Norsad Capital Announces Successful Exit from Riverside Solar Power Station in Zimbabwe

Gaborone, 12 August 2024 – Norsad Capital, an impact investor and private credit provider with its principal operations in Southern Africa, is pleased to announce its successful exit from Riverside Solar Power Station, a 2.5MW solar power plant located outside Mutoko, Zimbabwe.

Norsad’s investment was pivotal in the development and success of Riverside Solar Power Station. The funding facilitated the construction and operationalization of the plant, significantly contributing to the regional electricity supply. The plant provides reliable power to the national grid, benefiting nearby Mutoko Town and surrounding areas. This is particularly impactful given the short supply of electricity in Southern Africa. For the year ending December 2023, Riverside Solar Power Station generated 4,560 MWhrs of electricity.

Zimbabwe has experienced frequent power shortages and load shedding, negatively impacting its economy and residents’ quality of life. These issues stem from outdated infrastructure, disruptions in imported electricity supply, and inadequate investment in the power sector. This was the first grid-connected solar power station in Zimbabwe, serving to demonstrate proof of concept, attractiveness and suitability of the country’s renewable energy sector for investment. During its construction, the station sourced goods and services from local suppliers, diversifying the area through improved facilities, roads, electrification, and job creation.

Reflecting on the successful exit, Alice Zulu, Investment Director at Norsad Capital, said, “As an impact investor, we are aware of the future risks posed by climate change and the need to incorporate climate-related considerations into our business practices. This project exemplifies our commitment to sustainable development and our purpose to build a better Africa.” She added, “We continue to encourage all our portfolio companies to implement resource efficiency measures and be more aware of climate risk.”

In alignment with Norsad’s commitment to fostering sustainable livelihoods and climate & clean energy, this investment supports the green transition by financing sustainable infrastructure to develop renewable energy. It targets UN SDGs 7, 9, and 13 by promoting the use of affordable and clean energy, fostering innovation in sustainable technologies, and improving energy access and infrastructure. Additionally, this investment takes critical steps to mitigate climate change, reduce greenhouse gas emissions, and promote resilience against climate impacts.

Riverside’s community development initiatives reached 1,000 beneficiaries through various projects, including electrifying schools and clinics, assisting the district hospital, repairing roads, and helping communities install electrical nodes. Additionally, in the 2023 reporting period, they initiated resource efficiency measures, including assisting the local authority in providing portable water. The solar power station contributes 2% to the national energy supply and 80% to the national renewable energy supply, with the energy produced estimated to power 200,000 households.

“Effective project monitoring is critical to mitigating risks and ensuring successful outcomes” says Allan Mutenda, the Chief Risk Officer at Norsad Capital. ” We implemented robust monitoring frameworks to track project progress, identify potential issues early, and ensure alignment with our strategic objectives. This proactive approach allowed us to adapt quickly to changing conditions and maintain our commitment to sustainable and impactful investments.”

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 34 years, Norsad Capital has invested over USD 550 million in more than 170 companies across the continent.

For more information: https://www.norsadcapital.com

About Riverside Solar Power Station

Riverside Solar Power Station (RSPS) is a 2.5 megawatt (MW) solar power plant, representing the first stage of a 15MW-20 MW project located in the Mutoko district, about 140 kilometres northwest of Harare. The power station is 100% owned by Honde Hydro Power Consolidated (HHPC or Honde), which is in turn 100% owned by PGI Group, a UK-based company investing in the agriculture sector and renewable energy in Africa.

Gaborone, Botswana – 21 October 2024 – Norsad Capital, an impact investor and private credit provider is pleased to announce the successful exit from its investment in Protea Hotels Zambia. This marks a significant achievement in its ongoing mission to drive sustainable growth and create lasting impact across Sub Saharan Africa.

Protea Hotels Zambia, has grown from a single lodge into a portfolio of 11 hotels. Protea Hotels by Marriott, now part of Marriott International, stands as a pillar of Zambia’s hospitality sector. This strategic investment helped fortify Protea’s position in the market, providing essential support and fostering lasting benefits for the business and its employees.

This investment was not without its challenges. The COVID-19 pandemic devastated the global hospitality industry, but Protea Hotels Zambia demonstrated remarkable resilience. With Norsad’s flexible approach, including restructuring terms Protea was able to stabilize operations and retain critical jobs during the crisis.

