Author: Riitho

FSD Africa supports Insurance and Pensions Commission of Zimbamwe launch a Regulatory Sandbox

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15 May 2026 – The Insurance and Pensions Commission (IPEC) has officially launched its Regulatory Sandbox and opened the Cohort Two Application Window as part of efforts to promote innovation, financial inclusion and technology-driven transformation in Zimbabwe’s insurance and pensions industry. The Cohort Two application window opened on 13 May 2026 and will close on 30 June 2026.

FSD Africa and Cenfri provided technical assistance to IPEC in developing the Regulatory Sandbox and capacity building for IPEC and the insurance and pensions industry.

The IPEC Regulatory Sandbox provides a controlled and supervised environment where innovators can safely test new insurance and pensions products, services, technologies and business models before full-scale deployment into the market, if they pass the test.

The initiative is designed to support local and foreign innovators, InsurTechs, FinTechs, startups, universities, innovation hubs and regulated entities seeking to develop solutions that improve access, efficiency and consumer experience within the insurance and pensions ecosystem in Zimbabwe.

IPEC Commissioner, Dr Grace Muradzikwa said the Regulatory Sandbox represents a significant milestone in the modernisation of Zimbabwe’s insurance and pensions industry. She added that the sandbox would help foster collaboration between IPEC and innovators while ensuring that consumer protection remains central.

 

The official launch of the IPEC Regulatory Sandbox reflects the Commission’s commitment to creating an enabling environment for responsible innovation in the insurance and pensions sector.

Innovation is critical in addressing market gaps, deepening financial inclusion and improving customer experience, particularly among underserved communities

said Dr Muradzikwa.

 

Regulatory sandboxes are increasingly becoming important tools for enabling responsible innovation across Africa’s financial services ecosystem. FSD Africa is proud to have walked this journey with IPEC in developing and operationalising the Regulatory Sandbox, which we believe, will help deepen financial inclusion in Zimbabwe.

said Elias Omondi, Principal, Sustainable Insurance at FSD Africa.

 

 

Innovation thrives where regulators and innovators engage constructively. The IPEC Regulatory Sandbox has the potential to unlock new insurance and pensions solutions that can improve inclusion, affordability and resilience for consumers in Zimbabwe

Ms Nichola Beyers, Cenfri Engagement Manager,  added.

 

Applications are invited from both local and international individuals and entities proposing innovative products, services, technologies or business models that fall outside the current regulatory framework.

Completed applications must be submitted through the Regulatory Sandbox Portal available on the IPEC website: www.ipec.co.zw

 

About IPEC

IPEC is a statutory body that was established in terms of the Insurance and Pensions Commission Act [Chapter 24:21] with the mandate of regulating and developing the insurance and pensions industry in Zimbabwe.

 

About FSD Africa

FSD Africa is a specialist development agency that focuses on strengthening and developing financial markets across Africa. The organisation works with governments, regulators, policymakers, financial institutions and private sector players to mobilise capital, support policy and regulatory reform, strengthen financial infrastructure and promote innovation, financial inclusion and sustainable finance.

 

About Cenfri

Cenfri is an independent African economic impact agency and not-for-profit development consultancy working to boost economic growth and sustainable development in emerging markets. Cenfri partners with regulators, policymakers, development institutions and private sector stakeholders to support inclusive financial sector development, digital transformation and evidence-based policymaking.

Regional carbon market roundtable highlights growing focus on financing readiness

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Representatives from donor agencies, development finance institutions, climate finance organisations, technical partners, and regional market initiatives during the Regional Donor Roundtable on Financing Readiness in Carbon Markets held in Nairobi on 7 May 2026. Photo FSD Africa.

 

Nairobi, Kenya – FSD Africa co-hosted a regional donor roundtable on financing readiness in African carbon markets in Nairobi on 7 May 2026, bringing together development partners, policymakers, technical organisations, and market actors to examine how stronger policy and regulatory environments can help unlock financing into African carbon markets.

Co-hosted with the Eastern Africa Carbon Alliance, the meeting brought together more than 30 senior representatives from donor agencies, climate finance organisations, and market ecosystem partners to discuss how the region can build more credible, coordinated, and investable carbon market ecosystems.

The discussions took place against a backdrop of shrinking development budgets and growing demand for support around carbon market regulation, institutional readiness, and implementation capacity. Participants agreed that stronger coordination across institutions will be essential if the region is to build functioning carbon markets capable of attracting long-term private investment.

The workshop included representatives from the World Bank, African Development Bank, United Nations Environment Programme, United Nations Development Programme, GIZ, European Union, JICA, and FCDO, alongside conservation organisations, technical assistance providers, and regional market initiatives.

 

Building more coordinated and investable carbon markets

Discussions focused on where financing and implementation gaps remain across the region, where support efforts overlap, and how institutions can work together more strategically to reduce duplication and strengthen regional impact. Participants also explored how support in one country or initiative could potentially be leveraged into others through stronger partnerships and coordinated approaches.

A strong theme throughout the discussions was the need for deeper collaboration across the ecosystem to improve efficiency, reduce duplication, and strengthen the overall impact of support being provided across the region.

Stakeholders also expressed strong interest in exploring a more structured platform that could improve visibility across country readiness efforts, ongoing interventions, partnership opportunities, and outstanding financing gaps. Participants noted that clearer coordination and transparency could help strengthen investor confidence while improving how support is deployed across the market ecosystem.

