13th September, 2023

JICT Decides to Support the Development of ICT Business in Africa
through LP Investment
Fund Corporation for the Overseas Development of Japan's ICT and Postal Services Inc.
(hereinafter “JICT") (Chiyoda-ku, Tokyo, President & CEO: Amane Oshima) has announced todaythat it will provide funding as a limited partner (hereinafter “LP”) to a fund, "Verod-Kepple Africa
Ventures SCSp" (hereinafter “VKAV”) with Verod-Kepple Africa Partners (hereinafter "VKAP")(Luxembourg; Representative: Ory Okolloh, Satoshi Shinada, Ryosuke Yamawaki) as a generalpartner (hereinafter “GP"). On 12th September, JICT received approval from the Minister of Internal
Affairs and Communications to invest approx. 10 million US dollars in VKAV.
VKAP, which JICT will provide funding for this time, is a joint venture between Kepple Africa
Ventures (hereinafter “KAV”) (Shibuya-ku, Tokyo; Representative: Takahiro Kanzaki), a Japanese
venture capital firm, and Verod Holdings (hereinafter “Verod”), a private equity firm specializing inAfrica (Lagos, Nigeria, Representative: Danladi Verheijen). VKAV is a fund that invests in startup
companies working to foster new industries and solve diverse social issues across Africa. This fundwill work toward sustainable economic growth in Africa, and with the support of the GP VKAP, it willconnect Japanese companies, mainly LP investors, with local startup companies and promotebusiness matching and creation of synergy. In particular, this fund aims to accelerate the growth ofstartups in the major ICT fields such as Fintech and DX, while at the same time contributing to solvingsocial issues.
This is the third investment in JICT as an LP following the expansion of the scope of JICT's support(based on the Revision on Support Standards enforced on February 14, 2022). By acquiring morediverse knowledge through these LP investments, JICT will support the overseas businessdevelopment of a wider range of Japanese business operators in the fields of telecommunication,broadcasting, and postal services.
Upon participating in VKAV, JICT will contribute to increasing the fund's value by improving
credibility through participation and by supporting collaboration between other LP investors andinvestee companies from a neutral standpoint. In addition, as a public-private fund, JICT aims tocontribute to business development in Africa by Japanese companies in the future by widely sharing
information and knowledge gained through its investment in VKAV.

Outline of JICT’s Financial Support
1. Target projects: Support for ICT business development in Africa through LP investment
2. Target countries: All of Africa
3. Approved amount of funds to be supplied by JICT: a maximum of approximately 10 million US dollars
4. Japanese LP: SBI Holdings, Inc. and others
5. Estimated timing: November, 2023 (planned)
5. Estimated timing: November, 2023 (planned)

Project image and investment scheme

Verod-Kepple

SBI Holdings, OtherAfrica Partners

Japanese Companises

GP investment
Operation

LP investment

JICTLP investment

Verod-Kepple Africa Ventures SCSp

Startups in Kenya, Nigeria and other African countries※GP : General Partner, LP : Limited Partner
About Fund Corporation for the Overseas Development of Japan's ICT and Postal Services Inc.
(JICT)JICT was established in November of 2015 to support overseas advancement of Japanese business
operators in the fields of telecommunications, broadcasting, and postal services by providing riskcapital, etc. JICT is operated by talented people in the private sector with diverse experience ininvestment, technology, management, etc. JICT will continue to support the overseas businessadvancement of Japanese business operators in the telecommunications, broadcasting, and postal
fields through various projects.
About KAV
KAV is a venture capital firm established in 2018 with the mission of “Creating new industries in Africa”.
From their bases in Kenya and Nigeria, the company has invested in 103 companies in 11 Africancountries. In Africa, where innovation is giving rise to new industries one after another, the company
aims to create new industries and expand globally by supporting the growth of local startups andcreating a structure to collaborate with Japanese companies.

About Verod
Verod, founded in 2008, is a leading Nigerian private equity firm with a track record of investing andsupporting growth in African SMEs and startups. The company has raised more than 350 million US
dollars in total and as the market leader in private equity funds in the West African region, the company
has experience in investing in and operating companies representing various industries, such as thelargest aluminum can manufacturing plant in Africa, a major life insurance company in Nigeria, and amajor pharmacy chain.
About VKAV
Name: Verod-Kepple Africa Ventures SCSp
Start of fund operation: February, 2022
GP: Verod-Kepple Africa Partners(Contact)
Management Strategy Division, Fund Corporation for the Overseas Development ofJapan’s ICT and Postal Services
Tel: 03-5501-0092