Alice Zulu, Investment Director at Norsad Capital said “Even amid tough times, we remained optimistic about the sector’s long term prospects, recognising it’s role in driving economic growth. This investment also had a significant developmental impact, particularly jobs for women, and preserving livelihoods through the COVID-19 crisis, aligning with Norsad’s commitment to promoting sustainable livelihoods.”

Beyond financial resilience, the investment showcased the power of local and international collaboration. Protea benefited from support measures introduced by the Zambian government and co-financing from the International Finance Corporation (IFC). Norsad’s ability to work in partnership with other financial institutions provided the hotel chain with the additional backing it needed – underscoring the value of strong partnerships in managing risks.

Christopher O’Donnell, Group Financial Manager at Protea Hotels Zambia expressed his satisfaction with the successful utilisation of the funding, which were directed toward the development of their hotel in Ndola. He noted that the project has contributed to the expansion of their footprint in Zambia, creating jobs and strengthening the region’s hospitality infrastructure. O’Donnell emphasized that Norsad’s support was key in making this vision a reality, marking a significant achievement for both parties.

In alignment with Norsad’s commitment to fostering sustainable livelihoods, this investment targets United Nations SDGs 5, 8, 9, and 17 by promoting gender equality through job creation for women, supporting decent work and economic growth, and reinforcing Zambia’s hospitality infrastructure. It fostered innovation and resilience, particularly during the pandemic, while highlighting the importance of partnerships with institutions like the IFC and the Zambian government to achieve sustainable development and long-term impact.

“This exit marks the successful completion of our strategic objectives,” said Allan Mutenda, Chief Risk Officer at Norsad Capital. “We are proud of what we have achieved together with Protea Hotels Zambia, and it’s rewarding to see the positive outcomes—both in terms of financial returns and developmental impact. This partnership exemplifies the kind of enduring, impactful relationships we seek to build across Africa,” he added.

As Norsad exits its investment, the success of this partnership highlights the company’s commitment to fostering long-term relationships with key clients. The collaboration with Protea Hotels Zambia’s parent company, Union Gold Zambia, remains robust, with both parties exploring new opportunities for growth.

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 34 years, Norsad Capital has invested over USD 500 million in over 170 companies across the continent.

For more information: https://www.norsadcapital.com

About Protea Hotels Zambia

Protea Hotels Zambia Limited (PHZ), founded in 1998 by Mr. Mark O’Donnell, is the parent company of a chain of full-service hotels across the country. The group has expanded to 11 hotels, the majority under the Protea brand, with others operating under various Marriott franchises throughout Zambia. As one of the fastest-growing hotel groups in Southern Africa, PHZ continues to thrive, aiming to expand its presence nationwide while creating more employment opportunities and supporting the local communities where each of its hotels are located.

Gaborone, 15 October 2024 – We are pleased to introduce Vusi Raseroka as the new Chief Executive Officer of Norsad Capital. As an accomplished, highly experienced Chartered Accountant and Investment Specialist, Vusi brings over 20 years of experience in corporate finance, advisory, and infrastructure & project finance—encompassing both private equity and debt.

With a Bachelor of Commerce in Accounting from the University of Botswana, Vusi has held several prominent leadership roles throughout his career, including Fund Principal for several funds such as; Developmental Investments – Rest of Africa and Private Equity-Rest of Africa Funds. He also served as a Portfolio Manager, Head of Privatization and Restructuring and Corporate Finance Manager. His depth of experience in these areas has given him unparalleled insight into the dynamics of investing across the African continent.

Throughout his distinguished career, Vusi has successfully led numerous projects across Africa, establishing himself as a leader in driving growth and delivering exceptional value. He has crafted and executed a tailored investment strategy for Africa, specifically aimed at mitigating risks of investing in non-presence countries.

His proficiency in private equity, mezzanine, and debt instruments allows him to effectively manage and optimize a variety of investment opportunities throughout the region. His extensive track record includes successful investments across various sectors, such as consumer-facing private equity, energy, transport and logistics, ICT, mining, public-private partnerships, and renewable energy.

In addition to his strategic foresight, Vusi has successfully led and mentored teams of investment professionals, providing guidance on transaction structuring, negotiation, strategy, and investment thesis implementation, including executing successful exits.

Vusi’s leadership extends beyond investment management; he is a member of the Institute of Directors in Southern Africa and has served on several boards across Africa. He also holds qualifications as a FAIS Representative for shares, debentures, securitized debt, and bonds. We are confident that his visionary leadership will be instrumental in shaping our future and enhancing our impact in the African region.

Please join us in welcoming Vusi Raseroka to the Norsad team as we embark on this exciting new chapter together.