Reshma Shah said the discussions reinforced growing recognition that policy and regulatory stability are no longer secondary considerations in carbon markets, but central determinants of whether markets succeed in attracting investment.

Across our engagements with financial institutions, there is clear interest from banks, insurers, pension funds, and investors…But carbon markets continue to be perceived as high risk, with policy and regulatory uncertainty remaining one of the main drivers of that risk perception

She added that carbon markets represent a potentially important mechanism for mobilising climate finance across the region, but that stronger institutional coordination and clearer market signals will be needed if countries are to move from fragmented pilot activity toward functioning and investable markets.

 

A changing funding landscape

Reflecting on the discussions, Mark Napier noted that tightening aid budgets are forcing organisations to think more carefully about where catalytic support can have the greatest impact.

This is a good illustration of how shrinking aid budgets are forcing everyone to focus on the most salient issues

he said following the roundtable discussions.

Napier also reflected on the importance of understanding where meaningful capital and ecosystem support is emerging across the sector, particularly as countries seek to build enough scale and coordination to make carbon markets viable over the long term. He pointed to the potential for countries such as Ethiopia to emerge as important testing grounds for carbon market development where sustained commitments, ecosystem coordination, and market activity begin to reach critical mass.

 

Strengthening the enabling environment for investment

For FSD Africa, the convening reinforced the role the organisation can play in helping connect policy readiness and market infrastructure directly to capital mobilisation outcomes. Rather than focusing on detailed policy implementation work, the organisation’s role is to help build the enabling conditions that improve investor confidence and connect policy, projects, and financial markets into clearer investment pathways.

The group agreed to reconvene virtually in the coming weeks to review consolidated workshop outputs and identify priority areas for collaboration going forward.

FSD Africa engages Zambia’s early-stage finance ecosystem at InvestFest Zambia

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The FSD Africa team at InvestFest Zambia. From left: Juliet Munro, Director of Early-Stage Finance, Rodney Carew from FSD Africa Investments (FSDAi), Kevin Simmons, and Mary Kashangaki. Photo FSD Africa

 

Lusaka, Zambia – InvestFest Zambia, convened by Impact Capital Africa to bring together investors, entrepreneurs, fund managers, and ecosystem enablers supporting Zambia’s investment ecosystem, took place in the capital city of Lusaka from 5–6 May 2026.

FSD Africa’s Early-Stage Finance team participated in the two-day conference alongside a three-day investor roadshow hosted by British International Investment (BII) and Impact Capital Africa. The engagements provided an opportunity to better understand the opportunities and constraints shaping Zambia’s early-stage finance ecosystem, while exploring how FSD Africa could support the growth of local investment ecosystems and capital providers.

Throughout the week, the team engaged with a range of ecosystem actors, including local fund managers, investors, entrepreneurs, legal experts, regulators, angel networks, and government representatives. Discussions focused on the practical challenges affecting local capital mobilisation, fund formation, and financing for small and growing businesses in Zambia.

 

Exploring what local fund ecosystems need to grow

FSD Africa and XSML, an investment firm focused on financing small and medium-sized businesses in frontier markets, co-facilitated a roundtable discussion on what is needed to support the growth and sustainability of local fund managers in Zambia.

Participants highlighted challenges including limited local institutional participation, low allocator familiarity with private capital, gaps in ecosystem coordination, and the difficulty first-time fund managers face in attracting anchor investors.

The discussions also pointed to growing interest in building stronger market infrastructure to support local private capital ecosystems, including fund manager incubation, investor education, local currency capital mobilisation, and stronger coordination between ecosystem actors.

Alongside the roundtable, FSD Africa co-hosted a practical bootcamp with Investisseurs & Partenaires (I&P) focused on “how to become a fund manager in Zambia.” The session explored the realities of fundraising, governance, deployment discipline, and building durable investment institutions in emerging markets.

The bootcamp generated strong interest from local participants and reinforced demand for more practical support for emerging fund managers.

 

A long-term approach to ecosystem building

During the conference, Juliet Munro delivered a pitch-style presentation highlighting FSD Africa’s approach to early-stage finance and inviting ecosystem partners to collaborate in strengthening Zambia’s investment ecosystem.

“We are interested in investing in first-time capital providers and helping build that market of first-time managers into an investable asset class,” she said. “But it’s not only about capital. We also provide non-financial support, research, market data, and ecosystem-building support because we take a systemic approach.”

The team also participated in investor engagements focused on Zambia’s wider economic and financing landscape, including a breakfast meeting held in Lusaka in May 2026 with Jito Kayumba, Special Assistant to the President for Finance and Investments.

Discussions highlighted Zambia’s long-term economic ambitions and the importance of building stronger financial systems, domestic capital mobilisation mechanisms, and investment infrastructure to support growth.

For FSD Africa, the week reinforced both the growing momentum within Zambia’s investment ecosystem and the need for locally rooted ecosystem-building approaches that help more capital reach small and growing businesses.

The conference and associated roadshow reinforced the importance of locally rooted ecosystem engagement…It provided a strong foundation for continued collaboration and exploration in Zambia’s early-stage finance market.

said Mary Kashangaki.

 

Several opportunities also emerged from the engagements, including potential pipeline opportunities for FSD Africa’s Manager Finance Facility, support for emerging fund managers, strengthening angel investor networks, and further collaboration around ecosystem development and investment readiness.

