LOLC enters Central Africa with Rwandan microfinance bank acquisition 

LOLC Holdings yesterday said it bought 90 percent stake in Unguka Bank PLC in Rwanda, a licensed microfinance bank by the National Bank of Rwanda, for a total consideration 5.3 billion of Rwandan Francs (approximately Rs.1.43 billion).
A filing by LOLC said the acquisition was carried out by its sub-subsidiary LOLC Mauritius Holdings Limited on September 14, 2023.
The filing said the confirmation of the transaction was intimated to LOLC Holdings on September 21 by the overseas legal counsel to the translation, hence the delay in making the disclosure. 

Unguka Bank was founded in 2005 and is licensed to take deposits from clients and grant loans, as well as engage in other related financial services.
The acquisition marks LOLC’s entry into Central Africa.
LOLC with its robust Micro, Small and Medium Enterprises-based (MSMEs) business model in 2021 made three parallel investments in Tajikistan, 
Malawi and Tanzani marking its entry to Central Asia and East Africa.
LOLC made its first investment in the African region with the acquisition of a controlling stake in Fina Trust Microfinance Bank in 2018 in Nigeria.

Malawi and Tanzani marking its entry to Central Asia and East Africa.
LOLC made its first investment in the African region with the acquisition of a controlling stake in Fina Trust Microfinance Bank in 2018 in Nigeria.