About Norsad Capital

Norsad Capital is an impact investor and private credit provider providing tailor made debt solutions to mid-market growth companies in Sub-Saharan Africa. With a track record spanning over 34 years, Norsad Capital has invested over USD500 million in more than 170 companies across the continent. For more information:  https://www.norsadcapital.com

Norsad Capital Announces Successful Exit from Riverside Solar Power Station in Zimbabwe

Gaborone, 12 August 2024 – Norsad Capital, an impact investor and private credit provider with its principal operations in Southern Africa, is pleased to announce its successful exit from Riverside Solar Power Station, a 2.5MW solar power plant located outside Mutoko, Zimbabwe.

Norsad’s investment was pivotal in the development and success of Riverside Solar Power Station. The funding facilitated the construction and operationalization of the plant, significantly contributing to the regional electricity supply. The plant provides reliable power to the national grid, benefiting nearby Mutoko Town and surrounding areas. This is particularly impactful given the short supply of electricity in Southern Africa. For the year ending December 2023, Riverside Solar Power Station generated 4,560 MWhrs of electricity.

Zimbabwe has experienced frequent power shortages and load shedding, negatively impacting its economy and residents’ quality of life. These issues stem from outdated infrastructure, disruptions in imported electricity supply, and inadequate investment in the power sector. This was the first grid-connected solar power station in Zimbabwe, serving to demonstrate proof of concept, attractiveness and suitability of the country’s renewable energy sector for investment. During its construction, the station sourced goods and services from local suppliers, diversifying the area through improved facilities, roads, electrification, and job creation.

Reflecting on the successful exit, Alice Zulu, Investment Director at Norsad Capital, said, “As an impact investor, we are aware of the future risks posed by climate change and the need to incorporate climate-related considerations into our business practices. This project exemplifies our commitment to sustainable development and our purpose to build a better Africa.” She added, “We continue to encourage all our portfolio companies to implement resource efficiency measures and be more aware of climate risk.”

In alignment with Norsad’s commitment to fostering sustainable livelihoods and climate & clean energy, this investment supports the green transition by financing sustainable infrastructure to develop renewable energy. It targets UN SDGs 7, 9, and 13 by promoting the use of affordable and clean energy, fostering innovation in sustainable technologies, and improving energy access and infrastructure. Additionally, this investment takes critical steps to mitigate climate change, reduce greenhouse gas emissions, and promote resilience against climate impacts.

Riverside’s community development initiatives reached 1,000 beneficiaries through various projects, including electrifying schools and clinics, assisting the district hospital, repairing roads, and helping communities install electrical nodes. Additionally, in the 2023 reporting period, they initiated resource efficiency measures, including assisting the local authority in providing portable water. The solar power station contributes 2% to the national energy supply and 80% to the national renewable energy supply, with the energy produced estimated to power 200,000 households.

“Effective project monitoring is critical to mitigating risks and ensuring successful outcomes” says Allan Mutenda, the Chief Risk Officer at Norsad Capital. ” We implemented robust monitoring frameworks to track project progress, identify potential issues early, and ensure alignment with our strategic objectives. This proactive approach allowed us to adapt quickly to changing conditions and maintain our commitment to sustainable and impactful investments.”

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 34 years, Norsad Capital has invested over USD 550 million in more than 170 companies across the continent.

For more information: https://www.norsadcapital.com

About Riverside Solar Power Station

Riverside Solar Power Station (RSPS) is a 2.5 megawatt (MW) solar power plant, representing the first stage of a 15MW-20 MW project located in the Mutoko district, about 140 kilometres northwest of Harare. The power station is 100% owned by Honde Hydro Power Consolidated (HHPC or Honde), which is in turn 100% owned by PGI Group, a UK-based company investing in the agriculture sector and renewable energy in Africa.

Norsad Capital in partnership with ABSA Bank and Stanbic Bank inaugurates a Sustainability-themed Facility

[ Gaborone, 12 February ] Norsad Capital, a private credit provider and impact investor, is proud to announce a significant milestone in its commitment to sustainability and responsible business practices. ABSA Bank and Stanbic Bank have extended a ZAR 680 million facility to allow Norsad to deepen their investments in the Southern African region.

The funding provided by the banks will serve not only as a hub for Norsad operations but also as a beacon of sustainability in the region. As financial leaders, it is imperative to recognise  the power and potential of aligning investments to sustainability goals. This investment will tighten Norsad’s commitment to fostering sustainable business growth thereby contributing to the vision to build a better Africa.

