European Firms Partner on FSPs Growth in Nigeria, Sub-Saharan Africa

Aug 24, 2016

The partners will make available capital and strategies for development of FSPs

Norwegian Investment Fund for Developing Countries (Norfund), Netherlands Development Bank and Rabobank have resolved to give adequate support to Financial Service Providers (FSPs) in Nigeria and other Sub Saharan Africa. The trio in a partnership have resolved to commence a new company to be named 'Arise'. Using the platform of 'Arise,' set to begin operation by 1st of January 2017, the partners will provide technical assistance, field governance, marketing innovation, compliance and risk management for financial service providers. Expressing strong optimism about the development, the Executive Director, Rabobank, Berry Marttin described the partnership and pooling of assets, networks and expertise with Norfund and Netherlands Development Bank, as taking a major step forward. Speaking on the partnership, the Chief Executive Norfund, Kjell Roland stated that "Norfund invests in financial institutions to strengthen their ability to supply capital and financial services to SMEs and unbanked people in Sub-Saharan Africa and thereby contribute to economic growth and poverty reduction."