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JCS Investee Companies


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 (and different industries and sectors across Ghana).

JCS currently manages two funds; Goodwell West Africa Microfinance Development Company (GWAMDC) and Goodwell Fund III (uMuntu Fund).


Goodwell West Africa Microfinance Development Company
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, and also 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 Limited (NRB)
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).
The first investment ($1.0 million) was made in 2011 and was the first investment by a foreign institutional investor in a rural bank in Ghana. JCS has collaborated with DFI’s to sponsor TA programs to improve the capacity of the directors, managers and shareholders of the bank.
For more information on NRB, follow the link: www.nwabiagyaruralbank.org

Women World Bank Ghana (WWBG)
Women World Bank Ghana (WWBG) is a saving and loans company that is committed to empowering SMEs to grow their businesses. It gives special attention to market women. The investment of $1.5m in Women’s World Banking Ghana is the third investment in Ghana. It is a turnaround case and JCS completed this investment because it identified an inherent value and the potential to grow significantly in a short time period.
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.
For more information on WWBG, follow the link: www.wwbg.com.gh

First National Savings & Loan (now GN Bank)
An investment (of $1.5million) in First National Savings & Loans Ltd (now GN Bank) was made in 2013. JCS selected this company because it had the widest branch network (about 53 branches) and was located in most districts across the country. It had the potential to make an impact in the rural areas in terms of financial access and intermediation. There are now over 250 branches (2018).
The Goodwell fund exited First National Bank Savings & Loans in 2014 with an above average return of 22% IRR on the USD.
For more information on GN Bank, follow the link: www.gnbankghana.com


uMuntu Fund (Goodwell Fund III)
The uMuntu Fund has a target size of €20 million is currently open to investors and has one investment. The Fund (also termed “Goodwell III”) is focused on investment that supports financial inclusion, information technology (IT), water & sanitation sub-sectors, and SME’s. It provides commercial long-term capital and active support to start-up and growth phase institutions. The fund aims to accelerate their growth and build value (whilst maintaining their social focus).
The investment so far is summarized below:

 Innovative Microfinance Limited(IML)
Innovative Microfinance is a 100% Ghanaian-owned company that launched commercial operations in April 2009. The majority of its operations are 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 support to the board and management as it transitions to become a Savings and Loans company.

JCS invested in IML because it shares in its strategy of (i) strengthening operations in the rural microfinance sub-sector and (ii) expanding in the Northern Region where microfinance is limited. It also shares in the expansion plan to obtain a Tier 1 licence to operate as Savings and Loans company in the next 18 to 24 months.
For more information on IML, follow the link: www.imlfinance.com