Debt, climate, and capital markets in focus at Africa Forward Summit

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L – R: Adama Mariko , Mark Napier of FSD Africa, Shanto Bosin of Treasury of France, Sebastián Nieto Parra of OECD and Mattia Romani of Systemiq at the Africa Forward Summit in Nairobi, Kenya on 11 May 2026. Photo FSD Africa/Mireille Ferrari.

 

Nairobi, Kenya – African countries are under growing pressure to manage debt, respond to climate shocks, and continue financing development despite shrinking fiscal space.

These challenges were at the centre of discussions during a high-level session at the Africa Forward Summit in Nairobi held on 11 May 2026, where policymakers, development finance leaders, and international partners explored how debt sustainability and climate resilience can be better integrated into development planning and financing frameworks.

The side event, titled “Integrating Debt Sustainability and Climate Transition: African Country Perspectives,” was jointly convened by the Pact for Prosperity, People and the Planet (4P) and AfriCatalyst. Discussions focused on practical reforms that could help countries invest in resilience and development without worsening fiscal pressures.

Opening the session, Moussa Faki, 4P Special Envoy, stressed the importance of creating spaces where countries can share lessons and shape solutions based on their own experiences, while helping countries navigate increasingly fragmented debt and climate financing systems.

 

Rwanda highlights the importance of climate-informed financing

A recurring message throughout the discussion was that African countries are not simply asking for more finance, but for financial systems better aligned to their realities.

Drawing on Rwanda’s experience, Claudine Uwera, Senior Strategic Advisor to the Prime Minister of Rwanda, highlighted how innovative financing tools can help countries invest in resilience without undermining fiscal stability.

“Fiscal responsibility and climate resilience are not competing priorities,” she said.

We need to build economies that are resilient, stable, and sustainable for the future.

Uwera pointed to Rwanda’s use of sustainability-linked financing and risk-sharing mechanisms, including a EUR 200 million credit guarantee facility, as an example of how blended finance approaches can mobilise investment while reducing pressure on public resources.

 

Mobilising domestic and private capital

Much of the discussion focused on the role domestic capital markets and private capital must play if African countries are to finance infrastructure, adaptation, and economic transformation at scale.

Mark Napier, CEO of FSD Africa, said governments across the continent are operating under severe fiscal constraints, making it impossible for public finance alone to meet development and climate investment needs.

Governments are so stretched for cash they can’t fund the things we’d like them to fund

Napier argued that debt sustainability directly affects both the availability and cost of capital, limiting countries’ ability to attract investment into productive sectors. He called for stronger support to help countries navigate guarantees, insurance products, and other risk-sharing instruments.

“There is a lot that is there,” he said.

But it’s really complicated. Knitting all that together requires support on the demand side.

Using Nigeria as an example, Napier noted that while pension and institutional capital pools are growing, around 60% remains invested in government securities, while only 1.2% is directed toward infrastructure.

“We have to get away from that,” he said, arguing that deeper capital markets are essential if African economies are to finance long-term resilience and growth.

 

Climate resilience must be built into financial systems

Several panellists stressed that debt and climate discussions cannot focus only on financing instruments, but must also address institutional capacity and long-term planning.

Shanti Bobin, Deputy Director for Multilateral Affairs and Development at the French Treasury, argued that climate resilience and development should be viewed together from the outset of debt planning and investment decisions.

“Climate and development are two sides of the same coin.”

From the OECD Development Centre, Sebastián Nieto Parra highlighted the need for stronger debt management, better regulation of sustainable finance instruments, and improved information systems to help reduce the cost of capital facing African countries. He also warned that declining official development assistance will make partnerships and technical assistance increasingly important.

 

Better recognising the value of adaptation and resilience

Mattia Romani, Partner at Systemiq, argued that global financial systems still struggle to properly value investments in adaptation and resilience.

We are good at assessing and reducing risk on debt sustainability,” he said. “But when it comes to adaptation and resilience, we are not ready in reflecting that value.

Drawing on Systemiq’s work with Uganda, Romani explained how climate preparedness and resilience planning can help send stronger signals to investors and financial institutions over time.

 

From discussion to implementation

Closing the session, African Development Bank President Dr Sidi Ould Tah spoke about the African Financial Stability Mechanism, a shared continental financial safety mechanism intended to help African countries manage financial shocks, strengthen financial stability, and reduce the high borrowing costs many continue to face in global markets. The mechanism echoed many of the themes raised throughout the discussion, particularly the need for African-led financial solutions that can help countries navigate debt pressures while continuing to invest in resilience and development.

Throughout the discussion, speakers repeatedly returned to the gap between the financial tools available globally and the realities African countries are managing on the ground, from climate vulnerability and constrained fiscal space to the high cost of capital and limited room for long-term investment.

FSD Africa supported first small holder agriculture securitisation deal in Kenya reaches first close at KES 276 million

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Kaleidofin, IDH Farmfit Fund and Apollo Agriculture announce landmark local currency transaction to strengthen smallholder finance in Kenya

Nairobi, Kenya, 07th May: Fintech platform, Kaleidofin, has closed Kenya’s first private-sector local currency securitisation in the smallholder agriculture sector, in partnership with agri-finance company Apollo Agriculture and with investment from the IDH Farmfit Fund, a blended finance impact fund,  marking a significant step in developing institutional capital markets for rural lending.

This first-of-its-kind securitisation in Kenya demonstrates how structured credit markets can channel institutional capital toward smallholder finance.

