Beltone Holding has completed the acquisition of Baobab Group for €197.6 million (approximately US$235.9 million), finalised on February 10, 2026, following a share purchase agreement signed on February 11, 2025.
Executed through Beltone Capital, this transaction represents Beltone’s largest deal to date and its first significant cross-border acquisition.
The acquisition grants Beltone full ownership of Baobab Group, a Paris-headquartered microfinance institution serving approximately 1.6 million clients across seven African markets with a loan book of €848.8 million as of Q3 2025.
Previous majority shareholders, including Apis Partners and Abler Nordic, have fully exited their positions.
Baobab’s Current Position and Beltone’s Strategic Rationale
Baobab Group specialises in providing financial services to micro, small, and medium-sized enterprises (MSMEs), with a strong emphasis on digital channels; approximately 50% of loans are disbursed digitally using intelligent credit-decision systems.
The group operates in Senegal, Côte d’Ivoire, Madagascar, Burkina Faso, Mali, the Democratic Republic of Congo, and Nigeria.
Beltone’s objective is to transform Baobab into a broader pan-African financial services platform. The acquisition combines Beltone’s data-driven, technology-led model with Baobab’s established presence in underbanked markets.
This partnership aims to accelerate digital transformation, expand product offerings, and enhance financial inclusion across high-growth regions.
Focus on Nigeria as a Growth Anchor
Nigeria stands out as a pivotal market in Beltone’s strategy. Baobab Nigeria holds a national microfinance licence and has recently consolidated operations through the buyout of Alitheia Capital and Goodwell Investments.
Under Beltone’s ownership, plans include expanding the branch network from 38 to over 100 locations, targeting MSMEs, a segment that constitutes the backbone of Nigeria’s economy yet remains significantly underbanked.
This scaling will leverage Beltone’s operational expertise and digital capabilities to deepen penetration and diversify beyond traditional microfinance.
Potential Pathways to Broader Financial Services
The transaction positions Beltone to evolve Baobab’s offering from microfinance-centric activities toward a more comprehensive suite of financial services. Key opportunities include:
- Digital Banking and Payments — Integrating advanced digital lending, mobile wallets, and payment solutions to capture transaction volumes and cross-sell products.
- SME and Commercial Banking — Extending credit to larger enterprises, trade finance, and working capital facilities for growing businesses.
- Savings and Insurance — Introducing deposit products, micro-insurance, and value-added services to build customer relationships and diversify revenue.
- Fintech-Enabled Expansion — Utilising Beltone’s data analytics and technology infrastructure to enhance credit scoring, risk management, and product innovation across markets.
Success in this transition will depend on effective integration, regulatory navigation in diverse jurisdictions, and alignment of operational cultures between the Egyptian parent and Francophone West African entities.
READ ALSO:Beltone Capital’s Strategic Move into African Lending Market with Baobab Acquisition
Challenges and Success Factors
While the acquisition provides a strong foundation, scaling beyond microfinance entails challenges:
- Regulatory complexities across multiple jurisdictions.
- Competitive landscape in Nigeria and Francophone markets.
- Execution risks in integration and cultural alignment.
- Need to maintain Baobab’s social impact focus while pursuing commercial growth.
Beltone’s track record in technology-driven financial services and its commitment to disciplined expansion suggest a viable path forward. The deal reflects a broader trend of Egyptian firms leveraging maturity in domestic markets to pursue opportunities in Sub-Saharan Africa.
Looking Ahead
Beltone’s €197.6 million acquisition of Baobab Group establishes a platform for meaningful expansion beyond microfinance into broader financial services.
With Nigeria as a strategic anchor and a clear emphasis on digital innovation, the combined entity is well-positioned to serve underserved MSMEs across seven markets.
The transaction’s success will hinge on integration effectiveness and execution of growth plans. For the most current insights, refer to official statements from Beltone Holding or Baobab Group.
Beltone Holding Overview
Beltone Holding subsidiaries include a broad set of financial services and investment companies such as Beltone Securities Brokerage, Beltone Asset Management, Beltone Leasing and Factoring, Beltone Consumer Finance, Beltone Mortgage Finance Co, Cash for Microfinance, Beltone Venture Capital, Beltone SME’S, Beltone Information Technology, Beltone Management Solutions, Beltone Promotion & Underwriting, Robin Data and AI Solutions and others that operate across brokerage, asset management, NBFIs and related financial segments.
Beltone Egypt / Beltone Cairo refers to the company’s headquarters in New Cairo, Egypt, where it is listed on the Egyptian Exchange under the ticker BTFH.CA and conducts operations spanning securities, investment banking, microfinance and other services.
Beltone Holding financial statements show strong growth in recent reporting periods: for example, consolidated operating revenues more than doubled to about EGP 6.3 billion in the first half of 2025 with net profits of EGP 1.3 billion, underscoring robust performance across its platforms.
Beltone Financial Holding (sometimes used interchangeably with Beltone Holding) is a major Egyptian financial services group offering brokering, asset management, investment banking and a growing set of non-bank financial institutions.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
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