Author: Riitho

Africa’s green transition will employ millions of women. That is not the same as empowering them.

When Africa talks about its green transition, it counts megawatts, tons of carbon avoided, and dollars mobilized, but new research commissioned by FSD Africa, Shell Foundation, and Shortlist has now given us a number for something we often miss: people. Africa’s green transition could generate up to 7.9 million jobs by 2030, and up to 84.5 million by 2050.

But there is another number that should interest anyone allocating capital on this continent. By 2030, women are projected to hold 31 percent of green jobs, rising to 44 percent by 2050. While it is tempting to read that as progress, it is not. 31 percent is below women’s current share of the workforce, and the report suggests it is a gap that remains entrenched.

I have spent close to twenty years investing in African businesses, the last decade of it through an explicitly gender-lens fund, and I have learned to be suspicious of headcount. Counting women is not the same as including them.

Across all three countries studied in the report, Kenya, Nigeria, and South Africa, women are concentrated in commission-based sales, community distribution, and subsistence micro-trading. Men, meanwhile, dominate the technical, field-based, and formally contracted positions where earnings and progression actually live. So, we are on course to build a green economy that hires millions of women into work that is unskilled, low-paid, and unprotected. That is being called inclusion, and it is not an accident of culture. It is a consequence of design, and a huge transformative opportunity missed.

The reasons lie in the fact that, unlike other regions, Africa’s transition will be driven by decentralized, service-led industries such as clean cooking, off-grid solar, waste recycling, and electric mobility, rather than by large infrastructure projects. Those value chains have the lowest barriers to entry, which is precisely why they are the most accessible to women.

But the same distributed, low-capital delivery models that let women in also channel them into the segments with the weakest job quality. The report found that 86 percent of the green jobs projected for 2030 will be informal. Labor protections designed for formal workers will reach at most 14 percent of that workforce.

When we look at the root causes of this imbalance, one thing stands out: there simply isn’t the focus on training and development needed to move women up the employment value chain. For instance, women make up just 15 percent of certified solar PV trainees, and female enrolment in technical programs rarely exceeds one in five.

Nor is this just a problem confined to women. Only 6.5 percent of young people in Africa have completed a technical and vocational program. Meanwhile, deployment increasingly requires skills such as remote monitoring of distributed assets and battery management. Yet none of the three countries studied has national training programs for these roles at meaningful scale, let alone ones that women can access.

The report warns that without a skilled local workforce, green projects could stall, rely on imported expertise, and struggle to deliver local economic benefits. The scale of the gap is stark. While the continent holds 60% of the world’s best solar resources, it accounts for just 2% of the world’s renewable energy workforce. That shows just how much the skills deficit could be holding us back.

Investment in training alone will not fix this. But the report finds that where local governments and industry have also addressed barriers such as childcare at TVET institutions, female participation and completion have measurably improved.

This is not charity, and it is not about compliance. It is smart economics. Women are producers, distributors, owners, and customers in exactly the value chains this transition depends on. Most clean cooking and solar home system customers are women, which is why distribution works when the agent looks like the customer. Refusing to invest in their skills is leaving money on the table.

In our own portfolio, I have seen how small the fix can be and how large the return. We have walked into factories as recently as 2020 where there were women on the line, yet no women’s restrooms. Poor lighting also made parts of the plant feel unsafe.

When we insist on fixing those things, and on employee share ownership, we are not running a welfare program. We are raising the bar for the whole workforce, men included. When you improve conditions for the people who make your product and serve your customer, you get a better product and better service. That is the return.

A 2024 report by Mastercard Foundation and McKinsey estimated that young women’s fuller economic participation could create 23 million jobs and add up to $287 billion to Africa’s economy by 2030. This is a five percent boost to GDP.

Their more sobering finding was that young women’s contribution to Africa’s GDP has gone backward, from 18 percent in 2000 to 11 percent in 2022. So, while we congratulate ourselves on participation rates, the trend is running against us.

What should those of us who allocate capital do? Stop treating workforce development as someone else’s line item and write gender covenants into deal conditions from the outset rather than as afterthoughts. Earmark a defined share of deployment capital for skills.

Fund the things that convert training into credentials and credentials into progression: recognition of prior learning for informal technicians, micro-credentials tied to national qualification levels, paid attachments rather than unpaid ones, childcare at training institutions, safe transportation for field roles, and women-only cohorts with employer-guaranteed placement.

Give micro-distributors the working capital to move off commission-only tiers, because women exit informal green roles at disproportionately higher rates when there is no progression pathway.

And change what we measure. Not how many women, but where they sit: who receives technical training, who moves from frontline sales into installation and maintenance, who advances into management, who owns the suppliers, and who earns more.

Africa cannot finance infrastructure and leave the workforce to chance. We have one chance to build these value chains from something close to scratch.

If we invest in the women who will run them, in their technical skills, their credentials, their conditions, and their ownership, the green transition could be the most powerful engine of women’s economic empowerment this continent has ever had. If we do not, we will have spent a great deal of money hiring tens of millions of women into the bottom of a new economy that looks remarkably like the old one.

 

 

By Tokunboh Ishmael, Managing Director and co-founder of Alitheia Capital, and FSD Africa Board member.

FSD Africa launches manager finance facility to unlock capital for local investment and growth businesses

Nairobi & Lagos, 17 September 2026 – FSD Africa today launched the Manager Finance Facility (MFF), a new initiative designed to strengthen Africa’s emerging generation of alternative local capital providers and help unlock more appropriate financing for small and growing businesses across the continent.