The milestone transaction mobilised KES 276 million (approximately USD 2.5 million) through the securitisation of receivables originated by Apollo Agriculture, covering a portfolio of 23,839 smallholder farmers, 51% of whom are women, with an average loan size of KES 17,942 and approximately 22% first-time borrowers.

Structured through Kaleidofin’s ki platform, a dedicated debt capital market infrastructure, the transaction enables the conversion of granular agricultural loans into investable assets for institutional investors. Unlike traditional models that rely on rigid standardisation, the platform supports customised structuring of portfolios and risk segmentation, powered by Kaleidofin’s proprietary ki score, an AI-driven risk intelligence layer built on loan transaction, bureau and alternative data.

The structure allows originators such as Apollo Agriculture to recycle capital efficiently while aligning financing to seasonal agricultural cycles and provides investors with improved visibility into underlying asset risk, helping reduce information asymmetry in an otherwise opaque segment.

For Apollo Agriculture, the transaction releases immediate liquidity and improves capital efficiency, enabling continued expansion of financing to smallholder farmers without increasing balance sheet leverage. The company combines credit with farm inputs, insurance, and advisory services, using machine learning and satellite data to underwrite customers typically excluded from formal finance.

“This transaction demonstrates how innovative financial structures can unlock capital for smallholder farmers at scale,” said Roel Messie, CEO of IDH Investment Management, manager of the IDH Farmfit Fund. “Building investable opportunities in agriculture requires both capital and enabling infrastructure, and this partnership brings those elements together.”

“This is a meaningful step in building efficient, scalable funding for smallholder agriculture,” said Eli Pollak, CEO of Apollo Agriculture. “By converting receivables into working capital, we are able to lower our cost of funds and expand access to affordable, local currency financing for farmers.”

The IDH Farmfit Fund acted as anchor investor in the transaction, which represents the first step in a broader multi-year securitisation programme expected to mobilise approximately KES 2.37 billion and reach more than 130,000 farmers over time.

The transaction was supported by a broader ecosystem of partners working to develop the enabling environment for structured finance in agriculture. UK-funded specialist development agency, FSD Africa provided support across legal and regulatory structuring, investor engagement, and market development, while the UK’s flagship public markets programme, MOBILIST,  contributed to tax and structuring guidance.

This transaction showcases how well-functioning market infrastructure can catalyse institutional capital for sectors traditionally considered high-risk, like smallholder agriculture. FSD Africa’s role has been to help build the foundations – from regulatory clarity to investor confidence – that make transactions like this viable and repeatable. We see this as a blueprint for how structured finance can unlock sustainable, large-scale funding for inclusive growth across Africa,

Dr. Evans Osano, Chief Financial Markets Officer at FSD Africa

The transaction is expected to serve as a blueprint for similar structures across emerging markets, demonstrating how technology-enabled infrastructure and blended finance can expand access to capital for underserved borrowers while creating investable opportunities for institutional investors.

Backing African Ventures: What will it take to Shift the Balance of Capital?

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L – R: Alex Ramnyika from the Uganda National Social Security Fund, Evah Kimani from Britam Micro Insurance, Abishkar Shrestha from Visa Foundation, Kento Tanaka from JICA, Nathalie Yannic from Proparco, and Juliet Munro from FSD Africa. Photo FSD Africa/Mireille Ferrari.

 

At the 22nd conference of AVCA, held in Nairobi on 27 April 2026, one of the opening plenaries – convened by FSD Africa and moderated by its Director of Early Stage Finance, Juliet Munro – focused on a question that continues to shape conversations around African venture capital: why does global capital still dominate, and what would need to shift for domestic investors to play a much bigger role?

Bringing together experts and practitioners from development finance institutions (DFIs), corporates, foundations, and pension funds, the discussion stayed close to the practical realities on the investor side. These are the limited partners (LPs), the institutions that allocate capital into venture funds. What emerged wasn’t a lack of interest from local investors, but a set of frictions around how institutions are set up, how risk is defined, and how venture capital fits (or doesn’t) within existing mandates.

Running through the discussion was a broader concern: if the early-stage capital base continues to weaken, the future pipeline of larger investments across the continent could weaken with it.

 

How DFIs are shaping the market

There was general consensus across the panel that the market is evolving, albeit unevenly. Venture capital in Africa is becoming more deliberate, less driven by hype, but many of the underlying structures haven’t kept pace.

Natalie Yannic from Proparco reflected on the role DFIs have played so far. A long-standing investor in African venture capital, Proparco has committed more than EUR 4.6 billion across the continent between 2022 and 2025. She noted that “the role of DFI is to show what is possible by committing capital, and to attract private capital” with the longer-term objective being “to eventually give the baton to private investors.” The handover is still in progress, however, highlighting the need for more exits in the ecosystem.

Kento Tanaka, Kenya representative for the Japan International Cooperation Agency (JICA), emphasised that “Africa investments should focus not on short term cycled dynamics, but clear strategic intents.” For JICA, that means working closely with governments to build the policy and market conditions that allow startups to grow and become investable. This includes platforms such as NINJA (Next Innovation with Japan), which connect startups to capital while strengthening the broader ecosystem. In that sense, the role of DFIs goes beyond deploying capital. They help create the conditions that make it possible to crowd in more domestic and institutional capital over time.

