Swedfund aims to increase access to financial services for underserved individuals and small businesses, with a focus on digital innovation, economic empowerment and inclusion.
Today, only a fifth of the African population has access to formal banking services. Limited access to finance restricts entrepreneurship, job creation, and the ability to absorb economic shocks.
Swedfund’s investment addresses this gap by supporting financial institutions that are expanding outreach and developing inclusive financial products, especially through new technology and digital solutions.
“Our investment in FIVE further strengthens our engagement to improve access to banking and other financial services in underserved communities. This in turn spurs job creation and growth. We are also able to strengthen financial institutions and the development of innovative financial services,” says Jakob Larsson, senior investment manager at Swedfund.
Through FIVE, Swedfund will strengthen the capital base of select financial institutions across Africa, enabling them to grow and reach more clients. The investment also supports FIVE’s commitment to gender equality and women’s empowerment, creating positive change within its portfolio companies and communities.
By investing in a mix of traditional and digital-first financial service providers, including banks, insurers, and fintechs, Swedfund aims to catalyse more inclusive financial ecosystems, driving job creation and economic growth across the continent.
FIVE stands for Financial Inclusion Vehicle and was established in 2017 by AfricInvest. Other investors include the Norwegian, Danish, Dutch, German and Belgian Development Finance Institutions as well as African multilateral development institutions and pension funds.
