Beltone Holding has announced signing a put option agreement with the shareholders of Baobab to acquire a controlling stake in the company through its fully-owned subsidiary, Beltone Capital, Invest-Gate reports.

Baobab is a leading financial services provider in Africa. It serves over 500,000 clients, including micro, small, and medium-sized enterprises (MSMEs). The company operates in seven African countries: Senegal, Côte d’Ivoire, Madagascar, Burkina Faso, Mali, the Democratic Republic of Congo, and Nigeria.

Dalia Khorshid, CEO and Managing Director of Beltone Holding, stated, “This is a pivotal step in our regional expansion into African and emerging markets, leveraging data analysis and digital transformation. We remain committed to sustainable growth with a strategic impact, supported by innovative financial services powered by technology and artificial intelligence.”

Beltone’s board has also approved a shareholder loan to finance the acquisition, pending necessary regulatory approvals and the signing of the share purchase agreement.