Abu Dhabi-based investment firm Waha Capital has acquired a minority stake in Channel VAS, a financial technology company involved in micro-lending.
Based in Dubai, Channel VAS provides loans of as little as ten US cents to mobile users in the Middle East, Africa, Asia and Europe who often cannot access other financial services.
“Through this acquisition, we are enhancing our portfolio by tapping into a high-potential industry and an innovative company,” said Salem Al Noaimi, chief executive of Waha Capital.
The chief executive of Channel VAS said the support of Waha Capital would help his firm provide more services to its user base.
The acquisition was made by Waha Capital’s principle investments division, which manages more than 5 billion dirhams ($1.4 billion).
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