In response to Eleving Group’s announcement, the corporate has began the method of integrating EC Finance Group Ltd., higher often known as ExpressCredit, into its direct subsidiary AS Eleving Finance. ExpressCredit is a shopper finance supplier working within the Southern African area. Because of the transaction, Eleving Group is taking on ExpressCredit’s belongings, subsidiaries, and shopper portfolio, and is rising Eleving Group’s fairness.
This transaction goals to increase the corporate’s operations within the African area. Eleving Group already has a robust presence in Kenya and Uganda, the place the corporate’s core product is automobile financing, primarily servicing the self-employed and SME section. With the mixing of ExpressCredit, Botswana, Namibia, Lesotho, and Zambia are being added to Eleving Group’s portfolio in Africa. Eleving Group plans to proceed to supply already established shopper finance companies within the new markets and implement new merchandise.