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L-R: Rohana Kumara Wanni Achchge (LOLC Regional Director, Africa), Justin Kagishiro (CEO), and Roshan Abeysinghe Gunawardena (DCEO).
FEATURED: LOLC Mauritius Holdings Ltd acquires Unguka Bank PLC in Rwanda
EXCERPTS FROM THE ARTICLE:
In a strategic move, Unguka Bank PLC has announced the acquisition of a substantial 90 per cent of its shareholding by LOLC Mauritius Holdings Limited (LOLC Mauritius) which is a subsidiary of LOLC Holdings PLC.
LOLC Holdings PLC is a multinational financial conglomerate with a presence in 25 countries across Africa and Asia. In addition to financial services, the diversified operations of the LOLC Group encompass manufacturing and trading, leisure, agriculture and plantations, technology, research and innovation, construction, minining and strategic investments.
The Group’s operations span across Kenya, Tanzania, Zambia, Zimbabwe, Malawi, Nigeria, Egypt, Sierra Leonne and Mauritius in Africa in addition to Rwanda while being poised to commence operations in Ghana and The Democratic Republic of Congo. In Asia, the Group has a presence in Singapore, Sri Lanka, Pakistan, Indonesia, Cambodia, Myanmar, Philippines, Maldives, Tajikistan, Kyrgyzstan, and Kazakstan.
As of March 31, 2023, LOLC Holdings PLC boasts total assets amounting to USD 4.8 billion, further cementing its position as a prominent player in the Micro and SME financial services industry across Asia and Africa. The conglomerate's proactive expansion throughout Asia and Africa highlights its unwavering dedication to fostering economic development within underserved communities.
As LOLC extends its footprint worldwide, its mission to empower individuals and MSMEs harmonizes seamlessly with the economic aspirations of its host countries. This acquisition stands for more than a mere change in ownership; it signifies a dedication to shaping the future of financial services in Rwanda.
https://www.newtimes.co.rw/article/11173/news/featured/featured-lolc-mauritius-holdings-ltd-acquires-unguka-bank-plc
unquote:
It is widely described by analysts that Rwanda is the emerging Singapore of East Africa and LOLC's entry marks another milestone in its global expansion strategy.
Furthermore, Africa is a global emerging 'tiger economy' demonstrating strong economic growth. It is noteworthy to mention that the US based CNN television channel too devotes significant time televising programs focusing on 'inside Africa' highlighting the economic progress in the region.
Also, as reported sometime back the MNC has plans in the pipeline to enter the giant neighbour India and Latin America (probably starting with Brazil) in the near future. GL
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