Hyderabad based MFI - Basix Group is planning to acquire minority stakes in development credit institutions in 10 African nations. This announcement comes a month after the MFI raised R38Cr (7 Mn Swiss Franc) from The Swiss Agency for Development Cooperation to set up developmental initiatives in Africa.
Basix intends to limit its investment in African banks and other institutions to 26%. It will initially work with them to provide technical assistance and advisory services. At present, Basix operates in three Asian countries - Papa New Guinea, Bhutan and East Timor. In Africa, it is present in Ethiopia in Africa after securing contracts from the IFC.