The collaboration between Norsad Capital, Absa Bank, and Stanbic Bank underscores a shared purpose of supporting sustainable businesses that create a positive impact. This facility stands as the first of its kind in Botswana, symbolising a collective effort to promote sustainable development and address pressing environmental and social challenges. The facility signifies the commitment to fostering a culture of responsibility within organisations and empowering our employees to be agents of change in their communities. The facility exemplifies the power of collaboration and partnership in driving meaningful change by bringing together expertise, resources, and a shared vision.

“We are excited to be at the forefront of this innovative approach to financing,” said Botho Phiri, Head of Financial Institutions Group at Absa Bank. “Sustainability-linked loans through impact investing allows us to achieve our financial goals while simultaneously making a positive difference in the world.”

”Our ability to arrange this transaction demonstrates our continued support for Norsad Capital’s Impact strategy by making use of sustainability-linked funding as a source of capital to facilitate responsible and sustainable growth across Africa” said Onalenna Keseabetswe, Head of Investment Banking at Stanbic Bank. “Together, with Norsad Capital and Absa Bank, we’re proud to lead the way towards a more sustainable and prosperous future.”

Norsad Capital has an opportunity to catalyse change by exploring untapped opportunities in Africa. This means investing in critical sectors such as soft and social infrastructure, renewable energy, healthcare, and food value chain. These sectors aren’t just avenues for financial growth; they’re catalysts for sustainable development. Furthermore, this facility is estimated to positively impact the lives of 2 million people in the South African region.

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 34 years, Norsad Capital has invested over USD 550 million in more than 170 companies across the continent.

For more information: https://www.norsadcapital.com

About Stanbic Bank

Stanbic Bank Botswana is part of the Standard Bank Group, Africa’s largest bank by assets. The Bank provides the full spectrum of financial services offered through two major divisions. Its Corporate & Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. The Personal and Business Banking unit (PBB) offers banking and other financial services to individuals, small-to-medium enterprises, and commercial businesses.

For more information: https://www.stanbicbank.co.bw/botswana/personal

About ABSA Bank

Absa Bank Botswana Limited is part of Absa Group Limited, an African financial services group that aims to be the pride of the continent. Absa Group Limited is listed on the JSE in South Africa and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 42, 000 employees.

For more information: https://www.absa.co.bw/personal/

21.11.2023

Norsad Capital Limited, an impact investor and private credit provider in Africa, today announced a leadership transition as Kenny Nwosu will be stepping down from the position of Chief Executive Officer, citing personal reasons.

During this transition period and for the purposes of continuity the current Chief Financial Officer Jonathan Davies will be handling day-to-day operations, as interim CEO with full support from the Executive Management and the Board of Directors. [ read more ]

[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/

[Lilongwe] 16 August 2023 – The Export Development Fund (EDF) has embarked on a collaboration with Norsad Capital, an impact investor and private credit provider renowned for its custom-tailored debt solutions. This  partnership, symbolised by the formal signing of a Memorandum of Understanding (MOU), was unveiled.

Under the terms of this agreement, the two entities will explore potential business opportunities, unite forces on significant transactions and share investment avenues, especially when funding requirements transcend individual thresholds.

This partnership represents a significant stride towards unlocking Malawi’s untapped economic potential. By capitalising on its vibrant export capabilities and nurturing sustainable growth through strategic investments and financial support, this collaboration paves the way for a more prosperous future.

As a distinguished Development Financial Institution (DFI), EDF endeavours to enhance the competitiveness of Malawi’s exports. EDF proactively nurtures and empowers export-oriented enterprises that are poised to contribute significantly to national economic development through export diversification and growth.

“Our shared objectives of fostering sustainable economic growth and development have catalysed this collaboration that will play a significant role in addressing the funding challenges that medium, and large-scale enterprises in Malawi face. This partnership will not only bolster the financial resilience of businesses but also elevates their potential to create positive change in Malawi. Together, we harness Malawi’s expansive export potential and business prospects.” says Fredrick Chanza, Managing Director at EDF

As a thematic impact investor aligned with the United Nations Sustainable Development Goals (SDGs), Norsad Capital holds a firm commitment to investments that strategically address societal and environmental challenges. This resonates harmoniously with EDF’s overarching mission to uplift the well-being of Malawi’s populace through economic development.

Kenny Nwosu, CEO of Norsad Capital, says “Our collaboration involves introducing each other to potential transactions and harnessing our distinct areas of expertise and funding strategies. This will provide comprehensive insights to formulate impactful deals.”

