Grace Ashiru
Beltone Holding has completed its acquisition of Baobab Group through subsidiary Beltone Capital for €197.6 million, acquiring 100 percent of the microfinance provider following receipt of required regulatory approvals.
The Cairo-based financial services company has expanded its geographic footprint to seven African markets through the transaction: Senegal, Côte d’Ivoire, Madagascar, Burkina Faso, Mali, the Democratic Republic of Congo, and Nigeria.
The deal represents Beltone’s first cross-border acquisition and largest transaction to date.
Baobab Group provides micro and small business finance with operations focused on digital lending channels. As of third quarter 2025, Baobab served approximately 1.6 million customers and managed a loan book of €848.8 million. Around 50 percent of loans are disbursed through digital channels using automated credit-decision systems.
Since its founding over 20 years ago, Baobab has disbursed approximately four million loans to small businesses with cumulative financing volumes exceeding €9.2 billion.
The transaction follows a share purchase agreement signed on February 11, 2025. Previous shareholders, including UK-based private equity firm Apis Partners, exited their positions through the deal.
Beltone and Baobab plan to develop technology-enabled financial solutions for African markets following the acquisition’s completion.
The acquisition positions Beltone to combine its financial services capabilities with Baobab’s local market presence in micro and small business finance across Sub-Saharan Africa.