The Facility is being launched with support from FMO, the Dutch entrepreneurial development bank and the UK Government’s Foreign Commonwealth and Development Office (FCDO) Nigeria. FMO’s contribution to this facility is supported through the Investing in Young Businesses in Africa (IYBA) programme, a Team Europe Initiative funded by the European Commission to strengthen market creation efforts and improve access to finance for young and early‑stage businesses across key African. Additional funding partners are expected to join the Facility as it grows.

Africa’s small and growing businesses (SGBs) are a critical engine of employment, innovation and sustainable economic development, yet many remain underserved by traditional financial institutions because of high transaction costs, rigid collateral requirements and perceptions of risk. At the same time, emerging Alternative Local Capital Providers (ALCPs) are developing new ways to finance these businesses yet frequently face a financing constraint of their own.

The Manager Finance Facility “MFF” has been created to address this gap. By providing catalytic, returnable grant capital to these ALCPs, it enables them to test and validate innovative financing models, build credible investment track records, strengthen their operations and ultimately become investable at scale.

These providers are developing financing approaches including revenue-based finance, flexible equity, venture debt, blended finance and local-currency structures that can better align with the cashflow and growth realities of African businesses than conventional financing products.

 

“We need to finance the financiers. Across Africa, we are seeing a new generation of locally rooted capital providers developing innovative ways of financing businesses that traditional financial institutions are not reaching. But these providers need capital themselves to prove their models, build their institutions and develop the track records that investors require. The MFF is designed to bridge this gap – helping promising providers move from experimentation towards scale, channelling more – and more appropriate – capital to African businesses in the longer-term.” said Juliet Munro, Early-Stage Director, FSD Africa.

 

Building Africa’s next generation of locally based capital providers

The MFF will provide support through two principal forms of catalytic capital, both designed as flexible, returnable capital rather than conventional grants:

Piloting Capital will enable ALCPs to test innovative financing models, execute early transactions, demonstrate commercial viability and build the investment track records required to attract larger pools of capital.

Operational Capital will provide working capital to support core teams, systems, governance and compliance while ALCPs raise investment capital and move towards financially sustainable operations.

Alongside capital, providers supported through the Facility will have access to FSD Africa’s wider capacity-strengthening and peer-learning initiatives, covering aspects such as governance, ESG, impact measurement, valuation and fundraising. Data and knowledge generated through the Facility will also contribute to wider market intelligence and evidence about this important financing sector.

The ambition therefore extends beyond financing individual ALCPs.  The Facility seeks to demonstrate that a diverse generation of African-led providers can develop into a credible and investable asset class, capable of attracting catalytic, private and ultimately institutional capital.

 

Mobilising capital alongside FCDO Nigeria and FMO

The MFF’s launch brings together FSD Africa, FMO, and FCDO Nigeria around a shared objective of strengthening the institutions capable of deploying capital to underserved African businesses.

 

“Africa’s small and growing businesses need financing solutions that reflect how they operate and grow. By backing locally rooted capital providers with catalytic capital, the Manager Finance Facility will help promising models establish a track record, strengthen their institutions and become ready for larger pools of investment. This is how we can build a stronger pipeline of investable businesses and mobilise more private and institutional capital into underserved African markets.” Andrew Shaw, Manager Market Creation Financial Inclusion, FMO.

 

“Unlocking Nigeria’s economic potential requires financing solutions that work for its entrepreneurs and growing businesses. The UK is proud to support the Nigeria window of the Manager Finance Facility which will strengthen locally rooted capital providers, mobilise further private investment and support Nigeria’s sustainable economic transformation. It forms part of UK’s wider partnership with Nigeria to increase investment, create jobs and deliver mutual growth.” Temilola Akinrinade, Investment & Capital Markets Lead, FCDO Nigeria and delivered through the British High Commission in Nigeria.

 

FSD Africa intends the MFF to operate as a platform through which additional catalytic investors can participate in building Africa’s alternative SGB capital ecosystem. Further funding partners will be onboarded and announced as the Facility develops.

This approach builds on FSD Africa’s experience of using catalytic capital, technical assistance and ecosystem development to test financing models, strengthen local investment capability and crowd additional public, private and development capital into underserved markets.

 

Applications open to alternative local capital providers

Applications to the MFF opened for Nigeria-based ALCPs on 1 September 2026. Applications from other eligible African markets opens on 17 September 2026.

The Facility is particularly interested in emerging ALCPs developing innovative investment models, including approaches incorporating climate resilience and gender-smart strategies.

Successful applicants will progress through an assessment process covering their financing model, proposed use of MFF support, institutional needs, risk assessment and due diligence before approval, contracting and disbursement.

Ultimately, the MFF aims to create a multiplier effect across Africa’s financial markets: stronger, locally based capital providers, more investable businesses, increased employment, and more resilient and inclusive economies.

 

About FMO 

FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 55+ year proven track record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Forestry, Energy, and Financial Institutions. With a total committed portfolio of EUR ~16 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. For more information: please visit www.fmo.nl.

 

About the UK’s FCDO

The FCDO is the UK government department responsible for diplomacy, international development and consular services worldwide. In Nigeria, FCDO programmes are delivered through the British High Commission and support the UK–Nigeria partnership across economic growth, trade and investment, development, security and other shared priorities.

