Private equity firm Actis has acquired a majority stake in Nigerian fund manager Sigma Pensions for $62 million, it said on Thursday, looking to capitalise on what it sees as a growth industry in Africa.

The British-based company with a focus on emerging markets has invested more than $3 billion in African businesses spread over 23 countries, more than $570 million of which is invested in the financial services sector.

Sigma, founded 11 years ago, is one of 21 licensed pension fund administrators in Africa’s biggest economy and has 650,000 customers. It operates out of 11 offices and 32 service centres and Actis said that its investment will help to create the platform for further expansion within the industry.

“The pensions industry in Nigeria remains significantly underpenetrated, with pension assets constituting only around 5 percent of GDP. The … industry has demonstrated strong growth and is poised for further expansion,” it said in a statement.

“There are currently only around six million pension holders in a population of around 170 million, with a median age of only 19, which supports the growth outlook for the industry.”

Actis said it saw significant potential in the asset management industry in Nigeria and was willing to support emerging market consumers to secure their future by saving and investing appropriately.