Rwanda’s Small and Medium Enterprises (SME’s) will have more access to finance thanks to the entry of private equity outfit, Fusion Capital Ltd.
Speaking at the launch of Fusion’s entry into the Rwandan market last week, Phil Goodwin, the Chairman of the company said that his institution is focused on meeting the needs of small and medium-growth companies in Africa.
“Access to capital is a real problem in East Africa particularly if you have got ambitious growth plans. Fusion aims to meet this gap,” he added.
Its Chief Executive, Luke M. Kinoti, said that Fusion, which is a non deposit taking financial institution, is has spent five years building its credibility in East Africa, and is in a great position to fund the opportunities as the region becomes a major international investment target.
“We want to help entrepreneurs in Rwanda. If they can provide the ideas and the hard work, we can provide capital, financial expertise and lots of experience,” he said.
Kinoti explained that Fusion has already secured US$30 million to invest in East Africa’s budding SME sector.
“Rwanda is among African countries with potential business opportunities and our aim is to facilitate wealth creation by offering financial services to SME’s, rewarding employment opportunities and competitive returns to our investors,” he said.
The Chairman of the Private Sector Federation (PSF), Robert Bayigamba, said that access to capital is a challenge to business entrepreneurs in Rwanda and he hopes Fusion Capital will address the challenges associated with accessing loans.
“We hope you will promote our business environment by funding opportunities in emerging markets,” he noted.
Bayigamba mentioned that Fusion offers SME’s a chance to explore the many possibilities by getting loans to boost up their businesses as an ideal springboard for entering into a competitive market.
Fusion capital currently operates in Kenya, Uganda and Rwanda. The institution says it was cleared to operate in Tanzania and plans to open shop in Burundi.