 

Media enquiries

Kaara Wainaina, Senior Communications Manager, FSD Africa
Kaara@fsdafrica.org

Investing at the edge of market formation

Africa is not short of capital. Between its sovereign wealth funds, pension funds, insurers and banks, the continent holds an estimated $4 trillion in domestic savings.

The difficulty is what carries it. As our Chief Investment Officer Anne-Marie Chidzero told the Allocator Media Podcast, African financial systems lack sufficient “pipes and filters and turbines” to move that money to where it is needed, equity for infrastructure, disaster-risk cover for smallholder farmers, aggregation vehicles that make small businesses investable at institutional scale.

Building those pipes is what FSD Africa Investments (FSDAi) was created to do. FSDAi the fund takes on early-stage risk that commercial investors will not, then works to make the resulting instrument replicable.

In the episode, Anne-Marie discusses the first African outcome-based conservation bond, the infrastructure equity fund structured with ARM-Harith so that Nigerian pension funds could participate, and the Africa Local Currency Bond Fund, where the mobilisation multiplier runs at roughly 10 to 1.

She is also candid about the limits. FSDAi has withdrawn from an investment during the approval process on finding that the market had developed its own appetite, and she is direct about how hard mobilisation is to attribute honestly.

 

“It takes patience… It takes a patient investor and it takes strong partnerships.” Anne-Marie Chidzero

 

Listen to the full conversation:

Spotify  •  Apple Podcasts

African capital market leaders convene in Nairobi to help unlock US$4 trillion in domestic capital for development and climate resilience

Nairobi, 15 September 2026 – More than 300 policymakers, regulators, institutional investors, development finance leaders and market practitioners from over 20 African countries are gathering in Nairobi this week for the third Sustainable Capital Markets Conference, organised by FSD Africa and partners. The conference comes at a pivotal moment as African countries seek to mobilise domestic capital to finance development priorities, with overseas funding drying up, slowing foreign investment and mounting fiscal pressures.

The shift of focus to domestic capital markets is also informed by low market activity, with fewer than half of African countries having seen a domestic firm issue a corporate bond since 2000. Whereas the continent’s domestic equity markets have grown 27-fold since 2000 to USD 561 billion, its share of global capital market activity has declined, indicating that its growth is not keeping pace internationally.

With African institutional investors now managing an estimated US$4 trillion across pension funds, insurance companies, banks and sovereign wealth funds, discussions will focus on how to channel greater volumes of domestic capital into productive sectors that support economic growth, resilience and job creation. Despite significant financing needs, only 2.7% of institutional assets are currently invested in infrastructure and other productive sectors across the continent.

The conference will bring together some of the continent’s leading voices in capital markets, sustainable finance, debt management and investment mobilisation to explore practical solutions for developing deeper, more efficient and more inclusive capital markets. Among confirmed speakers are:

  • Chris Olobo, Chief Executive Officer, Dhamana Guarantee
  • Jonathan Stichbury, Chief Executive Officer, SanlamAllianz Investments
  • Albert Rweyemamu, Principal Political& Credit Risk Underwriter, ATIDI
  • Mark Napier, Chief Executive Officer, FSD Africa
  • Japhet Justine, Commissioner, Public Debt Management, Ministry of Finance
  • Daniel Mainda, Chief Executive Officer, Nairobi International Financial Centre Authority
  • Gerald Soko, Head of Economic Research, Zanaco
  • Babatunde Obaniyi, Group CEO, Griffin Capital Financial Group
  • Kofi D. Fynn, Managing Director, Petra Trust Company
  • Dr Evans Osao, Chief Financial Markets Officer, FSD Africa
  • Yodit Kassa, CEO, Ethiopia Stock Exchange
  • Nicholas Kebaso, CEO, Lusaka Stock Exchange

Themes under discussion will include sustainable finance, domestic capital mobilisation, blended finance, sovereign debt management, catalytic transactions, institutional investment, market development and innovative financing approaches needed to close Africa’s widening development financing gap.

The conference takes place against the backdrop of growing demand for long-term investment capital across Africa. The continent’s rapidly growing population generates approximately 25 million new job seekers annually, while governments face increasing pressure to invest in infrastructure, energy, business growth and climate resilience. At the same time, many countries continue to grapple with high debt servicing costs, making the development of robust domestic capital markets increasingly important. Delegates will hear about practical strategies for accelerating capital market development, including:

  1. Strengthening market infrastructure, regulatory frameworks and investment products.
  2. Expanding sustainable finance instruments, including green, gender and thematic bonds.
  3. Structuring catalytic transactions that crowd in private capital.
  4. Supporting effective sovereign debt management and market transparency.
  5. Mobilising institutional capital for infrastructure and productive sectors.

The conference aims to move beyond dialogue to action with several concrete deliverables including:

  1. An Africa Capital Markets Roadmap setting out a shared vision, collective priorities and practical commitments for accelerating the development of deeper, more efficient and more inclusive capital markets across the continent.
  2. A roadmap for capital mobilisation, including agreed actions to strengthen domestic resource mobilisation through priority financing structures, public-private partnerships, regulatory reforms and innovative investment vehicles.
  3. New pathways for unlocking Africa’s US$4 trillion institutional capital pool, with a focus on increasing investment into infrastructure, climate resilience, energy transition projects, MSMEs and other productive sectors of the real economy.

 

For information and interview requests, please write to our Senior Communications Manager Kaara Wainaina at kaara@fsdafrica.org/.

