LeapFrog Investments, the Profit with Purpose investment firm, has acquired a 16.94% stake in Ghana’s largest privately-owned bank, Fidelity Bank Ghana Limited from Amethis, an investment fund manager dedicated to the African continent, and Edmond de Rothschild Equity Strategies (ERES), a mid-cap growth and buy-out franchise affiliated with the Edmond de Rothschild Group, with a global investment mandate.
It is expected that LeapFrog will leverage its decade of investment experience across Africa’s financial services sector to build upon the outstanding success achieved by Fidelity Bank in financial inclusion and general business growth.
Following the investment from Amethis and ERES in 2014, Fidelity Bank embarked on an expansion drive via the acquisition of Pro-Credit Savings and Loans to widen its network across the country and solidify its presence in the SME and micro-business sector.
The Bank also established a state-of-the-art customer contact centre and upgraded its technological platforms to best-in-class standards through a collaboration with IBM. This served as the basis for continued business growth marked by impressive financials and remarkable pioneering strides in inclusive banking.
The Tier-1 universal bank now offers a full suite of transactional, lending and banking services, positioning itself alongside international banks as one of the top financial institutions in Ghana.
A key contributor to Ghana’s socio-economic development, Fidelity Bank operates 75 branches across Ghana and serves approximately two million customers.
In collaboration with Amethis and ERES as well as other investment partners, Fidelity Bank has emerged as a leader in digital innovation and financial inclusion.
It is expected that LeapFrog’s involvement will mark a new chapter of continued growth and further success for Ghana’s largest privately-owned bank.
Remarking on the development, Edward Effah, Chairman of Fidelity Bank, said, “Amethis and ERES have played a pivotal role in the success and growth of Fidelity Bank. We are grateful for their support and their unwavering belief in the potential of Fidelity Bank. We look forward to working with LeapFrog Investments to build on the strong foundation that we created with Amethis and ERES.”
Laurent Demey, Managing Partner at Amethis, added, “We are proud to have supported a successful and leading bank like Fidelity over the years. The journey has been rewarding thanks to the vision of Edward and his team. We are grateful that we could partner with other investors like Africa Capital, LLC to be part of the growth story of Fidelity. We wish them the best and encourage them to remain driven by the ambition to serve their clients.”
Expressing similar sentiments, Samuel Pinto, Board Member of ERES, stated, “We are grateful to have been given the opportunity to collaborate with Fidelity, a move which resonates with our Financial Services investment theme and the long-standing involvement of the Edmond de Rothschild family in the financial industry. Fidelity’s has been a fantastic story of business growth. We have been impressed by how Edward Effah and his management team have built a very strong platform with a low tolerance to risk from scratch. We wish Edward Effah and Julian Kingsley Opuni, the Managing Director of Fidelity, further success in their new growth phase.”
In a little over a decade, Fidelity Bank Ghana has grown from a discount house to a Tier-1 Bank and is now the largest privately-owned Ghanaian Bank in Ghana.
The bank currently serves its approximately 2 million customers in 75 branches across Ghana and is a leader in the digital banking revolution.