On September 16th 2014, GroFin International officially launched its Zambia office at a commemorative event at the Taj Pazmodi Hotel In Lusaka. The opening of GroFin Zambia brings a new vehicle to expand the country’s private sector and its economic base. GroFin specializes in serving small and growing businesses, which are too big for microfinance and too small for private equity.
Mr. Fredson Yamba, Secretary of the Treasury, officiated GroFin’s launch event and commended the organization for addressing the challenges of Zambian entrepreneurs. His excellency Secretary Yamba noted,
“They are presenting to us an opportunity that is rare, yet, needed for SMEs in Zambia. Through the access to patient capital that GroFin will provide, businesses may experience long-term growth. As a result SMEs in Zambia will be able to create sustainable, equitable, and permanent jobs for our country.”
The September 16th launch event served to both officiate and herald GroFin’s local incorporation. It was attended by nearly 100 guests, including the CEO of the Lusaka Stock Exchange, the director of SEC Zambia, representatives from DFID, the African Development Bank, the Central Bank, and diverse members of the public and private sectors. Also in attendance were members of GroFin’s Leadership Team, the local Luskas-based GroFin staff and a cross-section of Zambian entrepreneurs, including current GroFin investees.
Although the organization is new to the Zambian market, GroFin has 10 years of experience supporting entrepreneurs across Africa and the Middle East. This track record has included assistance of over 7,000 entrepreneurs and investments generating or sustaining over 16,000 jobs. In the relatively short period of operation, the local GroFin office in Zambia has continue to replicate this precedent, making 2 investments that are anticipated to generate an estimated 90 jobs for Zambian nationals. Besides creating local employment, GroFin investees are also sponsoring rural education, HIV testing and community health provision. GroFin ‘s Zambia office will be led by investment executive, Chibamba Lopa, who has worked for and invested in Zambian businesses for over twenty years.