LeapFrog invests in Ghana’s Petra Trust
- Landmark investment to take advantage of up to 400% growth in Ghana’s retirement industry expected over the next four years
- LeapFrog, the specialist investor in financial services for emerging consumers, is to invest for the first time in the African pensions sector
- The investment indicates the enormous potential of the pensions market in Africa as a whole, and Ghana in particular
- LeapFrog’s pensions expertise will accelerate Petra’s rapid growth and reach into the market of tens of millions consumers rising into the African middle class
Accra, Ghana, 15 January 2014
LeapFrog Investments, the specialist investor in financial services in Africa and Asia, has taken a stake in one of Ghana’s largest pension trustee companies, Petra Trust. Africa’s pensions industry is one of the fastest growing in the world, and Ghana’s retirement industry is set to expand by up to 400% in the next four years, following liberalization of the pensions market. Much of this growth is likely to be propelled by the rapid expansion of Africa’s emerging consumer sector, as more households begin to rise into the middle class.
Doug Lacey, the partner who leads LeapFrog’s Ghanaian investments, said, “Petra Trust is a dynamic and fast-growing company, with a uniquely experienced leadership team. They have a strong set of existing clients, and plans to serve a local market of 20 million consumers in the informal and semi-formal sectors, which account for some 90% of Ghanaian employees. We look forward to providing support both on the board and operationally to further accelerate Petra’s growth, profitability and impact.”
Petra Co-Founders Kofi Fynn and Chris Hammond as well as Head of Operations Helena Poku returned to Ghana from the United States to participate in the country’s dramatic growth opportunities. Following the introduction of new pension regulations in 2008 the team has rapidly built one of Ghana’s largest pension trustees.
Managing Director Kofi Fynn, said, “With this injection of capital and expertise, Petra will be able to invest in expanding infrastructure to better serve existing clients and grow our market reach, while boosting Ghana’s pension industry.”
Doug Lacey added, “LeapFrog’s focus is on the emerging consumer: investing in companies that profitably provide financial safety nets and springboards to people who until now have had no or little access to these products.
Petra’s pensions offerings will bring peace of mind and financial security to many people in Ghana, and serve as an inspiration to leaders in other swiftly growing markets in Africa.”
“With this injection of capital and expertise, Petra will be able to invest in expanding infrastructure to better serve existing clients and grow our market reach, while boosting Ghana’s pension industry.”
Kofi Fynn, Managing Director and CEO