Tolaram Group, a Singapore-based family-run conglomerate known for consumer goods, is looking to venture into digital banking in Africa.

Nigeria, Ghana, South Africa as well as Egypt are said to be the possible candidates for the strategy, reported Bloomberg.

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Tolaram mergers and acquisitions team head Kunal Adnani is coordinating the plan.

The group’s paper-mill business in Estonia is the inspiration for the digital banking venture, noted Adnani.

Speaking in an interview, Adnani stated: “What we’re looking to do is take the same technology, the same systems and the same learning into African markets where we have a presence, albeit in a very different area.

“We have access to thousands of distributors in these markets and that then can also have a knock-on effect to our business. The more credit we can give them, the more they can increase volumes.”

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Tolaram’s tryst with banking is not entirely new. It already owns Bank Amar Indonesia, which is largely a digital entity.

Moreover, Tolaram family member Haresh Aswani made a personal investment in Kuda Bank – a digital lender in Nigeria.

The group is also eyeing purchase of smaller banks.

“We do see a significant need to bring people into the financial system, up the living standards, give them access to credit and improve efficiencies. It’s a huge opportunity for us,” Adnani added.

Established in 1948, Tolaram Group is engaged in multiple industries such as digital services, energy, infrastructure, real estate, textiles, in addition to consumer goods, among others.