BII makes first investment to support eSAL’s expansion
The British International Investment (BII), a development finance institution of the United Kingdom (UK) and impact investor, has announced its first investment in Ghanaian Business Processing Outsourcing (BPO) company E-Services Africa Limited (eSAL).
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Made possible through the Growth Investment Partners (GIP) Ghana, the investment will support eSAL’s growth and its global delivery of cost-effective and high-quality outsourcing solutions for businesses.
GIP Ghana is a first-of-its-kind platform launched by BII in 2023, with an anchor capital commitment of up to US$50 million, to provide long-term, flexible capital, primarily in local currency, to small and medium-sized enterprises (SMEs) across the country.
GIP aims to address a critical gap in accessing finance for SMEs who occupy a key role in the Ghanaian economy.
A new report published by BII on January 23, said “How and why we finance SMEs - draws on BII's 65 years of experience supporting SME growth across Africa, highlighting the need for innovative solutions like GIP that can bring growth and jobs through flexible, risk-bearing finance that meets business’ needs.”
Pivotal moment
GIP Ghana’s first investment marks a pivotal moment for eSAL's trajectory, stimulating the company's next phase of growth.
Established in 2001, eSAL has rapidly grown as a pioneer within the Ghanaian BPO sector, providing best-in-class outsourcing processes and technology that help to improve business operations across various sectors including financial services, telecommunications, energy, travel, and media.
The investment will provide capital for eSAL to purchase new infrastructure and relocate to a larger facility in Accra to maximise its delivery capacity and serve an increasingly global client base.
The BPO industry is transforming significantly, fueled by the increasing demand for cost-effective and scalable third-party administration and customer service solutions.
Competitive advantage
Leveraging Ghana's competitive advantage that derives from its time zone, which is the same as many European countries, a young and vibrant English-speaking population, and a stable political environment - the country is a front-runner as the BPO industry signals a seismic shift from Asia to Africa.
Through eSAL'S Work Readiness Programme, the company is also improving employment opportunities among young Ghanaians.
It plans to train over 8,000 professionals in Ghana over the next five years, creating inclusive access to economic opportunities, new skills and jobs.
Alternative investment
The Chief Executive and Investment Officer of GIP Ghana, Jacob Kholi, said the company was pleased to be making its inaugural investment in eSAL.
“This investment marks a significant step forward in our mission to be at the forefront of alternative investment options for long-term capital in Ghana.
“It signifies our dedication to supporting SMEs, the lifeblood of Ghana's economy. GIP Ghana is committed to helping bridge the financing gap for Ghana's SMEs, expanding access to business support services, and providing patient, flexible finance."
Pivotal phase
The Founder and Chief Executive Officer of eSAL, Kojo Afedzi Hayford, noted that eSAL steps into a pivotal phase towards becoming a dominant force in Pan-African business process outsourcing.
“Our strategic partnership with GIP, bolstered by BII, was more than just a business expansion—it's a commitment to impact sourcing.”
He said this investment not only highlights the company’s dedication to excellence but also opens doors for showcasing the talents of young Ghanaians and Africans in the global marketplace.
“By creating substantial employment opportunities, we are positioned to unveil the potential of Africa's youth, making Ghana a beacon for global brands seeking innovative, socially responsible BPO solutions in Africa."
The British High Commissioner for Ghana, Harriet Thompson, said just six months ago the UK Foreign Secretary launched the GIP during his visit to Ghana, putting BII at the forefront of innovative financing for SMEs which was critical for job creation and economic growth.
“I am delighted that GIP has closed its first transaction. We anticipate great things from the growth of eSAL for Ghana and look forward to many more companies following the path they are forging.’’
Transformative journey
The Coverage Director for Ghana of BII, Kwabena Asante-Poku, said: "We are excited to embark on this transformative journey with eSAL through our GIP platform.
“This investment aligns with our long-term commitment to Ghana and our belief that supporting talented local entrepreneurs with patient growth capital is the key to unlocking impact at scale."