Unified in their vision to catalyse job creation and elevate livelihoods, both financial institutions share a central focus on providing essential capital to profitable enterprises. A pivotal aspect of this collaboration is the mutual support in amplifying the private sector’s pivotal role in driving robust economic growth.

Kenny Nwosu adds, “Malawi’s Micro, Small, and Medium-sized Enterprises (MSMEs) sector is primed to ascend the value chain towards higher value-added products, presenting substantial opportunities for growth.”

This MoU aligns with Norsad Capital’s strategic focus on the Southern African Development Community (SADC) region, which remains underserved by financial institutions despite the abundant business prospects spanning multiple sectors.

Moreover, the developmental challenges that hold significance for Norsad Capital mirror EDF’s priorities, including financing for social infrastructure, bolstering manufacturing industries, and addressing the critical need for financial inclusion.

In summation, this partnership bodes well for Malawi’s economic trajectory. With the potential to amplify accessible capital for emerging businesses within the nation, this collaboration is set to ignite regional economic expansion.

-ENDS-

About Norsad Capital 

Norsad Capital is an impact investor and private credit provider offering tailor-made debt solutions to profitable growth-stage companies that deliver desirable social and environmental impact. With a track record spanning over 33 years, Norsad Capital has invested over USD 700 million in more than 170 companies across the continent.

 About EDF

Export Development Fund (EDF) is a development financial institution (DFI) whose major objective is to increase the productive potential of the country through provision of finance, equity participation, or credit guarantees, and advisory service for the set-up, expansion and modernization of viable enterprises in the medium and large-scale enterprises sector in Malawi.

 Press Release: Nairobi’s Ruai Family Hospital receives  investment to help its fight against cancer

Norsad Capital cash injection set to improve oncology facilities for Nairobi’s lower and middle income communities

[Nairobi] 03 August  2023 – Norsad Capital, an impact investor and private creditor provider, has structured a facility  to help Ruai Family Hospital (under the transaction advice of Noblestride Capital) improve access to affordable oncology healthcare for the lower and middle-income residents of Nairobi.

Kenya faces enormous healthcare challenges, specifically in populated areas of Nairobi where there are limited or no full-service healthcare providers. Cancer ranks as the third highest cause of death and the second most prevalent noncommunicable disease following cardiovascular diseases in Kenya. And, according to RFH, the occurrence of cancer is on the rise with reported figures of 47,887 new cases in 2018 and 42,116 new cases in 2020.

“The growing demand for affordable cancer diagnosis and treatment and the overflow of public hospitals, due to the lack of critical equipment, has prompted us to deliver this service to the Kenyan populace,” says Dr. Maxwel Okoth, Founder and Group Managing Director at RFH.

“Our primary objective is to ensure accessibility to the best medical practices and cutting-edge technological advancements, all delivered at affordable prices, to serve the needs of patients. Norsad’s investment will enable us to complete the construction of the oncology centre which will provide access to high-quality oncology treatment and care to cancer patients across Africa,” he adds.

Moreover, the cash injection aims to create significant job opportunities for the local community throughout the construction and operation of RFH’s the oncology centre. Local businesses will also benefit financially from the project as materials will be sourced from within the community. Overall, the project will provide economic benefits for the local population, thus stimulating economic activity in Nairobi.

“With Norsad’s strategy of diversifying into Sub-Saharan Africa, we are thrilled to have the opportunity to fund the growth strategy of RFH. The funding provided will play a crucial role in helping RFH complete its oncology centre which will offer comprehensive care and diagnostic services such as PET Scans, linear accelerator scans, MRI Machines, CATHLAB, Mammograms and others,” says Alice Zulu, Investment Director at Norsad Capital.

The investment supports Norsad’s commitment to expanding soft and social infrastructure, which aims to provide greater healthcare access to underserved communities. Moreover, the project aligns with the fundamental human rights of access to good equitable healthcare and well-being targeting the United Nations Sustainable Development Goals (SDGs) 3 (good health and wellbeing) and 10 (reduced inequalities).

“We recognise the importance of access to healthcare and its alignment with our aspiration of building a better Africa,” continues Zulu, adding that a strong healthcare system not only supports sustainable livelihoods but also enhances the overall quality of life for the population.

With origins dating back to 2011, RFH Healthcare emerged as a modest venture, having its roots in a one-bedroom apartment. Today it stands as a true leader in championing female empowerment; fulfilling the 2X Challenge’s investment criteria on leadership (with female board) representation, employment and consumption as RFHprovides access to maternity wards, gynaecologists, obstetricians, and other specialised services for women.

