Regent Life Botswana, a part of the Imperial Holdings Group, has taken an equity stake in Oryx Finance, a Zambian small loans business.

The financial terms of the deal were not disclosed.

Peter Edmonds of Oryx Finance, commented: “The association with Regent Botswana considerably strengthens our new brand and will greatly assist us as we introduce our Money+ product, the gateway to granting affordable loans to thousands of Zambian civil servants and other quasi-government employees.”

The micro-loans business was acquired from the Letshego Financial Services Group in a joint transaction involving pan-African Imara financial services group and African Investment Corporation.

Subsequently, the Bank of Zambia approved the change of name to Oryx Finance.

Further approvals were then provided by Zambia’s Patents and Companies Registration Agency (PACRA).

Oryx Finance is regulated by the Bank of Zambia and holds a government salary deduction code, enabling loan repayments to be deducted at source.

The core product of the renamed and repositioned business is Money+, with its brand promise of affordable access to loan finance supported by savings and assurance products.

“Partners with the stature of Imara and Regent can only add to the peace of mind of consumers who come to us for easy to access to small loans.

“This tie-up with Regent is the final preparatory step ahead of national roll-out of our new brand.”