Ghana’s recently liberalised pensions industry is one of the fastest growing in the world. LeapFrog’s investment in 2014 was predicated on the shifting financial services landscape of Ghana – at the time of investment, only 19 percent of the population had ever used a formal savings product. Investing in Petra Trust was a recognition of the market potential as much as it was a vote of confidence in Petra’s dynamic leadership team.
The Petra team has a long shared history: Co-founders Kofi Fynn and Chris Hammond, and Head of Operations Helena Poku were school friends before studying in the US, at Harvard and MIT. Later they returned home to Ghana to start Petra, inspired by the social need for pensions, and the market opportunity this represented.
Launched in 2011, Petra was the first trustee approved and licensed by Ghana’s National Pensions Regulatory Authority in 2012. Today Petra is the largest independent pensions trustee in Ghana, and one of the two largest by assets under management.
Petra has benefited from LeapFrog’s support in consumer research, marketing, governance and strategy and IT infrastructure.
Kofi Fynn, Managing Director, said, “In partnership with LeapFrog, we have made key changes to the business, including introducing a world-class governance structure, diversifying our product offering, and opening up access to high quality, affordable savings for Ghanaians. Our work together has set the foundations for the provision of financial security for millions of emerging consumers in Ghana.”
The LeapFrog and Petra team rapidly grew the business into the leading independent pensions trustee in Ghana with over 1.4bn GHS (USD 310m) in assets under management (AUM). The company has achieved average annual revenue growth of 76 percent across the period of investment. LeapFrog successfully exited in 2018.
“LeapFrog …offers strong pensions experience, decades of knowledge… and a global perspective.”
Kofi Fynn, Managing Director Petra Trust