For Visa Foundation, the challenge lies in how venture capital is structured. As Senior Director of Investments Abishkar Shrestha put it, “once you commit, you delegate.” Referring to the way investors commit capital to a fund but leave investment decisions to the fund manager, a structure that can be difficult for institutions used to more direct oversight.

This reflects a deeper mismatch. Pension and insurance systems were built around predictable, liquid assets, while venture capital is long-term and illiquid by design. Many local institutional investors don’t yet have the mandates, structures, or risk frameworks to invest in venture capital funds. In addition, Local LPs face market, regulatory, and policy constraints that further limit their participation.

At the same time, this creates a different kind of opportunity. Rather than retrofitting existing systems, there is space to build the ecosystem and the capital structures together, so that local investors can participate more gradually and on terms that fit.

 

Why local investors aren’t (yet) set up for venture capital

From Britam Holdings, Chief Executive Officer of Britam Microinsurance Evah Kimani brought the discussion back to what participation looks like in practice. Corporates are already engaging with startups – not just as investors, but as value-adding partners providing capital, business support, distribution channels, customers, and platforms for scale.

The primary constraint is regulatory, she noted: insurance firms are limited in how much risk they can take on, even where there is clear strategic value. Without more flexibility, and ways to share that risk, their participation in venture will remain limited. She also emphasized the need for greater collaboration among investors and for regulators to enable more innovation to support ecosystem growth.

From Uganda National Social Security Fund(NSSF), Head of Strategy Alex Rumanyika offered a more direct framing of why this matters internally, noting that “if we don’t enter into this space, it is an existential crisis for pension funds.” A big part of the work starts internally, bringing investment, risk, and leadership teams along to get comfortable with a space that sits outside traditional mandates.

They are testing what participation could look like in practice – starting with grant-like or CSR structures, backing hundreds of startups, and now moving toward a more formal investment approach through a fund of funds. The logic is straightforward: if pension funds are to grow, the economies they depend on need to generate more businesses and more jobs. That, in turn, creates more contributors into the system. Supporting SMEs and new sectors is not just about diversification – it is about helping to build the future member base.

 

What to watch over the next year

Juliet Munro closed the session by asking each panellist to name one priority that, if progress is made over the next 12 months, could start to shift the balance of capital. The answers were specific, and together they offer a useful way to track what changes between now and the next AVCA conference in 2027:

  • Progress on exits and liquidity, to give investors clearer line of sight on returns
  • Stronger relationships and clearer communication between fund managers and investors, particularly as newer LPs enter the space
  • Early signs of domestic institutional capital coming in at scale, not just at the margins
  • Regulatory space for corporates to participate more actively
  • The emergence of local investment vehicles, especially funds of funds in local currency, that pension funds can realistically allocate to

What changes between now and the next AVCA will give a clearer sense of how quickly that shift is actually happening.

Included VC Launches New Africa Investor Fellowship Powered By FSD Africa and FMO

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Kenya, April 2026 — Included VC has today announced the launch of the Included VC Africa Investor Fellowship, its first designed for existing investment professionals. The pilot programme, backed by FSD Africa, the financial sector development agency and FMO Ventures Program , of the Dutch entrepreneurial development bank which has been supported by the European Commission, will bring together more than 40 investment professionals working in Africa in its inaugural cohort and reflects a shared commitment to strengthening the continent’s investment ecosystem by investing in the talent driving it.

The 4+ month Fellowship is designed to strengthen how analysts, associates, and other early-career investment professionals source deals, assess opportunities, and learn alongside peers facing similar opportunities and challenges. Through a blend of technical training, practical exercises, expert insight, and peer connection, the Fellowship is built to help participants deepen their practice, expand their networks and gain exposure to both regional and international approaches.

While capital flowing into African venture markets has grown over the past decade, investor capability hasn’t kept pace. Many funds operate with lean teams, limited time for structured training, and uneven exposure to global best practice, which in turn shapes how deals are sourced, assessed, and supported. At the same time, there is a growing pool of talented early- and mid-career professionals across the continent, but access to high-quality, context-relevant training remains scarce. As a result, much of the learning is on the job, which is difficult to scale and inconsistent across the industry.

The Fellowship will be introduced to an audience of investors, partners, alumni, fellows, and other ecosystem leaders at an event on 28th April during the AVCA Conference and VC Summit in Nairobi, Kenya.  It builds on Included VC’s strong seven year track record of providing investor education, opening access to world-class learning, networks, and opportunities in venture capital for exceptional talent. Its global Fellowship is now well established, and in 2025, Included VC launched a dedicated Africa Fellowship aimed at helping new talent break into the broader investment ecosystem with a five year vision of investors across 54 countries. The pilot of the Africa Investor Fellowship  will run from July to December 2026. Its initial cohort will be drawn from FSD Africa capital providers, FMO portfolio funds, and Included VC Africa partners, before the programme opens to a wider audience.

 

For more information please contact:

Nikita Thakrar

Co-Founder and CEO

Included VC

nikita@included.vc

Nigeria’s Heat Crisis Is Fueling a New Wave of Startups

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10 ventures selected to scale solutions for extreme heat across food and agricultural systems, healthcare, climate intelligence, and clean energy

Lagos, Nigeria, April 2026 — As heat intensifies across Nigeria, a new cohort of ventures is developing solutions to protect crops, reduce food spoilage and livestock losses, and equip hospitals and outdoor workers to anticipate and withstand extreme conditions. BFA Global, FSD Africa, ClimateWorks Foundation, and the UK’s Foreign, Commonwealth & Development Office (FCDO) Nigeria have selected 10 early-stage ventures to join the inaugural cohort of the TECA Heat Action Wave (THAW) program focused on accelerating solutions to extreme heat.