Behind the Investment: Africa’s first dedicated inclusive insurance venture fund

3iF Ventures is the first dedicated inclusive insurance venture fund set up for Africa’s insurance start-up ecosystem. On 5 June 2026 3iF Ventures announced a first close of USD 12 million, co-anchored by FSD Africa Investments (FSDAi) and ZEP-Re (PTA Reinsurance Company), deploying equity from pre-seed to Series B into technology-enabled businesses solving the continent’s insurance protection gap, with a pathway to a USD 30 million final close.

 

The market failure

Africa has a protection gap of staggering proportions. Over one billion people on the continent have no access to any form of insurance cover. The challenge is not simply one of low incomes. Three persistent structural barriers have long blocked uptake: awareness, accessibility, and affordability. Potential customers do not know insurance exists for their needs, cannot access it through familiar channels, and often cannot afford the products that are available.

The result is that large numbers of African households and small businesses remain entirely exposed to shocks such as illness, crop failure, asset loss and extreme weather that keep them locked in poverty or prevent them from investing and growing.

The insurtech sector has the potential to solve this at scale. However, it has attracted only fragmented capital: grants and early-stage philanthropic funding, with little institutional-grade venture investment. The infrastructure needed to back insurance innovators from inception through to Series B simply did not exist. That is the market failure 3iF Ventures was designed to correct.

 

What 3iF Ventures does differently

3iF Ventures is structured as a blended investment vehicle. It includes a catalytic capital junior tranche designed to absorb early risk and unlock participation from commercial investors who require a more conventional risk-return profile. Alongside its investment activity, the fund will operate a technical assistance facility sized at approximately 20 percent of total commitments — a deliberate recognition that early-stage insurance businesses need more than capital: they need product design support, regulatory navigation, and access to networks of primary insurers and reinsurers.

The fund’s investment thesis is organised around four thematic verticals: climate and disaster resilience; agriculture and rural livelihoods; digital health and wellbeing; and SMEs and asset protection. These categories correspond directly to the types of shock from which African households and businesses are most exposed and for which conventional insurance markets have offered the least.

3iF Ventures targets approximately 15 to 20 portfolio investments across African markets. It enters the market with a pre-qualified pipeline of 15 insurance ventures from 10 African countries that have already been assessed and are ready for capital deployment. That pipeline has been built, in significant part, through FSD Africa’s BimaLab Accelerator, which has supported 135 early-stage insurance businesses across the continent. 3iF Ventures, in this sense, is not starting from scratch. It is the institutional vehicle that turns years of market-building into deployable capital.

 

“3iF Ventures was conceived around the observation that scaling an insurtech takes capital plus operational support in equal measure. The junior tranche absorbs the early risk that has historically kept commercial investors out, and the technical assistance facility gives founders product design, regulatory navigation, and distribution reach alongside their equity. Just as important is the potential for partnerships with established insurers and reinsurers, which bring underwriting rigour and balance-sheet capacity to ventures building for scale, while those ventures give incumbents a route into new markets. That exchange is what lets a business move from inception through to Series B.”  Kweku Anyane-Lah, Investments Associate, FSDAi

 

Why FSDAi moved first

FSDAi committed to 3iF Ventures as one of its co-anchoring investors. That commitment served three distinct purposes.

The first was validation. Co-anchoring a first-of-its-kind fund signals to the broader market that the fund’s structure, governance, investment thesis, and management team have been assessed. That signal matters enormously in a first close, where the absence of a track record means that anchor investors are, in effect, lending credibility as much as capital.

The second was continuity. FSD Africa’s BimaLab Accelerator has built a strong pipeline of early-stage insurance businesses. Without a dedicated venture fund to receive those companies as they graduate from acceleration and need equity capital, much of that pipeline would remain commercially stranded. FSDAi’s investment in 3iF Ventures closes that loop.

The third was replicability. By co-anchoring alongside ZEP-Re, a leading reinsurer with operations in 45 African countries, FSDAi is demonstrating that a credible, commercially structured vehicle for inclusive insurance investment is achievable. Each successive close and successful portfolio company builds the evidence base that makes the asset class easier for other investors to enter.

 

” We anchored 3iF Ventures to prove the market while solving for the three barriers that have long defined Africa’s protection gap: awareness, accessibility, and affordability. The fund is a continuation of BimaLab, which has built a pipeline of innovative insurtechs addressing exactly those problems. 3iF Ventures bridges the critical early-stage funding gap these ventures face. Anchoring alongside ZEP-Re allows us to partner with an experienced incumbent and together support a manager to prove out the market. ” May Yego, Investment Manager, FSDAi

 

What this opens up

Over its lifetime, 3iF Ventures targets the issuance of over 5.9 million new insurance policies, improved financial resilience for over 3.5 million households and SMEs, and the creation, sustaining, or retention of over 1.7 million jobs. For a first fund of USD 30 million, these are significant outcomes and reflect the leverage that well-structured insurtech investments can generate.

What 3iF Ventures ultimately opens up is a new asset class. There is no comparable vehicle on the continent today. Its existence makes the next one easier to build, and the one after that easier still.

About this series

Behind the Investment is FSDAi’s series on the decisions, structures, and signals behind our capital. Each post takes a single investment and unpacks the market gap it addresses, the thesis we underwrote, the risks we accepted, and the change we expect it to catalyse across Africa’s financial markets.

Contact: Joyce Waihiga, Manager, FSD Africa Investments (FSDAi).

