About AAFC

African Asset Finance Company (AAFC) was launched in 2017 and aims to bridge the gap between capital markets with ample liquidity and emerging markets in need of solutions for equipment, equipment-as-a-service, equipment leasing, asset-backed lending, and (clean) energy and infrastructure financing in Africa through AAFC group and portfolio companies, partnerships and investments.

AAFC is headquartered in New York, and its companies have offices in Africa, the Middle East and Europe. AAFC’s companies are rapidly expanding to several markets across the African continent and beyond.

 
 
 

Leadership

AAFC’s companies are led by an executive team with deep and broad international experience in leasing, operational management and direct investment, as well as decades of on-the-ground experience in Africa.

AAFC’s board of directors is composed of renowned business leaders from around the world who bring extensive experience in Africa, banking and non-banking financial services, and best-in-class management practices.

 
 
 

Our Impact Philosophy

AAFC is committed to driving both business growth and generating a positive impact. By making high-quality equipment accessible to businesses, we help accelerate economic development by enabling faster business growth and creating jobs.

Our companies have the potential to transform the lives of millions through greater economic activity, improved efficiency and increased job opportunity.

How We Do Business

We follow best practices in all aspects of our business:

  • We are committed to a fair pricing principle and strive to cap the embedded interest rates our companies use to calculate equipment services and leases at 500 bps above their WACC (weighted average cost of capital)

  • We ensure that all our companies abide by a living wage pledge, and ensure that all employees of our companies receive at least the minimum income necessary for someone to meet their basic needs and participate in their community

  • Our companies give priority to deploying quality equipment that compares favorably against its peers in the areas of environmental impact, safety and longevity.

  • We have a strict Code of Ethics and Business Policy across all our companies with a zero tolerance for corruption and strictly enforce a code of ethical conduct.

  • We strictly enforce compliance with the Foreign Corrupt Practices Act.

  • We abide by the UNPRI and the UN Global Compact.

  • We comply with all sanctions’ regulations.

  • Some of our subsidiaries are regulated by local regulators, such as the National Bank of Ethiopia, which regulates Ethio Lease.

  • We are a member of ELFA.

 
 

How We Decide Which
Businesses To Work With

When it comes to deciding which businesses to work with, all our comapanies use the following three screening strategies:

 

Negative
Screening

We check against lists of excluded companies (e.g., manufacturers of controversial weapons, companies known for human rights abuses or inexcusable negative environmental, etc.) and reject these out of hand.

Positive
Screening

We prioritize companies with better Environmental, Social, and Governance (ESG) records than their peers, using a combination of our own analysis and third-party research.

Norms-based Screening

We screen against international standards of business practice, which is embedded into our credit and risk evaluation process.

 
 

How We Partner

We are committed to addressing the needs of organizations in priority sectors, such as small farmers and public hospitals, that have limited access to credit. To this end, we partner with local or international non-governmental organizations (NGOs), local cooperatives and other aggregators such as contract farming organizations, to create a combination of clustered offerings and technical assistance, typically with an umbrella first-loss guarantee offered by the partner.

Technical assistance can include training on how to operate machinery or equipment, support with various management and administrative functions, and general strategic business advice.

Compliance
& Governance

AAFC and/or subsidiaries are in certain areas regulated or supervised by government agencies or self regulating bodies, such as the SEC, the National Bank of Ethiopia and DIFC. AAFC and its subsidiaries voluntarily comply with EU GDPR, and with UNPRI.

We hold accountability and transparency in high regard. Our Code of Ethics and Business Conduct can be viewed through the following link.

Code of Ethics and Business Conduct

People

The management teams of AAFC’s companies and AAFC’s board of directors are seasoned leaders with extensive experience in Africa and beyond, in industry, banking and non-banking financial services.

 
 

 Board of Directors

  • GIRMA WAKE

    Girma serves as the chair of Ethio Lease.

    He also serves as Chairman of the Board of Ethiopian Airlines, and as an adviser to the Government of Togo.

    Girma is best known for transforming Ethiopia Airlines into the leading African aviation powerhouse it is today.

    He is the former chairman of Rwanda Air and United Insurance Company, and worked earlier in his career for Gulf Air. He graduated from the University College of Addis Ababa

  • GEOFF EISENBERG - LEAD INDEPENDENT DIRECTOR

    Geoff is a seasoned business executive with broad and deep experience in operating leadership and management development.

    As a three-time CEO, Geoff has had the opportunity to work with and manage small to large teams across a number of industries, in privately held and publicly traded ownership environments, and across a wide array of functional areas.

    Geoff has always had a keen interest in professional management and best practice governance. Whether by leading a 4,000-employee public US company (West Marine) or working with an individual executive as a CEO coach (The Eisenberg Company), Geoff has focused on helping executives improve their leadership and management skills.

    With his 40+ years of U.S.-based management and board experience, Geoff provides an effective complement to the international experience of the AAFC Board.

  • ANNE ERIKSSON

    Anne recently retired from PricewaterhouseCoopers (PWC) as the Regional Senior Partner for Eastern Africa and Senior Country Partner Kenya, a role in which she oversaw 1,500 employees in six African countries.

    In her 40-year career with PWC, 30 of which she spent as partner, she was widely recognized as one of Africa’s leading industry professionals.

    She led the provision of audit and related advisory services for a wide range of clients: Pan African, regional and local, private and listed, including several banks and other financial institutions. She also advised countless audit committees and boards on financial reporting and internal control matters.

    Anne has an MBA (Distinction) from the University of Warwick, is a Fellow of the Association of Certified and Chartered Accountants (FCCA), and a Fellow of the Institute of Certified Accountants of Kenya (FCPA).

  • FRANS VANSCHAIK

    Frans serves as the Chairman and CEO of African Asset Finance Company Inc. He is also a Roha partner and serves on a number of affiliated company boards.

    Previously, Frans founded Tribute Capital, was a managing partner at Logispring, served as (interim) CEO of a number of industrial groups, and was a junior partner at Gilde Investment Funds. He has co-founded several businesses, including an equipment leasing company.

    Frans holds a BA in history, an LLM from the University of Amsterdam and a post-graduate diploma in international relations from the University of Vienna.

  • BROOKS WASHINGTON

    Brooks is founder of Roha and a partner with the firm. He serves as a board member on all of Roha’s portfolio companies and previously served as CEO (General Manager) of Juniper Glass Industries, Roha’s first large-scale industrial development.

    Before founding Roha in 2013, Brooks was a consultant with McKinsey & Company – first in Johannesburg, and then as a co-founder of the Lagos office. He was inspired to start Roha by the number of compelling opportunities he saw across the continent and the lack of institutions pursuing them.

    Brooks is based in Nairobi and has lived and worked in multiple African cities for the past twelve years. He graduated from Harvard College with a degree in social studies (with a focus on economics and politics).

  • MOHAB MUFTI

    Mohab is a Saudi Executive with thirty years of experience in financial services, including global markets, structured finance and direct investments. He currently leads advisory firm Decca Investments and previously served on the Board of Arqaam Capital, a Dubai-based emerging markets investment bank.

    Previously he had established Asiya Investments' advisory business in Dubai and led the management of a trade finance fund.

    Prior to moving to Dubai, he was the CEO of Gulf International Bank (UK) Ltd. where he was directly responsible for the management of bank and client assets of $20 billion.

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