CHAMWE KAIRA
Africa Bitcoin Corporation says its wholly owned subsidiary, Altvest Credit Opportunities Fund Limited (ACOF), continued to expand its lending to small and medium enterprises (SMEs) during the quarter ended 31 May 2026, with total credit exposure increasing to N$363 million from N$267 million at the end of February.
The proposed listing forms part of the group’s strategy to broaden access to international capital and complement its existing listings on the JSE, A2X, the Namibia Securities Exchange, the OTCQB Venture Market in the United States and the Frankfurt Stock Exchange.
According to the company’s latest loan book performance update, ACOF’s assets under management increased to N$512 million from N$502 million over the quarter, while total loan deployments rose to N$491 million from N$395 million.
The company said the increase reflects the continued deployment of funding received during the previous quarter into qualifying SME borrowers following its standard credit assessment process.
As a result, available cash declined from N$156 million to N$80 million as funds were advanced into the loan portfolio.
The value of security backing the loan book increased to N$870 million from N$671 million, while the company said it continues to maintain a security-first underwriting approach with security coverage ratios ranging between 1.5 and 2.6 times.
The portfolio’s average loan term increased to 2.6 months from 1.7 months, while the average lending rate remained unchanged at Prime plus 7.80%, compared with Prime plus 7.62% previously.
The largest individual loan in the portfolio stood at N$35.07 million, up from N$30 million, while the smallest loan declined to N$259,757 from N$407,185. The average loan size increased to N$6.18 million from N$5.91 million.
On credit quality, ACOF reported that expected credit loss provisions amounted to 2.60% of total cumulative loan deployments, down from 3.76% in February. Relative to the current loan book, provisions stood at 3.77%.
Bad debts written off remained unchanged at 0.09% of total deployments and 0.13% of the current loan book.
The company also reported continued growth in the social impact of its lending programme. As at 31 May, ACOF was funding 45 SMEs, up from 44 three months earlier, operating across 23 industries compared with 21 previously.
The borrower base was estimated to support a cumulative 2406 jobs, up from 2084 at the end of February. Based on these figures, the company estimated a cost of approximately N$246128 per job created or supported.
ACOF noted that the employment figures are based on information supplied by borrowers during the credit assessment process and are intended as an indication of the programme’s employment impact rather than independently audited statistics.
The company also confirmed that, as at 31 May 2026, ACOF had N$419.36 million of notes outstanding under its N$5 billion Domestic Medium Term Note Programme.
Separately, Africa Bitcoin Corporation said it is continuing preparations for a potential admission of its ordinary shares to trading on the Aquis Growth Market in London.