“RAIZ Mozambique”, a new programme to finance small and growing businesses in Mozambique is launched

Maputo 5th August: The regional specialist financial sector development agency, FSD Africa, funded by the UK Government, launched a new programme to finance small and growing businesses across Mozambique. The programme name “RAIZ” (Resilience, Adaptation, and Innovation in Mozambique – “root” in Portuguese) underlines its emphasis on rooting alternative financing options for small and growing businesses in the country in partnership with capital providers, investors and other stakeholders.

Small and growing businesses (SGBs) have often been identified as the engine of Mozambique’s economy, creating jobs and helping the country address the effects of climate change. The launch was officiated by the Minister for Agriculture, Environment and Fisheries, Roberto Miro Albino, the British High Commissioner to Mozambique, Helen Lewis, and the Early-Stage Finance Director at FSD Africa, Juliet Munro.

The Minister hailed RAIZ Mozambique as a unique and timely intervention, explaining that most of the country’s small and growing businesses had limited, and often expensive, financing options, thereby throttling the full potential of such businesses across key sectors, including agriculture, forestry, and fisheries. Innovative businesses which are critical to bolstering climate resilience for Mozambique have not fared better either for a country with a vast coastline stretching more than 2,400 kilometres along the Indian Ocean.

“The RAIZ programme is being launched at a particularly opportune moment, as Mozambique strengthens its commitment to revitalize the private sector and transform the national economy. By expanding access to innovative financing solutions for small and growing enterprises, this initiative can help stimulate entrepreneurship, accelerate business growth, promote the creation of decent jobs, and bolster business resilience in the face of economic and climate-related challenges.”  – Roberto Miro, Mozambique Minister of Agriculture, Environment and Fisheries.

British High Commissioner Helen Lewis underscored the strategic need for Mozambique to find innovative ways to nurture its small and growing businesses, which are the backbone of the economy, accounting for nearly 97% of all companies, contributing nearly a quarter of GDP, and providing close to half of all formal jobs in the country. She pledged her government’s continued commitment to partner with the government of Mozambique to avail innovative finance for small and medium-sized businesses in the country.

“The RAIZ programme is a clear example of the UK’s new, investment-focused approach to Africa. By mobilising private capital, our partnership will unlock the potential of Mozambican small and growing businesses, creating jobs and driving private sector-led growth. The UK is proud to support this partnership as an investor, working together to build a more dynamic and prosperous Mozambican economy.”, said Lewis.

Limited financing options for small and growing businesses are also constraining climate- and biodiversity-related enterprises in a country facing severe climate shocks and significant biodiversity loss. RAIZ Mozambique will draw on FSD Africa’s deep experience in developing early-stage finance ecosystems across Africa. The organisation believes that the new programme will help create a pathway for mobilising more private capital into this important component of Mozambique’s financial system.

FSD Africa's Early-Stage Finance Director, Juliet Munro at the launch of the RAIZ Programme in Mozambique

“We recognise the critical importance of providing appropriate finance to Mozambique’s small and growing businesses, helping them grow, scale and contribute materially to economic growth, while also delivering climate adaptation and resilience-building solutions.  Through RAIZ Mozambique, we aim to help build an early-stage finance market that offers these businesses diverse financing options and creates opportunities for both local and international investors to originate transactions that unlock the country’s economic potential while strengthening its capacity to adapt,” said Juliet Munro, Early-Stage Finance Director at FSD Africa.”

RAIZ Mozambique is a market-building initiative combining catalytic capital, technical assistance and ecosystem support to test and scale new financing models, strengthen local investment capability, and crowd in additional public, private and development capital for SGBs over time.

Notes to the Editor

For more information and interview requests, please email Assistant Communications Manager, Allan Musumba, on email address allan@fsdafrica.org .

FSD Africa, FSD Africa Investments and GIZ join forces to help more investment reach Africa’s real economy

Hamburg, 1 July 2026FSD Africa, FSD Africa Investments (FSDAi) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH have signed a Memorandum of Understanding that formalises a collaboration to help channel more investment into Africa’s real economy.

The partnership brings together complementary expertise in market development, investment and technical assistance to identify investment opportunities, develop financial solutions, connect African and European investors with opportunities across the continent, and strengthen financial markets that support investment in climate, nature, carbon markets and financial inclusion.

Together, the organisations will work to:

  • Develop investment opportunities by sharing pipelines, exploring co-investment opportunities and working together on priority transactions.
  • Mobilise capital by engaging institutional investors, development partners and funders from Africa and Europe to support investment in climate, nature, carbon markets and financial inclusion.
  • Design investment solutions by combining GIZ’s structuring expertise with FSD Africa’s market development experience and FSDAi’s investment capabilities.
  • Share knowledge and strengthen markets through joint research, thought leadership, market convenings and the dissemination of practical lessons.

 

The Memorandum of Understanding will initially run for three years, with regular reviews to assess progress and identify new areas for collaboration.

Mark Napier, Chief Executive Officer of FSD Africa, said:

” No single organisation has all the pieces needed to turn opportunities into investment at scale. GIZ brings technical expertise and strong European partnerships. We bring deep knowledge of African financial markets, experience designing investment solutions, and the ability to invest where markets are still developing. Together, we can help connect more investors with opportunities that might otherwise struggle to attract capital.”

