GHANA – British International Investment (BII) platform, has invested in E-Services Africa Limited (eSAL), a Ghanaian business process outsourcing (BPO) company and COFINA Côte d’Ivoire, a specialist meso-finance lender, in a bid to support SMEs in the West African countries.

Growth Investment Partners (GIP) Ghana, which has an anchor capital commitment of up to US$50 million to provide long-term capital to small and medium-sized enterprises (SMEs) across the country, is also providing investment to eSAL to encourage its growth and its global delivery of cost-effective outsourcing solutions for business. 

This has been pursued as part of GIP Ghana’s purpose of addressing a critical gap in accessing finance for SMEs in the country. 

“We’re pleased to be making our inaugural investment in eSAL,” remarked Jacob Kholi, chief executive and investment officer at GIP Ghana. 

“This investment marks a significant step forward in our mission to be at the forefront of alternative investment options for long-term capital in Ghana. It signifies our dedication to supporting SMEs, the lifeblood of Ghana’s economy. 

“GIP Ghana is committed to helping bridge the financing gap for Ghana’s SMEs, expanding access to business support services, and providing patient, flexible finance.” 

According to BII, Ghana’s BPO sector is rapidly expanding, fuelled by the increasing demand for cost-effective and scalable third-party administration and customer service solutions. 

Sharing a time zone with many European countries, a young English-speaking population operating in a stable political environment is driving the country to become a front-runner as the BPO industry signals a shift from Asia to Africa. 

The support for eSAL, which provides outsourcing processes and technology to improve business operations across sectors such as financial services, telecommunications, energy, travel, and media, will allow the company to purchase new infrastructure and relocate to a larger facility in Accra. This will allow it to maximize its delivery capacity and serve an increasingly global client base. 

“As eSAL steps into a pivotal phase towards becoming a dominant force in pan-African business process outsourcing, our strategic partnership with GIP, bolstered by BII, is more than just a business expansion – it’s a commitment to impact sourcing,” Kojo Afedzi Hayford, founder and CEO of eSAL, commented.

“This investment not only highlights our dedication to excellence but also opens doors for showcasing the talents of young Ghanaians and Africans in the global marketplace. 

“By creating substantial employment opportunities, we are positioned to unveil the potential of Africa’s youth, making Ghana a beacon for global brands seeking innovative, socially responsible BPO solutions in Africa.”

BII has also provided a loan to support MSME growth in neighboring Côte d’Ivoire. It has committed a senior loan of €14 million (US$15.15m) to COFINA Côte d’Ivoire, to support the growth of Micro-, Small- and Medium-sized Enterprises (MSMEs) and advance gender finance. 

“We are delighted to have reached this financing agreement with BII which will strengthen our role as a meso-finance institution promoting financial inclusion, particularly for women entrepreneurs,” Sié Amed TOURE, Managing Director of COFINA Côte d’Ivoire, commented.

“By facilitating access to financing for MSMEs, we are pursuing our mission of creating more value for our partners and continuing to participate sustainably in the development of our continent.”

The commitment will enable COFINA to provide additional loans in the next three years to MSMEs in Cote d’Ivoire. COFINA is well placed to provide meso-finance, which means providing financing to the “missing middle” – SMEs too small to be serviced by banks and too large for microfinance providers. 

“Inclusion is a priority for BII, and in particular improving access to finance for underserved groups. We have seen the benefits of improved financial inclusion on bolstering economic development because it enables more people with access to economic opportunities,” Stephen Priestley, Managing Director and Head of Financial Services for BII, said.

“We are delighted to partner with COFINA which is focused on financing those SMEs that too small to be served by banks, and on delivering our shared ambitions to empower underserved groups including women and celebrate entrepreneurship in Côte d’Ivoire. 

“This marks our first direct financial services transaction in Francophone West Africa and we look forward to scaling our investments in the region.”

The transaction supports the United Nations Sustainable Development Goals on Gender Equity (SDG5) and Decent Work and Economic Growth (SDG8). It also qualifies under 2X Challenge, a global initiative BII co-founded to mobilize capital for women’s economic empowerment.

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