French Development Agency
Starting in 1990 with BOA Benin, the group started opening subsidiaries across the continent, initially in Francophone countries but eventually in Anglophone Africa, starting with BOA Kenya in 2004. To increase their capital base, AFH took on new investors including the PROPARCO, a division of the French Development Agency, Netherlands Development Finance Company (FMO) and Natexis (now Natixis) of France.