 

Anna Sophie Herken, Managing Director of GIZ, said:

“Across Africa, there is a wealth of innovation, promising businesses, and attractive investment opportunities. What is often missing are the right financial structures connecting investors with these opportunities at scale. This Memorandum of Understanding creates a framework for deeper collaboration between FSD Africa, FSD Africa Investments, and GIZ allowing us to combine our respective strengths – from investment expertise and catalytic capital to technical assistance in market development and investor engagement. Together, we aim to mobilise more private capital from both domestic and international investors into Africa’s real economy and ensure that finance works more effectively for sustainable development, climate resilience, job creation and economic growth.”

 

For more information/queries on FSD Africa, FSDAi and GIZ, please contact:

FSD Africa

Mireille Ferrari, Director, Strategic communications

mireille@fsdafrica.org

 

GIZ

Anna-Sophia Elm, ICAMA Initiative, GIZ

anna-sophia.elm@giz.de

 

About Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)

The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is an enterprise owned by the Government of the Federal Republic of Germany that provides services worldwide in the field of international cooperation for sustainable development. GIZ has over 50 years of experience in a wide variety of areas, including economic development and employment, energy and the environment, and financial sector development. The German Federal Ministry for Economic Cooperation and Development (BMZ) is the main commissioning party. To foster successful interaction between development policy and foreign trade as well as mobilise private capital for sustainable development, GIZ also closely cooperates with the private sector. On behalf of the commissioning parties and together with its partners, GIZ works in over 120 countries to deliver flexible and effective solutions that offer people better prospects and sustainably improve their living conditions. For more information, visit: https://www.giz.de/en.

FSD Africa Investments backs iungo Capital to unlock East Africa’s missing middle

Nairobi, 30 June 2026 — FSD Africa Investments (FSDAi) today announced a US$1.25 million commitment in iungo Capital, a lender that provides growth financing to small businesses across East Africa. The investment will strengthen iungo’s capital base, enabling them to borrow more and accelerate lending to businesses that struggle to access finance. 

Small and growing businesses (SGBs) are the engines of East Africa’s economies. They drive employment, anchor local value chains in food, manufacturing and trade, and form the backbone of communities across Uganda, Kenya, Rwanda and Tanzania. Despite their outsized economic role, these businesses are systematically shut out of affordable finance: they are too large for microfinance yet still perceived to be too early and risky for traditional banks. 

iungo capital was built specifically to fill this gap. Operating across Uganda, Kenya, Rwanda, and Tanzania, iungo provides USD-denominated loans of USD 250,000 on average in a first round, pairing capital with targeted technical assistance to strengthen business performance and support long-term growth. Since its inception, iungo has deployed over US$25 million across +60 businesses, building a resilient and diversified portfolio with strong credit performance while supporting job creation and inclusive economic growth across the region. 

FSDAi’s investment is made through its Nyala Facility, which provides flexible capital to support innovative financing models and Alternative Local Capital Providers (ALCPs), using its catalytic position to crowd in follow-on investment from institutional investors. This catalytic approach, combining patient, long-term capital with active partnership and enhanced governance support, reflects FSDAi’s broader commitment to building stronger, more inclusive financial markets across Africa.  

The investment is expected to support the creation or preservation of 800 jobs across East Africa, finance at least 30 businesses over the investment period, many which are founded, owned, or led by women. 

 

Announcing the investment, FSDAi’s Chief Investment Officer, Anne-Marie Chidzero, said: 

“iungo is an important emerging capital allocator, demonstrating how locally rooted fund managers can address the persistent financing gap faced by small and growing businesses across East Africa. By combining deep market knowledge with flexible financing, iungo is building a credible and scalable form of finance for SGBs. FSDAi’s catalytic investment will help de-risk the opportunity, crowd in institutional capital and enable iungo to scale its proven model across the region.”

Roeland Donckers, iungo Capital’s Managing Partner, underscored the significance of the investment, stating:

“Over the past 10 years, iungo capital has consistently targeted the biggest segment of SMEs with unmet finance needs, a traditional segment where local banks and many impact investment funds have gradually moved away from. FSDAi’s investment will help us catalyse the growth of a proven model, not just by its capital and the structure of the same, but also by providing technical assistance and indicating investor confidence to the wider market.”

 

For more information/queries on FSD Africa Investments and iungo Capital, please contact:  

FSD Africa Investments  

Joyce Waihiga, Manager, Communications, FSDAi 

joyce@fsdafrica.org

 

iungo Capital 

Roeland Donckers, Managing Partner 

roeland@iungocapital.com 

 

About FSD Africa Investments (FSDAi) 

FSD Africa Investments (FSDAi) is a specialist financial sector investor established by FSD Africa and the UK’s FCDO to strengthen and deepen Africa’s financial markets. We bridge critical funding gaps by investing patient, risk-bearing capital in novel financial instruments, facilities, and intermediaries. Our strategic investments take on early risk, test new models and catalyse capital from others to gradually transition the financial sector to finance Africa’s economic resilience and growth. To date, FSDAi has committed £127 million from its £309m capital commitment to 21 investments, and has successfully exited three investments, one at 2x money. For more information, visit: www.fsdafrica.org/fsdai 

 

About iungo Capital 

iungo Capital B.V. is a Netherlands registered investment holding company that provides mezzanine debt financing to traditional SMEs across East Africa. In Uganda, Kenya, Rwanda, and Tanzania, iungo offers USD-denominated loans of up to US$500,000 in a first round, to businesses in labour-intensive sectors, including agri-processing and light manufacturing. Since inception, iungo has deployed over US$25 million across +60 businesses, pairing capital with targeted technical assistance to build resilient, high-impact portfolios that drive job creation and inclusive economic growth. Over 80% of iungo’s portfolio has been consistently 2X aligned.  For more information, visit: www.iungocapital.com 

