its commitment to promoting financial inclusion and sustainable livelihoods, thereby contributing to our purpose to build a better Africa. Moreover, it aligns with Norsad’s focus on gender equality, fulfils the 2x criteria and caters to the company’s other demographics.
-ENDS-
About Norsad Capital
Norsad Capital is an impact investor providing tailor made debt solutions to mid-market growth companies in Sub-Saharan Africa. With a track record spanning over 33 years, Norsad Capital has invested over USD700 million in more than 170 companies across the continent. For more information: https://www.norsadcapital.com
About First Finance
First Finance is a financial services provider currently operating in eSwatini. They offer a wide range of innovative financial services such as personal loans to civil servants, parastatals, and private institutions in a responsible and sustainable manner. Since 2010, First Finance has invested in expanding its footprint and professional teams throughout the country to meet the dynamic financial needs of their clients. First Finance is the second leading microfinance institution in eSwatini with about 23% market share in terms of assets and a loan book size of E1 billion as at the end of March 2023. For more information: https://firstfinance.co.sz/
