Eleving Group launches operations in South Africa

Eleving Group, an international financial technology company listed on the Frankfurt and Riga stock exchanges, has obtained an operating license from the South African National Credit Regulator and commenced operations in the country. In July this year, the company opened its first branch in Cape Town, offering customers consumer loans.

“South Africa has one of the largest and most developed economies in Africa. The country has a population of more than 63 million people, and its lending market is well developed, with a well-established regulatory framework. Our key competitive advantage in this market is our technology-driven solutions and the extensive experience we have gained through our successful operations in other African markets,” said Mārtiņš Ozoliņš, CEO of Eleving Consumer Finance. 

Eleving Group's first branch in South Africa has opened its doors in Cape Town. The company plans to gradually expand its presence by opening additional branches in other major cities in South Africa. In this market, Eleving Group will operate under the Bongo brand, offering customers its services both in person and remotely.

“South Africa has a highly developed digital landscape, and its people are well acquainted with online services. At the same time, it is important for us to remain easily accessible to our customers. We therefore plan to establish a physical branch network in the country while also offering our services digitally,” explained Mārtiņš Ozoliņš. 

Eleving Group operates in 18 countries, including eight markets in Africa: Kenya, Botswana, Uganda, Namibia, Tanzania, Zambia, Lesotho, and South Africa. Across its African markets, the company offers financing for vehicles (motorcycles, electric motorcycles, and cars) and smartphones, as well as consumer lending services.

At the end of March 2026, Eleving Group’s total net loan portfolio amounted to EUR 477.8 million, of which 41% was attributable to its African markets.