FSD Africa to advise on the US$300 million Kenya Blue-Green Bond programme announced at the 11th Our Ocean Conference

Mombasa, Kenya, June 2026 – Jumuiya ya Kaunti za Pwani (JKP), the regional economic bloc representing Kenya’s six coastal counties, in partnership with the Nairobi Securities Exchange (NSE), FSD Africa, the United Nations Development Programme (UNDP), the Kenya Maritime Authority (KMA), and the Kenya Ports Authority (KPA), today announced the US$300 Million Kenya Go Blue-Green Bond Programme, a landmark sustainable finance initiative designed to mobilise long-term capital for Kenya’s blue economy and climate resilience priorities.

The Kenya Go Blue-Green Bond Programme seeks to unlock at least US$300 million for strategic investments in fisheries, aquaculture, maritime infrastructure, ports, coastal tourism, biodiversity conservation, blue carbon, climate resilience, sustainable coastal livelihoods, and value-added blue economy enterprises.

The Programme is expected to catalyse investment, create quality jobs, strengthen coastal value chains, expand opportunities for women and youth, support ecosystem restoration, and enhance the resilience of coastal communities while contributing to sustainable economic growth.

A key pillar of the Programme is the scaling of blue carbon initiatives, including mangrove restoration and conservation, to support biodiversity protection, carbon sequestration, ecosystem recovery, and community-based climate finance while advancing Kenya’s climate and sustainable development objectives.

The announcement was made on the margins of the 11th Our Ocean Conference in Mombasa, where public institutions, development partners, investors, and private sector stakeholders signed a Joint Declaration establishing the Kenya Go Blue-Green Bond Joint Technical Committee. The Committee will lead programme preparation, project pipeline validation, investor engagement, resource mobilisation, governance design, feasibility assessments, and the development of an issuance roadmap.

The Programme is aligned with Kenya Vision 2030, the Fourth Medium-Term Plan (MTP IV), and the Bottom-Up Economic Transformation Agenda (BETA), which recognise the blue economy as a strategic frontier for economic growth, job creation, climate resilience, and sustainable development.

The initiative reflects the priorities articulated by H.E. President William Samoei Ruto during the 11th Our Ocean Conference, where he called for accelerated implementation of ocean commitments, increased investment in ocean-based adaptation, stronger regional collaboration, and practical solutions capable of translating commitments into tangible outcomes for communities, livelihoods, and ecosystems.

Building on this vision, Cabinet Secretary for Mining, Blue Economy and Maritime Affairs, H.E. Hassan Ali Joho, underscored the importance of mobilising innovative financing solutions to unlock the full potential of Kenya’s blue economy. He specifically called for the creation of an enabling investment environment to support blue bonds and other resource mobilisation strategies for ocean investment while accelerating investment in sustainable fisheries, coastal development, marine conservation, and ocean-based climate resilience initiatives.

Speaking on behalf of the coastal counties, H.E. Maj. (Rtd.) Dr. Dhadho Godhana, Governor of Tana River County and Chairman of Jumuiya ya Kaunti za Pwani, welcomed the initiative as a transformative platform for regional development.

“The Kenya Go Blue-Green Bond Programme provides a pathway to unlock long-term investment into coastal infrastructure, fisheries, aquaculture, tourism, environmental conservation, and climate resilience. It is about creating jobs, expanding economic opportunities, empowering women and youth, strengthening community livelihoods, and securing a sustainable future for Kenya’s coastal communities.”

 

Dr. Emmanuel Nzai, Chairman of the Kenya Vision 2030 Delivery Board and Chief Executive Officer of Jumuiya ya Kaunti za Pwani, described the Programme as a flagship financing platform for Kenya’s coastal transformation.

“This milestone marks the transition from strategy to execution. Through the Kenya Go Blue-Green Bond Programme, we are bringing together government, development partners, investors, and the private sector to establish a scalable financing platform capable of accelerating sustainable growth, strengthening climate resilience, restoring critical ecosystems, and improving livelihoods across Kenya’s coastal region.”

 

The Kenya Go Blue-Green Bond Programme has been accelerated through the Nairobi Securities Exchange’s Sustainable Finance Centre of Excellence, which has supported ecosystem convening, capacity building, investor readiness, sustainable finance structuring, project preparation, and strategic stakeholder engagement. As a member of the African Natural Capital Alliance, NSE is committed to advancing the protection of natural capital by providing a trusted platform for capital mobilization and fostering an enabling environment that promotes sound governance, transparency, and integrity in sustainable financing.

As the capital markets partner to the Programme, the Nairobi Securities Exchange will work with stakeholders across the capital markets ecosystem to develop robust capital pathways, strengthen issuer readiness, facilitate investor engagement, mobilise long-term domestic and international capital, and support future issuances under the Programme.

Cecilia Bjerborn Murai, Principal Specialist, Sustainable Finance at FSD Africa, welcomed the initiative as an important milestone for sustainable finance in Africa.

“The Kenya Go Blue-Green Bond Programme demonstrates how innovative capital market solutions can mobilise long-term investment for economic growth, climate resilience, and environmental stewardship. It represents an important step towards establishing a scalable African model for blue-green economy financing.”

