Apis Growth Fund I, a private equity fund managed by Apis, has agreed to invest in Bankers Warehouse, a provider of cash management solutions in Nigeria.
The transaction is subject to certain closing conditions and approvals.
Rotimi Oyekanmi, Partner at Apis, said: “We are excited to partner with Bankers Warehouse to expand its presence nationally and to extend its service offering across the cash value chain. The Company plays a critical role in Nigeria’s financial infrastructure and financial intermediation through its core cash management solutions, and we look forward to supporting Bankers Warehouse as it improves the functioning of the country’s financial system by ensuring the integrity and availability of cash, as well as its efficient processing and digitization.”
Bankers Warehouse’s secure cash management platform enables the outsourcing of critical cash management functions from Nigeria’s leading financial institutions and corporates, as well as the Central Bank of Nigeria.
The Company has a presence in 40 locations across 28 of Nigeria’s 36 states and the Federal Capital Territory.
The Fund’s investment will be used to support the growth of the company’s existing cash processing and cash-in-transit services, to strengthen its capital structure, to offer additional cash management solutions to its customers, and to broaden its national coverage.
Matteo Stefanel, Apis Co-Founder and Managing Partner, said: “Bankers Warehouse has consistently delivered high quality cash management solutions to its customers, driving efficiencies through shared infrastructure and technological solutions aimed at reducing the cost to the financial system of processing cash. We see a significant opportunity to further leverage technology within cash logistics to increase convertibility of digital and physical cash thereby augmenting user confidence and inclusion within the digital financial system.”
Victor Hammond, Vice Chairman & CEO of Bankers Warehouse, added: “We are delighted to partner with Apis to grow Bankers Warehouse’s cash management business by continuing to provide efficient, secure and reliable cash solutions for our customers across the Nigerian financial and corporate sectors. The Company is in the process of adding to its capacity and suite of cash management services, and completing the build out of its Victoria Island facility. We look forward to drawing upon Apis’ expertise with respect to investments in global financial services and financial infrastructure to consolidate the Company’s market leading position.”