JCS Investments brings extensive experience and resources to help management teams assess and capitalize on business opportunities. Since 2004, we have completed over 25 investments across a broad array of investment types with different business life cycles and different industries & sectors, etc across Ghana.
JCS currently manages two funds; Goodwell West Africa Microfinance Development Company (GWAMDC) and Goodwell Fund III (uMuntu Fund).
The GWAMDC fund (€15 million) currently has two investments after exit of one investment in 2014.
It is founded on the principal belief that improving access to affordable financial services for people at the Base of the Pyramid (“BoP”) and small enterprises contributes to sustainable development.
The fund provides commercial long-term capital and active support to start-up and growth phase microfinance institutions (MFIs) to kick-start and accelerate their growth and build value whilst maintaining their social focus. This fund is fully invested. The investments are summarised below;
Nwabiagya Rural Bank is a community owned financial institution established in 1987 and located in the Ashanti region. NRB has nine branches and is regulated by the Bank of Ghana and supervised by the ARB Apex Bank Limited (an umbrella financial institution owned by the rural banks).
This is the first investment ($1.0 million) in Ghana in 2011 and it was ground breaking since it was the first investment ever by a foreign institutional investor in a rural bank in Ghana.
JCS has collaborated with foreign DFI’s to sponsor TA programs to improve the capacity of the directors, managers and shareholders of the bank.
Visit Website: www.nwabiagyaruralbank.org
Women World Bank Ghana (WWBG) is a saving and loans company that is committed to empowering SMEs to grow their businesses with special attention to market women.
The investment of $1.5m in Women’s World Banking Ghana is the 3rd investment in Ghana. It is a turnaround case and JCS did this investment because it identified an inherent value and the potential to grow exponentially in a very short time.
Again, JCS has collaborated with foreign DFI’s to sponsor two TA programs in new product development and IT development to increase the bottom line of the institution.
Visit Website: www.wwbg.com.gh
The 2nd investment (of $1.5million) was in First National Savings & Loans Ltd (now GN Bank) in 2013. JCS selected this investment because it had the widest branch network (about 53 branches) in the country, located in majority of the districts and all the regions of the country in order to make an impact in the rural areas in terms of financial access and intermediation. It currently operates from over 250 branches around the country.
The Goodwell fund exited First National Bank Savings & Loans in 2014 with an above average return of 22% IRR on the USD.
Visit Website: www.gnbankghana.com
uMuntu Fund (Goodwell Fund III)
The uMuntu Fund with a target size of €20 million is currently open to investors and has one investment.
uMuntu Fund (“Goodwell III”) is a fund dedicated for investment in financial inclusion, information technology (IT), water & sanitation sub-sectors, etc and SME’s in Sub Saharan Africa”.
The fund provides commercial long-term capital and active support to start-up and growth phase viable institutions in the sectors above to kick-start and accelerate their growth and build value whilst maintaining their social focus.
The investment so far is summarized below;
Innovative Microfinance Limited is a 100% Ghanaian-owned company that launched commercial operations in April 2009 with majority of its operations based in the northern part of the Ghana. Its core business is to provide financial services to its target market by mobilizing deposits from the public and granting loan facilities. The main customers are market women and small business people, who often do not have a bank account.
JCS invested an amount is $1.0 million in November 2016 and is also providing hand-holding support to the board and management as it transitions to as S&L
JCS invested in IML because it shares in its strategy of becoming a relevant player in the rural microfinance sub-sector and expand to the Northern Regions where microfinance presence is little. It also shares in the expansion plan to obtain a Tier 1 licence to operate as an S&L company in the next 18-24 month.
Visit Website - www.imlfinance.com