Member News: 4G Capital Welcomes Lord Currie to Board of Directors
March 25, 2019, London: The Board of 4G Capital announces the appointment of Lord David Currie, former chairman of the UK Competition and Markets Authority and current chair of the UK’s Advertising Standards Authority, as Non-Executive Director, with effect from 31 March.
Lord Currie is a long standing government economic advisor and an advocate of equitable free markets. His new role will see him supporting 4G Capital’s increasing footprint across Africa and development of further financial products and services that support inclusion and help catalyse enterprise growth in Africa.
Lord Currie said, “I am delighted to join this remarkable company which is poised to build on very solid foundations to do great things. Poverty alleviation is a global issue, and one best addressed by empowering small businesses to provide opportunities for the communities they serve.”
4G Capital Chairman Wayne Hennessy-Barrett said, “We are immensely privileged to have Lord Currie on our team as we move to our next phase of development. It is now vital for us to expand into more areas of need where we can help micro-traders transition from an informal to a formal footing. We are clear on the need to work with partners in government, central banks and other service providers to deliver the right working capital solutions across Africa.”
4G Capital has supported the sustainable growth of micro-enterprises in Africa since 2013 by providing financial literacy training blended with working capital credit. 4G Capital seeks to address the MSME finance gap in Africa which critically stands at $331bn (source: SME Finance Forum). MSMEs across Africa contribute to over 50% of combined GDP and more than 80% of employment.
In 2018, 4G Capital’s new operations went live in Uganda and Ghana. There are now 72 branches across Kenya and Uganda. In Kenya over $21m was disbursed over the course of the year. Collection rates remain above the national average, at 94.08%. 4G Capital also received two positive credit ratings: ‘BB’ from MicroFinanza, and ‘BB+’ from the Global Credit Ratings Co.
By using its proprietorial artificial intelligence and mobile money technology, 4G Capital delivers loans, primarily for rapid-cycling retailers. Studies show that customers are able to increase their annual revenues by an average of 82% through 4G Capital’s offering of financial literacy training. 4G Capital is estimated to continue its 100% year on year growth record in 2019 while moving into other financial services for its target markets.