The 10 selected ventures are:

  • Ofemini Global Limited provides a heat-resilient logistics platform that helps farmers transport perishable goods efficiently, reducing spoilage caused by extreme temperatures through optimized routing and heat monitoring.
  • Agiletech Operations Consulting Limited provides a hyperlocal early-warning system that delivers climate and heat alerts through accessible channels, enabling farmers and micro-entrepreneurs to anticipate risks and take preventive action.
  • Emplaris develops a predictive energy and heat-risk intelligence system for healthcare facilities, helping hospitals anticipate outages and manage equipment stress during extreme heat events.
  • Doorcas Africa delivers an AI-powered livestock health and co-ownership platform that enables early disease detection and prevention, helping farmers reduce heat-related livestock mortality and improve productivity.
  • Farmxic offers an AI-driven soil and crop diagnostics platform that helps farmers adapt to heat-induced soil degradation and crop stress through real-time insights and personalized recommendations.
  • Farm Fresh Grocery Ltd. builds a climate-resilient agricultural system combining heat-adaptive beekeeping, herb production, and consumer products to stabilize yields and supply under rising temperatures.
  • Farmslate Technologies Limited provides a climate intelligence platform that translates satellite and weather data into actionable insights, enabling farmers and financial institutions to manage heat-related risks and improve decision-making.
  • Let-It-Cold offers a solar-powered, portable cooling solution that helps small businesses and households preserve perishable goods during extreme heat and power outages.
  • Pod develops a climate-resilient sanitation system that prevents failure and contamination in heat- and flood-prone environments through on-site treatment and water reuse.
  • TheHyWing Ltd provides a climate-smart digital health platform that combines heat alerts, AI diagnostics, and telemedicine to prevent heat-related health risks among outdoor workers and vulnerable populations.

 

Together, the ventures address some of the most immediate and under-addressed impacts of extreme heat across Nigeria, including food spoilage and cold chain gaps, heat-induced soil degradation and crop stress, livestock disease and productivity loss, health risks for outdoor workers, and system failures in energy, healthcare, and sanitation infrastructure. They range from early-stage concepts to minimum viable products, reflecting both the urgency of the problem and the early development of solutions in this emerging space.

The cohort reflects a growing innovation ecosystem across Nigeria, with ventures operating in multiple regions. The companies are based in Lagos, Kaduna, and Edo States. This geographic spread underscores the breadth of climate innovation emerging across the country and reinforces TECA’s commitment to supporting founders building locally relevant solutions nationwide.

Selected from a competitive pool, the ventures will each receive $56,000 in funding along with hands-on venture-acceleration support, including user validation, product development, business model design, and investor readiness. Each team will work with embedded venture builders and technical experts to accelerate their path to scale. Six of the ten selected ventures have a female co-founder.

“Extreme heat is rapidly becoming one of the biggest operational risks facing African economies, yet it remains dramatically underinvested,” said Tyler Ferdinand, TECA Director at BFA Global. “Through TECA’s Heat Action Wave, we’re backing entrepreneurs building the tools, services, and financial products that will allow people, businesses, and cities to function in a hotter world. Our goal is not only to support these ventures but to prove that climate adaptation can become a powerful new investment frontier.”

Juliet Munro, Director, Early Stage Finance, at FSD Africa, said: “If climate adaptation finance is going to scale in Africa, it has to be grounded in real, investable solutions. This group of innovators tackling extreme heat is important because it shows what those solutions look like in practice, and that’s what gives markets the confidence to follow. At FSD Africa, our role is to help turn early innovation like this into something markets can actually back.”

“The cost of inaction on climate change is growing, as over 70% of workers around the world are at risk from deadly extreme heat. At the same time, momentum for adaptation is growing, as we see both more funding and more innovation. These new business ventures are strong, community-led solutions that can accelerate resilience in Nigeria and more broadly in the West African region,” said Jessica Brown, Senior Director of Adaptation and Resilience at ClimateWorks Foundation.

“Responding to climate change is central to Nigeria’s future growth and resilience. The UK is excited to support this cohort of ambitious Nigerian businesses developing transformative solutions to extreme heat. TECA’s Heat Action Wave is part of a broader UK partnership with Nigeria that backs private sector–led innovation, creates jobs, and drives shared prosperity for both our countries as we transition to a greener economy,” said Temi Akinrinade, Foreign, Commonwealth & Development Office, Nigeria.

The program will run through 2026, culminating in demo days and investor engagement opportunities, with follow-on support available for top-performing ventures.

