Botswana: BancABC secures $40m credit facility from OPIC
The facility is aimed at expanding digital financial services and increasing funding for SMEs.BancABC through its parent company Atlas Mara has secured a $40 million credit facility to enhance digital financial services and expand funding for small and medium enterprises (SMEs) in Botswana. The facility which was sourced from Overseas Private Investment Corporation (OPIC) is part of the $200 million multi-country facility that OPIC approved for Atlas Mara's banks in Botswana, Zambia and Mozambique in August 2015. Speaking about the credit facility, the Chairman of Atlas Mara, Bob Diamond said "The OPIC facility underscores our commitment to working with DFIs on financial development and access to finance for SMEs and individuals in Africa and reflects our multifaceted strategic engagement with DFIs. "BancABC will scale up its SME loan portfolio, increase on-lending for financial inclusion products, and invest in information technology upgrades to quicken implementation of its new financial technology and mobile banking initiatives." According to the provision of the facility, OPIC will provide $200 million in long-term debt and Atlas Mara will provide $100 million of committed resources, to expand the operations of Atlas Mara's Southern African banking platform, BancABC.