 

FSD Africa and UNDP will provide sustainable finance expertise, technical assistance, capacity building, and resource mobilisation support throughout programme implementation.

The partners have committed to immediately commence programme implementation activities, including establishing governance structures, validating project pipelines, engaging regulators and strategic partners, mobilising technical assistance, and undertaking the feasibility and structuring work necessary to support future issuances under the Kenya Go Blue-Green Bond Programme.

The Programme will adopt an impact measurement framework aligned with international sustainable finance standards, tracking economic, social, climate, biodiversity, blue carbon, gender, and youth outcomes to ensure measurable benefits for communities, investors, and ecosystems.

Through the Kenya Go Blue-Green Bond Programme, Kenya is laying the foundation for a scalable African model for mobilising private capital into the blue economy, demonstrating how innovative finance can accelerate sustainable development, strengthen climate resilience, protect marine ecosystems, and create lasting prosperity for future generations.

 

About the Kenya go Blue-Green Bond programme

The Kenya Go Blue-Green Bond Programme is a collaborative initiative involving Jumuiya ya Kaunti za Pwani (JKP), the Nairobi Securities Exchange (NSE), the Kenya Vision 2030 Delivery Board, the Kenya Ports Authority (KPA), the Kenya Maritime Authority (KMA), FSD Africa, the United Nations Development Programme (UNDP), coastal county governments, development partners, investors, and other strategic stakeholders.

The Programme seeks to develop innovative financing mechanisms, including blue bonds, green bonds, and other sustainable finance instruments, capable of mobilising long-term capital for sustainable coastal and marine development while positioning Kenya as a leading hub for blue economy finance and advancing inclusive, climate-resilient growth.

Responsible investing turns 20. The next chapter must be written where the risks are sharpest, and the opportunity greatest.

An FSDAi perspective on the PRI’s Future of Responsible Investing report, on the occasion of the PRI’s 20th anniversary panel held in Johannesburg on 14 May 2026.

Twenty years ago, a small group of asset owners signed the Principles for Responsible Investment and changed the language of finance. Today, the practices they helped codify are the operating vocabulary of a global industry. This year, the PRI marked that anniversary by asking a harder question: what does the next twenty years require? 

Its new report, The Future of Responsible Investing (FoRI), distils the views of 120 organisations into two clear ambitions. First, that responsible investing becomes all investing: a core discipline of every CIO and investment team, not a parallel track run by a sustainability unit. Second, that responsible investing evolves to confront the system-level risks, from climate and nature to demographics, geopolitics and the governance of new technologies, that now define the operating environment for long-term capital. 

Both ambitions matter to FSD Africa Investments (FSDAi). We operate where global capital meets African opportunity, and we believe that the next chapter of responsible investing will be written in the markets where the Principles have been hardest to apply. 

FSDAi’s CIO, Anne-Marie Chidzero, speaking on the panel at PRI’s 20th anniversary celebration.

 

FSDAi’s Chief Investment Officer, Anne-Marie Chidzero, joined panellists from 27Four, Old Mutual and Value Capital Partners, moderated by the PRI’s Nathan Fabian, to debate exactly that question. Her message was direct: 

“Responsible investing must become all investing, and Africa cannot be left out. Climate, nature, demographics, the governance of AI: these are not future risks on our continent. They are daily life. The real opportunity is to stop treating Africa as the hardest place to invest responsibly, and start treating it as the place where the next generation of responsible investing gets built.”

Anne-Marie Chidzero, Chief Investment Officer, FSD Africa Investments.

Where FSDAi’s work meets the FoRI agenda 

The report identifies five practical actions for asset owners who want to lead the next two decades: speaking out on shared interests, raising the visibility of CEOs and CIOs, being transparent with investment managers, engaging policymakers, and supporting innovation through capital allocation. The last of these lands closest to our mandate, and it works on two fronts.  

The first is the call to use innovative financing mechanisms, including blended finance, to channel more capital into emerging markets. At FSDAi we deploy catalytic capital to do exactly that, building investable opportunities in green finance, capital markets development and digital finance that institutional investors can credibly follow.  

The second is being one of the first to take risk early where commercial capital will not yet go. By backing novel instruments, early-stage funds and underserved markets, FSDAi creates the track record, structures and conditions that allow far larger pools of capital to follow. This is responsible investing as system-building. 

What we want from the next 20 years 

The FoRI report is candid about what asset owners need from the PRI: amplifying asset owner voices, including those beyond the largest northern institutions; convening with purpose; supporting investor education; and engaging policymakers while respecting regional context. 

From an African vantage point, those priorities are essential. The PRI’s “broad tent” only stays broad if it accommodates investors where regulatory frameworks are still maturing, data is patchy, and the trade-offs between development, decarbonisation and decent work are most acute. Africa is also home to a rapidly growing pool of pension and sovereign capital. The next two decades will determine whether it is mobilised for long-term, sustainable returns, or allocated to the same old playbook. 

We agree with the report’s central conclusion: the original six Principles remain fit for purpose. The task now is interpretation, application and discipline, and no asset owner can do it alone. FSDAi is committed to playing its part: as a development finance investor putting catalytic capital where the system needs it most, as a partner to African capital market builders, and as a PRI signatory that intends to be heard.  

 

Responsible investing is no longer a choice. It is the only investing that makes sense. 

 

 

The PRI report, “The Future of Responsible Investing” (April 2026), is available at unpri.org.