Cyrille Nkontchou invests in Zambia's insurance sector

Based in Johannesburg and London, the management of assets in kilobytes Capital Management company, founded by Cameroonian financier Cyrille Nkontchou, announced that its fund dedicated to Enko Africa Private Equity Fund (EAPEF) has taken a minority stake in the Zambian financial services Madison Financial Services PLC group on March 2, 2015 in a press release.

Launched in June 2014, Enko Africa Private Equity Fund which specializes in investment in private companies arrived at a mature stage covering a broad spectrum of economic sectors in Africa.

Madison Financial Services meanwhile was founded in 1992 and operates in the areas of life and non-life insurance, asset management and microfinance in Zambia. It also controls a company of insurance in Tanzania.

The Zambian group saw its turnover increase by 16% on the average per year and its operating income tripled during the past three years, according to the release issued by Enko Capital Management.

"We are pleased to have made our first investment in Zambia, a country which has good growth prospects, strong macroeconomic fundamentals and that has just witnessed a peaceful political transition," said Cyrille Nkontchou, Associate Director of in Enko Capital Management.