Leapfrog has taken a 17% stake in Ghana’s largest privately-owned bank, Fidelity. The impact investment firm aims to continue Fidelity’s policies around inclusive banking through the addition of innovative, affordable transaction accounts and mobile banking products.
Currently, 40% of adults in Ghana don’t have access to formal banking products.
The deal saw Leapfrog acquire the stake from Amethis, an African fund manager, and Edmond de Rothschild Equity Strategies (ERES).
“We are thrilled to embark on this next phase of growth with Fidelity Bank. We are partnering with and supporting an industry leading, highly experienced management team with a strong track record of delivering profitable growth for this Tier-1 home-grown bank. Moreover, Fidelity Bank’s “Inclusive Banking” and “Building Lives Through Finance” initiatives strongly align with LeapFrog’s impact, sustainability and performance strategy.” Says Karima Ola, Partner and Leader of African Financial Services Investments at LeapFrog.
“With LeapFrog’s robust expertise in financial services and impact measurement and reporting, we look forward to leveraging our combined capabilities to accelerate Fidelity Bank’s sustainable and profitable growth. LeapFrog will support the bank’s leadership team to deliver on its growth and innovation agenda through customer insights, digital transformation, governance, and partnerships.”
The Bank operates 75 branches across Ghana and serves approximately two million customers, it has proved itself to be an important catalyst for economic development in West Africa. Through its work with Amethis and ERES, and other partners, the bank has emerged as a leader in digital innovation and financial inclusion.
“Amethis and ERES have played a pivotal role in the success and growth of Fidelity Bank. We are grateful for their support and their unwavering belief in the potential of Fidelity Bank. We look forward to working with LeapFrog Investments to build on the strong foundation that we created with Amethis and ERES.” Edward Effah, Chairman of Fidelity Bank, said.