 

About BFA Global

BFA Global is an impact innovation firm that combines research, advisory, venture building, and investment expertise to build a more inclusive, equitable, and resilient future for underserved people and the planet. We partner with leading public, private and philanthropic organizations, global and local, to catalyze innovation ecosystems for impact across emerging markets. Since 2006, we have completed 646 projects completed in over 107 countries, supported 250+ ventures in Africa, Latin America, and Asia, who have collectively raised $1B+ in follow-on funding, and have a survival rate above 80% (global average is ~20%), and built a network of 100+ global and African investors, innovators, and funders focused on climate resilience. Learn more at https://bfaglobal.com/

About FSD Africa

FSD Africa is a specialist development agency funded through UK Development operating in more than 30 countries working to help make finance work for Africa’s future. Based in Nairobi, FSD Africa’s team of financial sector experts work alongside governments, business leaders, regulators, and policymakers to achieve policy and regulatory reform, capacity strengthening, and improving financial infrastructure, to address systemic challenges in Africa’s financial markets. Since 2017, the organisation’s strategy has evolved to prioritise solutions to Africa’s most critical challenges: economic, social, and environmental. The organisation has worked to promote investment into the continent’s green economy, as well as its rates of financial inclusion and gender equality. FSD Africa – previously known as Financial Sector Deepening Africa – was founded in 2012 and is based in Nairobi, Kenya. For more information, please visit:https://www.fsdafrica.org

About ClimateWorks Foundation

ClimateWorks Foundation is a catalyst for accelerating climate progress, driving bold solutions that benefit people and the planet. We connect funders and implementing organizations worldwide to create and scale transformative solutions across sectors and geographies, achieving faster, greater impact together. Since 2008, ClimateWorks has granted over $2 billion to more than 850 grantees across 50 countries, working alongside 80 funders.

RSSB Anchors First Close of US$100 Million Rwanda SME Fund Managed by Enko Capital to Drive Economic Growth in Rwanda

Posted on by Riitho

Kigali, 28th April 2026 – The Rwanda Social Security Board (RSSB) alongside Enko Capital, has announced the initial closing of its Rwanda-focused SME Growth Fund, with a commitment of US$30 (RWF equivalent). The Fund, which aims to achieve a final close of US$ 100 million, will be managed by Enko Capital, an alternative asset manager focused on Africa with US$1.6 billion in assets under management (AUM), through its subsidiary in Rwanda.

This Fund is designed to offer long-term, flexible growth capital in local currency to small and medium-sized enterprises (SMEs). SMEs play a crucial role in Rwanda’s economy, representing over 90% to 97% of all businesses, contributing 55% to the GDP, and providing over 60% of total employment. Among SME owners, 68% seek loans, with 46 % borrowing from informal institutions, 22% from formal institutions, and only 10% from banks. Furthermore, 82% of MSMEs’ output is sold within the district of production, while 16% is distributed throughout the country, and merely 2% is exported. The Fund’s objective is to promote growth across various business sectors and to stimulate regional or broader export of goods and services originating from Rwanda.

These SMEs, which include numerous businesses owned by youth and women, play a critical role in driving job creation, supporting enterprise growth, and contributing to broader economic development. However, they face challenges in obtaining financing due to high collateral demands, which can reach up to five times the amount of their borrowing. However, access to appropriately structured, growth-oriented financing remains limited, underscoring the Fund’s investment thesis.

RSSB recognizes that constraints facing SMEs extend beyond access to finance, with underlying structural constraints often limiting their ability to access and effectively deploy capital. Therefore, enhancing the capabilities of SMEs by providing training in corporate governance, product development and diversification, aimed at improving their competitiveness, is key to the success of the Fund. Consequently, the Fund strategy incorporates a Technical Assistance (TA) component to aid businesses both before and after investment.

The TA facility, seeded with US$3 million by RSSB, will be structured as a separate vehicle aligned with the Fund.  This structure will leverage the expertise and networks of the Fund team and TA partners, with the objective of strengthening the SME ecosystem. As a leading institutional investor, RSSB is committed to advancing private sector-led economic transformation. The SME Fund is part of a broader strategy that includes pension reforms and efforts to mobilize capital and expand investment to support economic development.

FSD Africa has played a crucial role in the successful structuring and implementation of this strategy, providing support to RSSB throughout this process. Additionally, they are engaged in structuring a potential guarantee facility to the project to promote and mitigate risks associated with SME investments.

Regis Rugemanshuro, Chief Executive Officer at Rwanda Social Security Board said:

Rwanda has set ambitious targets to become a High-Income Nation by 2050. RSSB is fully committed to supporting the realization of this vision by aligning our capital allocation strategies to the key pillars and priority sectors in the Vision 2050 blueprint. With the National Strategy for Transformation (NST2), a five-year government program with a central focus on private sector-led growth currently under implementation, the Rwanda SME Growth Fund is a timely initiative which will support the Economic Transformation Pillar. The SME Fund also presents some significant firsts by a public pension fund in the region cementing RSSB’s innovative position. These include: (i) the first public pension-fund led initiative focused exclusively on SME financing; (ii)the first permanent capital vehicle anchored by a pension fund and (iii)the first time that a pension fund is dedicating a Technical assistance (TA) facility in a fund. Together, the investment capital and Technical Assistance facility address both financing and capability gaps, enabling SMEs for growth and scale.

Alain Nkontchou, Managing Partner of Enko Capital, added:

We at Enko believe that African development will come from African capital which is why the launch of this fund is such a pivotal moment for us. We feel privileged to collaborate with the RSSB to unlock private sector capital for private sector development in Rwanda. Through the SME Growth Fund, Enko demonstrates its commitment to channelling longer tenor and flexible funding to Rwandan businesses for growth and job creation.

Dr Evans Osano, Chief Financial Markets Officer at FSD Africa said:

At FSD Africa, we work to unlock longer-term, risk‑tolerant domestic capital into the real economy to accelerate sustainable economic growth—by enabling SMEs to invest, create jobs and raise productivity. The Rwanda SME Growth Fund is a strong example of this approach in action: it brings domestic institutional capital to the table, offers patient local‑currency financing, and pairs it with technical assistance so that promising businesses can strengthen governance and execution as they scale.

