Alitheia Capital and Goodwell Investments have completed their first exit from the uMunthu Fund, selling their stake in Baobab Nigeria, a leading microfinance institution. This marks the end of a transformative 12-year partnership that helped Baobab grow from a small operation in Kaduna to serving 230,000 customers across 16 Nigerian states.
Since the investment began in 2012, Baobab Nigeria has expanded from five branches to 38, maintaining its commitment to financial inclusion by providing small loans and banking services to underserved individuals and MSMEs. Alitheia and Goodwell played a pivotal role in professionalizing the bank, improving governance, and scaling its operations.
This successful exit highlights the power of patient capital in emerging markets, with the fund’s value tripling in Naira terms. Baobab Nigeria will now operate fully under the international Baobab Group, continuing its mission to close Nigeria’s financial inclusion gap.
Read the full story here: Tech in Africa