British International Investment

Leapfrog Financial Inclusion Fund II

GhanaIndiaIndonesiaKenyaNigeriaSouth AfricaSri LankaThailandUSARest of the WorldCommunications & IT servicesFinancial services

The Leapfrog Financial Inclusion Fund II invests in companies in Africa and South Asia that offer insurance, savings, pensions and other investment products to millions of consumers.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

CDC committed $25 million to the Leapfrog Fund II in 2013. The fund makes significant minority investments in portfolio companies, with most investments in the $10 million to $25 million range, but with the potential to provide up to $50 million. The fund manager is targeting a total fund size of $400 million.

Our investment is helping the fund manager to provide financial services to up to 50 million customers in developing countries.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

Across the African continent, over 60 per cent of the population live in countries where financial services for ordinary consumers is either entirely absent or reaches less than 1 per cent of the population.

The Leapfrog Fund gives millions of low-income and financially excluded consumers in Africa and South Asia access to new financial services such as insurance, savings and pensions. By broadening the range of financial services available to poor consumers, the aim is to help them plan for the future more effectively.

To date, the companies in which Leapfrog has invested have provided financial services to over 25 million people across 13 countries. 

The firm has partnered with companies such as Mahindra IBL in India, ARM Life in Nigeria and Apollo IL in Kenya.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

The fund manager has a well-established approach to environmental and social management and we will continue to support and monitor its approach as the portfolio grows.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    March 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    Rest of the World

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Communications & IT services, Financial services

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    August 2013
    Amount :
    Currency of investment :
    Fund Manager:
    LeapFrog Investments Group Limited

    The company or investment fund’s place of incorporation.


Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
ARM Pension Managers Ltd. Nigeria West Africa Financial services June 2018 Exited
Cignifi Inc. USA Rest of the World Communications & IT services June 2017 Active
Dvara (IFMR Holdings) India South Asia Financial services September 2015 Active
Fincare Business Services Limited India South Asia Financial services March 2017 Active
Jumo World Limited South Africa Southern Africa Financial services January 2015 Active
mLife Insurance (UT Life) Ghana West Africa Financial services December 2015 Active
Northern Arc India South Asia Financial services March 2014 Active
Poonawalla Fincorp Limited India South Asia Financial services April 2015 Exited
Reliance Capital Management Indonesia Rest of the World Financial services November 2014 Active
Resolution Insurance Kenya East Africa Financial services December 2014 Exited
SoftLogic Life Insurance PLC Sri Lanka South Asia Financial services December 2018 Active
Syn Mun Kong Thailand Rest of the World Financial services December 2014 Active

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