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Dear Valued Investors & Partners

AFRICA FINTECH OVERVIEW
AFRICA PUBLIC MARKETS UPDATE – BUMPER FIRST QUARTER RESULTS BUILD ON 2023
MOMENTUM
A number of our core positions have recently released their first quarter
results. After what was an incredibly encouraging set of 2023 numbers, these
1q24 numbers further build on that momentum. The strong growth in revenues AND
profitability reinforces our thesis on the companies themselves as well as the
Fintech theme in Africa. Cash transactions are increasingly becoming non-cash
and financial inclusion is rising, better serving a robust consumer. On a
country level basis, consider these stats from Nigeria, where the value of
electronic payment transactions (EPT) grew by 89% y/y to NGN257.7trn
(USD223.7bn) in 1q24 from NGN136.2trn (USD118.2bn) in 1q23, according to the
latest report released by the Nigerian interbank settlement system (NIBSS).

Fawry grew 1q24 revenues by a whopping 61%, EBITDA by 111% and EPS by 149%.
These achievements will continue as the higher growth segments increase their
weight in the portfolio of service offerings. Within this revenue growth,
Acceptance grew 96% and Supply Chain Solutions grew 70%.

Equity Group grew 1q24 revenues by 25%, with PAT growing by 25% and delivering a
RoE of 29%. This puts them on a 2024 PE of 2.1x and a Price to book of 0.6x, an
unhinged valuation given their high RoE, capital adequacy ratio and conservative
loan provisioning.

Safaricom Kenya grew revenue 12%, within that MPESA, their mobile money arm,
grew 19% and now has 32m customers. Safaricom Ethiopia launched MPESA in the
second quarter and already has 5m customers, strong revenue growth will follow
suit. The Group now trades, well below its historic range on a forward PE of 9x
and EV/EBITDA of 4x, as Ethiopia grows and contributes to profitability, these
multiples will wind down very fast.

VENTURE MARKETS - AFRICA VC AND PE DEAL UPDATE
Meta AI assistant was launched in April in Nigeria, South Africa, Ghana, Kenya,
Uganda, Zambia, Zimbabwe, and Malawi. Meta is moving fast with its AI into
Africa because it has 200 million users with the highest penetration rate for
WhatsApp in the World at 96%.

WHATSAPP IN AFRICA 93.5% of internet users KENYA 95.4% of internet users SOUTH
AFRICA 91.9% of internet users NIGERIA

Moniepoint, OmniRetail, M-Kopa, and other African startups made the Financial
Times list of the top 100 fastest-growing companies in Africa.

Egyptian fintech, Mnzl, has raised $3.5 million in seed funding from Ingressive
Capital, P1 Ventures, and Localglobe.

Amazon, the global retailer, has launched an online marketplace in South Africa,
marking its entry into the African market.

Airtel Africa’s mobile money unit, Airtel Money, has announced its plans to go
public in 2025, but the CEO won’t tell what exchange they’re listing on. This is
Airtel Africa’s fastest-growing business unit and analysts predict it could IPO
for as much as $4 billion. This is coming after a $100 million investment in the
unit from Mastercard.

South Africa’s Lesaka, a fintech startup, has acquired Adumo RF, an online
payment platform for $86.4 million in cash and equity. This is happening three
months after it acquired 100% of Touchsides, a data analytics company formerly
owned by Heineken.

Egyptian fintech startup, Swypex, is launching with $4 million in seed funding
from Accel, Foundation Ventures, and The Raba Partnership. The startup is
building an all-in-one fintech platform for businesses.

Bolt, the ride-sharing app, and M-Kopa, a Kenyan fintech company, are partnering
to launch 5,000 electric bikes in Kenya. The partnership allows riders to
finance their bikes with M-Kopa while working on Bolt.

Nigerian fintech startup, Anchor, has launched Ondeck with Anchor, a YouTube
series which gives an insider’s perspective on the fintech industry. Each
episode looks at a specific aspect of fintech, from payments and cards to
regulation and emerging technologies. Watch the first episode here and subscribe
to Anchor’s YouTube channel.

To access the full Imara Market Report, click here: Imara Market Report April 24

Please click on the following links for the fund factsheets:

Imara Africa Fund Factsheet Apr 24
Imara African Opportunities Fund Factsheet Apr 24
Imara Zimbabwe Fund Factsheet Apr 24

Asset Management | Investment Banking | Fiduciary & Administration WWW.IMARA.COM



Disclaimer: This communication is issued by Imara Asset Management Limited,
registered in the British Virgin Islands and authorised and regulated by the
British Virgin Islands Financial Services Commission. The purpose of this
communication is to provide summary information and does not constitute a
recommendation to anyone in any jurisdiction to buy or sell shares in the Imara
African Opportunities Fund (IAOF), Imara Africa Series SPC Limited (IAS SPC)
which has one sub fund namely the Imara Zimbabwe Fund and the Imara Africa Fund
(IAF), (collectively referred to as “the Funds”), where such a recommendation is
not lawful, or in which the person making such a recommendation is not
authorised to do so, nor has it been prepared in connection with any such
recommendation. IAOF and IAS SPC have been established and are recognized as
professional funds under the British Virgin Islands Securities and Investment
Business Act, 2010. IAF is a regulated mutual fund for the purposes of the
Mutual Funds Law (as Revised) of the Cayman Islands and is registered with the
Cayman Islands Monetary Authority pursuant to section 4(3) of the Mutual Funds
Law. The Funds are only suitable for professional investors or sophisticated
investors (as defined in the Funds’ respective Prospectuses, available from the
Fund Administrators to eligible investors in certain jurisdictions where the
Funds have been authorised), who have taken appropriate professional advice and
who are in a position to understand and to take such risks and satisfy
themselves that such investment is appropriate for them. Under the EU
Alternative Investment Fund Managers Directive (“AIFMD”) the Funds are defined
as an Alternative Investment Funds (“AIF”) and the promotion of an AIF within
the EU is strictly restricted by statute. IAOF has been authorised in accordance
with the AIFMD National Private Placement Regime for marketing in the United
Kingdom only. IAOF has not been approved for distribution in any other European
jurisdictions. IAOF is authorised for distribution in Mauritius. The Funds are
not approved by the Financial Services Board for distribution in South Africa.
Past performance is not indicative of future results. The value of investments
and the income from them may go down as well as up and are not guaranteed, and
you may not receive upon redemption the full amount of your original investment.
Any reference to returns linked to currencies may increase or decrease as a
result of currency fluctuations. The views expressed are as at the date hereof
and are subject to change. Recipients must not distribute, publish, reproduce,
or disclose this communication (in whole or in part) to any other person.



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