About AAFC

African Asset Finance Company (AAFC) was launched in 2017 to address Africa’s underserved market for equipment leasing and asset-backed lending, with Ethiopia as the firm’s first entrance into the market. In 2019, AAFC’s subsidiary company Ethio Lease received a license from the National Bank of Ethiopia to operate a leasing company, becoming the first foreign-owned entity to be granted a financial services license in the country.


Headquartered in New York, and with offices in Africa, the Middle East and Europe, AAFC is rapidly expanding its offerings to several other markets across the African continent.


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

In a country like Ethiopia, for example, where the average age is 18 and 75% of the 100+ million population is under 30, rapid economic growth is essential to underpin political and market reforms.

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 interest rates we use to calculate leases at 500 bps above our WACC (weighted average cost of capital)
  • We abide by a living wage pledge, and ensure that all our employees receive a minimum income necessary for someone to meet their basic needs and participate in their community
  • We give priority to leasing 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 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.
  • 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 lease or lend to, we use the following three screening strategies:


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.


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.


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

While we recognize that we cannot control how individual businesses treat their workers or the environment, we do proactively monitor all lease agreements and look for ways to address potential issues.

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.

& 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.


AAFC’s team and board of directors are seasoned leaders with extensive experience in Africa as well as in banking and non-banking financial services.

Board of Directors

Anne Eriksson - independent director

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.

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.

Frans VanSchaik

Frans serves as Chairman and CEO of African Asset Finance Company Inc. He was the chair of the organizing committee of Ethio Lease and now serves as its the vice chair. He is also a Roha partner and serves on a number of affiliated company boards.

Gabriel Negatu - independent director

Gabriel recently retired from the African Development Bank where he was Director General, Eastern Africa and directed the bank’s largest Regional Center, responsible for 13 member countries and a portfolio valued in excess of $9 billion (US).

Geoff Eisenberg - lead independent director

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

Girma Wake - independent director

Girma serves as the chair of Ethio Lease and was a member of the Organizing Committee of Ethiopian Capital Goods Finance Business SC (Ethio Lease).

He also serves on the Borad of Ethiopian Airlines, is the chair of United Insurance and serves as an adviser to the Government of Togo.

Michael Turner - independent director

Michael is Managing Director of Actis in East Africa.
Born in Tanzania and based in Nairobi, Kenya, Michael is an experienced private equity investor and has developed a deep understanding of PE investment throughout sub- Saharan Africa. He serves on various company boards, including with two banks and the Nairobi Stock Exchange.

Mohab Mufti - independent director

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 serves on the Board of Arqaam Capital, a Dubai-based emerging markets investment bank.

Our Team

Tommy Graham

Tommy joined AAFC in April 2019 as a senior advisor. He serves as COO of Ethio Lease and is based in Addis Ababa.

Girum Tseagye

Girum is the CEO of Ethio Lease Ethiopian Capital Goods Finance Business SC (Ethio Lease).

Frans VanSchaik

Frans serves as Chairman and CEO of African Asset Finance Company Inc. He was the chair of the organizing committee of Ethio Lease and now serves as its vice chair. He is also a Roha partner and serves on a number of affiliated company boards.

Jacob Nielsen

As VP, OEM Partnerships, Jacob is in charge of procurement for AAFC’s direct leasing operations, manages vendor lease programs and coordinates strategic partnerships.

Christine Gagnon

Christine joined AAFC in December 2019 as Chief Financial Officer and is based in New York.

Ismael Dubale

Ismael is AAFC’s group business and strategy analyst, based in Dubai. He was a co-organizer of Ethio Lease and has been working on the preparation of the launch of Ethio Lease and AAFC since 2017, initially as part of the Roha team in Addis.



African Asset Finance Company Inc
Carnegie Hall Tower
152 West 57th Street
New York, NY 10019, USA
(212) 827-5787


AEPC Management Ltd
DIFC Gate Village 2, Unit 15
Dubai, United Arab Emirates
+971 4 401 9285


Ethiopian Capital Goods Finance Business SC
379 Cape Verde Street
Addis Ababa, Ethiopia
+251 116 393 397


African Asset Finance Company Holdings BV
Javastraat 10-III, PO Box 553, 300
Rotterdam, The Netherlands
+31 10 440 1154