 

Notes to Editors

Media contacts

  1. At ENKO Capital, please contact
  2. At RSSB, please contact, Regis Rugemanshuro on email address, rugemanshuro@rssb.rw
  3. At FSD Africa, please contact, Kaara Wainaina on email address, kaara@fsdafrica.org

FirstRand Bank issues Inaugural Nature-Linked Outcomes-Based Bond

Posted on by Riitho

Johannesburg, 1 April 2026 — FirstRand Bank (FRB) has become the first commercial bank globally to issue an outcomes-based bond that directly links investor returns to verified ecological and environmental restoration outcomes.

The bond forms part of a broader transaction structure which raised funding from outcomes-based funders (OBFs) for a nature conservation project to remove invasive alien plant species from priority water catchment areas in the Western Cape to increase water flow into storage dams through water reclamation.

RMB acted as arranger, structurer and distributor for the R2.5 billion JSE-listed Cape water performance-based bond issuance. The bond was anchored by the International Finance Corporation (IFC) and FSD Africa Investments (FSDAi), a specialist financial sector investor established by FSD Africa and the UK’s Foreign Commonwealth and Development Office (FCDO). Their participation was instrumental in validating the transaction structure and catalysing broader institutional investor participation. The IFC subscribed for approximately R1.6 billion whilst FSDAi committed R234 million.

Aluwani Capital Partners led local institutional participation with a R350 million investment in the bond, with further support from Ashburton Investments, the Eskom Pension and Provident Fund, Optimum Investment Group and Sanlam Life.

The bond establishes a new asset class for nature-linked adaptation finance, whereby investor returns are contingent on the delivery of pre-defined and verified nature positive outcomes that are embedded directly into a listed senior unsecured bond structure. The transaction shares the risk of funding conservation activities between OBFs and bond investors who receive enhanced returns if pre-defined conservation outcomes are met. This enables a pay-for-success model for OBFs, based on measurable and independently verified outcomes. It presents a scalable, rigorous and transparent template for mobilising private capital and can be replicated for wider environmental, social or development projects in South Africa and elsewhere.

The group’s corporate and investment bank, RMB, was instrumental in the structuring and execution of this transaction, and the FirstRand Foundation also played a key role as an anchor outcomes-based funder and coordinator for other philanthropic partners.

 

Kalina B. Miller, IFC Financial Institutions Group Regional Manager for Southern Africa, said:

IFC is proud to be the lead investor in this ground-breaking and innovative transaction, which leverages the capital markets to enable and crowd in private sector capital toward conservation activities. The instrument links investor returns to measurable environmental outcomes in South Africa’s strategic water catchment areas and sets a replicable blueprint for nature finance across Africa and globally. The pay-for-success financial structure would help address water security in South Africa – a key development challenge in the country – and create jobs, including for women and youth.

 

Anne-Marie Chidzero, Chief Investment Officer at FSDAi, said:

“Nature has long been treated as a cost; this bond demonstrates it can be structured as an asset. What makes the Cape water performance-based bond significant is not just what it finances, but who it brings together —and FSDAi is proud to stand alongside partners united by the conviction that Africa’s markets are ready to price nature differently. That collective commitment turns reclaimed water into a verifiable, investable outcome and opens the door to an entirely new asset class in Africa’s capital markets.

 

Antony Phillipson, British High Commissioner to South Africa, said:

Nature is critical infrastructure, and linking investment returns to verified environmental improvements shows how finance can drive real resilience. This bond demonstrates what is possible when partners unite behind a shared commitment to protect ecosystems and strengthen water security. It also reflects the deepening collaboration between the UK and South Africa to scale sustainable finance and unlock new opportunities for nature-positive growth.

 

Monica Jaglal, Co-Head of Credit at Aluwani Capital Partners, said:

Water is an increasingly scarce and mispriced resource. Our investment in the Cape water performance-based bond reflects a deliberate commitment to investing in water—not only in infrastructure such as pipes and dams, but in the ecosystems that sustain supply. By unlocking additional water yield at a fraction of the cost of traditional infrastructure, we are delivering measurable environmental and social impact, in line with our responsibility as stewards of capital.

 

About FirstRand Bank Limited FirstRand Bank Limited

(FRB or the bank) is a wholly owned subsidiary of FirstRand Limited (FirstRand or the group), which is listed on the Johannesburg Stock Exchange (JSE) and Namibian Stock Exchange (NSX). The bank provides a comprehensive range of retail, commercial, corporate and investment banking services in South Africa and oƯers niche products in certain international markets. The bank has three major divisions which are separately branded: First National Bank (FNB), WesBank and Rand Merchant Bank (RMB). For more information, visit www.firstrand.co.za.

Contact: Sam Moss, Head Group Corporate Communications (sam.moss@firstrand.co.za)

 

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org. Stay Connected with IFC on social media.

Contact: Nkatya Kabwe (nkabwe@ifc.org)

 

About FSD Africa Investments

FSD Africa Investments (FSDAi) is a specialist financial sector investor established by FSD Africa and the UK’s Foreign Commonwealth and Development Office (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, backed by FCDO investment, has committed £150 million to 27 investments, and successfully exited two investments in the region, one at 2x money. For more information, visit https://fsdafrica.org/fsdai-investments/.

Contact: Joyce Waihiga, Manager, Communications (joyce@fsdafrica.org)