Press Release

TMF Group significantly expands offering across Africa

14 January 2015

TMF Group is the only dedicated global provider of outsourced business services across six countries in Africa

TMF Group, a leading provider of high value business services to clients operating and investing globally, is pleased to announce a significant expansion of its operations across Africa. TMF Group has opened five new offices in Ghana, Kenya, Ethiopia, Nigeria and Tanzania, which are in addition to its existing office in South Africa. All of the new offices provide TMF Group’s core services of accounting, corporate secretarial, HR and payroll services and tax compliance.

TMF Group recognises the enormous potential of the African markets and the increasing demand for on-the-ground support for businesses seeking to expand there. 

According to the World Bank, Sub-Saharan Africa accounted for the largest number of business regulatory reforms in 2013/2014, with 75 of 230 regulatory reforms worldwide.  

In 2013 Africa maintained an average economic growth rate of 4% compared to 3% for the global economy and this growth is expected to pick up reaching 5.3% by the end of 2014 and 5.4% in 2015. The countries selected for expansion are five of the top ten performing economies in Africa with growth of between 6 and 7% excepting Kenya.

The expansion marks a significant achievement for TMF Group, and is an important step in the company’s growth strategy and objective of supporting clients’ international expansion across every continent. 

Jote Wakjira, Africa Project Manager at TMF Group, commented: "Our significant expansion in Africa, from one office in South Africa to six offices across the continent, ensures that we can provide critical outsourced business services to companies operating across Africa’s fastest growing markets. TMF Group is the only dedicated global provider offering the full range of outsourced tax, accounting, corporate secretarial, HR and payroll services to companies operating in Africa. We have deep knowledge of all the countries we operate in helping our clients to negotiate rapid regulatory change in these markets and ensuring that they maximise the opportunities created by new regional markets in east and west Africa."

Dan Kragt, Head of EMEA at TMF Group, commented: "There are enormous opportunities in Africa for our clients and we need to be where our clients are. Most of our clients in Africa are already clients of TMF Group in other jurisdictions. This expansion is part of our broader strategy to grow our presence in regions where there is strong demand for outsourced business services. This expansion follows our recent acquisition of KCS, the leading pan-Asian corporate services provider across Asia, and demonstrates our strong growth trajectory."

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