Beltone Completes USD 235 M Baobab Group Acquisition In Financial Services Push

Beltone Holding, a Cairo-based financial services group founded in 2002, has completed its EUR 197.6 M (USD 235.9 M) acquisition of Baobab Group, finalising one of the largest recent cross-border financial deals linking North and Sub-Saharan Africa.

Executed via Beltone Capital, the transaction gives Beltone an immediate operating footprint across seven African markets, including Nigeria, Senegal, Côte d’Ivoire, DRC, and Madagascar.

Founded in 2005, Baobab Group is a pan-African microfinance platform managing a EUR 848.8 M loan book and serving 1.6 million customers, with around half of loans processed digitally.

The acquisition allows existing shareholders, including Apis Partners and Abler Nordic, to fully exit. For Beltone, the deal accelerates its pivot from brokerage to a technology-led pan-African financial platform, with Nigeria positioned as a core growth market for MSME lending.