-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 USD 700 million in more than 170 companies across the continent.

For more information:  https://www.norsadcapital.com

About Ruai Family Hospital

Ruai Family Hospital Limited (RFH) is a Kenyan registered hospital chain of nine healthcare facilities founded in 2012 operating within Nairobi, Kiambu, and Machakos counties in Kenya. The hospital was first focused on maternal and child care. It has since expanded its offering to include primary outpatient care, specialists’ consultation, surgical clinics, renal, home-based care, critical care, imaging, sub-specialized care, among others.

Driven by innovation and excellence, the company has been awarded in the past by among others, Quality Healthcare Kenya Awards for Baraka Card – a healthcare financing platform created by the hospital to increase accessibility of their services.

For more information: https://rfhhealthcare.co.ke/

About Noblestride Capital

Noblestride Capital is a transactions advisory firm supporting mid-tier corporates in fundraising and M&A. The firm’s main services include debt capital raising, structuring equity deals, financial modeling, valuations, PE advisory and other corporate finance services. The company is registered by the Institute of Certified Investment and Financial Analysts (ICIFA) to engage in the practice of investment and financial analysis, perform investment advisory services and investment transactions, or engage in the practice of offering any services prescribed under the provisions of the Investment and Financial Analyst Act, No. 13 of 2015.

For more information: http://www.noblestride.co.ke

[Mbabane] 20 July 2023 – Norsad Capital, an  impact investor and private credit provider that offers tailor-made debt solutions to profitable growth-stage companies that deliver desirable social impact in Africa, is providing Letshego Eswatini with funding to the value of ZAR 150 million.  The capital will be used to support and improve the lives of civil servants, employees of State-Owned Enterprises, micro and small entrepreneurs and private sector employees through the disbursement of micro loans.

Letshego Eswatini’s purpose is to improve lives by offering financial solutions that meet the diverse needs of Individuals. The loan services are designed to convey convenience and accessibility to those who are typically excluded from traditional banking institutions, and this is accomplished through partnerships with local fintech businesses.

Despite efforts to alleviate poverty and reduce inequality, a significant portion of Eswatini’s population still experiences financial challenges.   While more than two-thirds of adults have limited access to formal financial services, there is still a significant number who experience financial exclusion and encounter multiple challenges in qualifying for simple micro loans or basic financial services.

“Too many members of our Eswatini nation struggle to access traditional financial services. This challenge is particularly prevalent in more rural areas, where the majority of our people reside and rely heavily on small businesses and agriculture”, says Mongi Dlamini, Country Chief Executive Officer at Letshego Eswatini.

“Letshego’s purpose is to bridge the gap for individuals to access affordable, simple and accessible solutions to increase productive lending, and make a difference in the lives of our people,” he adds. Norsad’s investment into Letshego’s vision and strategy to improve lives enables more individuals and small business owners to access sustainable micro funding to increase income potential.  Letshego empowers and educates its customers to use their loans for productive purposes – these purposes include buying more stock for small business owners; funding children’s education; building or improving a home or accessing critical healthcare. 

“Norsad Capital is thrilled to have the opportunity to strengthen its partnership with Letshego Eswatini,  whose inclusive finance strategy is centred around achieving a sustainable social impact,” says Oteng Sebonego, Investment Director at Norsad Capital and transaction lead.

“The funding  will play a crucial role in helping Letshego Eswatini expand its market share in the unsecured personal loans sector and broaden its range of loan products.  The investment aligns with Norsad’s focus on Financial Institutions and its commitment to promoting financial inclusion and sustainable livelihoods, contributing Norsad’s purpose of building a better Africa.” he adds.

Financial inclusion aims to eliminate the barriers that prevent people from accessing financial services, thereby reducing poverty (United Nations Sustainable Development Goal #1) and improving their quality of life.  Additionally, this investment also supports Norsad’s impact theme on gender equality, as 55% of Letshego Eswatini’s customers are female.

**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:  www.norsadcapital.com

About Letshego Eswatini

Letshego Eswatini is a financial services provider operating in the Kingdom of Eswatini. It is a wholly owned subsidiary of pan-African microfinance institution Letshego Holdings Limited, that has a presence in 11 countries across Southern, East and West Africa.  Letshego Eswatini offers various financial products and services, including loans, savings, and insurance solutions, primarily targeting mass and middle market segments as well as microenterprises. For more information click https://www.letshego.com/eswatini / facebook @. / Letshego Group: www.letshegoinvestor.com