AfricInvest exits $6B AFG Holding after doubling banking assets

Pan-African investment firm AfricInvest has sold its stake in Ivorian banking group, AFG Holding, ending a successful partnership that began in 2022.

This move comes after a three-year partnership that fueled major growth at the regional financial group.

Over those three years, AFG Holding’s consolidated balance sheet jumped from $3 billion to nearly $6 billion during AfricInvest’s involvement. That’s a 100% increase in less than three years. The bank’s loan portfolio grew from $1.4 billion to $2.5 billion—a 79% expansion.

Banking income more than doubled under the partnership. Return on equity now exceeds 28%, showing the financial firepower AFG has built. The growth came through strategic capital injections and governance improvements that AfricInvest orchestrated. 

AfricInvest’s backing for AFG Holding came at a key moment, when it needed capital and guidance to secure a banking license in Côte d’Ivoire and scale across new markets.

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The partnership reshaped AFG into a major regional player. The group now spans multiple countries with integrated digital banking services.

“AFG Holding stands as a testament to what visionary leadership and regional ambition can accomplish,” said ABISSA Kouakou Anzoua, an AFG board member.

AFG’s expansion included key acquisitions during the partnership period. The group acquired Access Microfinance Holding AG in September 2024, adding five microfinance institutions to its portfolio. AFG also operated an investment bank in Mauritius and a brokerage firm in Cameroon.

The exit reflects AfricInvest’s strategy of building financial institutions across Africa. The firm has raised $2.3 billion over 30 years to finance more than 230 companies. Its 100-person team operates from offices across three continents, focusing on private equity, venture capital, and credit investments.

“We are proud to have supported AFG Holding at a pivotal stage of its growth,” added Youssouf Kone of AfricInvest. “The group is well-placed to play a transformative role across Africa.”

The financial services sector in Francophone Africa has seen major consolidation moves recently. AFG reached an agreement with Côte d’Ivoire’s government in 2023 to take over Banque Populaire de Côte d’Ivoire. Such deals show how regional banking groups are expanding through acquisitions and regulatory partnerships.

AFG Holding was founded by Ivorian businessman Koné DOSSONGUI. The group started in 2006 as the financial arm of pan-African conglomerate Atlantic Group. The parent company operates in agriculture, manufacturing, hotels, and telecommunications across Africa.

“This exit reflects AfricInvest’s continued commitment to building and scaling resilient financial institutions that unlock long-term value and impact across the continent,” Dossongui added.

“We are proud to have played a part in AFG Holding’s evolution into a dynamic, growth-oriented platform, and look forward to witnessing its continued success in the years ahead.”

This exit continues a strong run of African private equity exits in 2025. The deal follows Silverbacks’ blockbuster 29× return on Nigerian fintech LemFi in January and AfricInvest’s own May exit from payment group MDP. This cluster of successful exits shows African private equity has found its rhythm—firms are building regional financial champions like AFG and finding sophisticated exit opportunities. The momentum proves Africa’s financial sector now offers the liquidity needed for sophisticated investment cycles.