Author: Riitho

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

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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

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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.

 

“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.”

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

Anne-Marie Chidzero, Chief Investment Officer at FSDAi, 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.”

Antony Phillipson, British High Commissioner to South Africa, 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.”

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

 

 

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)

Persistent Launches US$70 million Persistent Africa Climate Venture Builder Fund and $5 million Venture Building Facility

Posted on by Riitho

First published on persistnent.energy website, this press release is republished here to share insights with our broader community.

 

Persistent has launched the US$70 million Persistent Africa Climate Venture Fund (“Persistent ACV Fund”) with a first close of US$52 million and an additional initial $5 million Venture Building Facility.

The Persistent ACV Fund is an early-stage climate investment vehicle domiciled in Mauritius, focused on backing Africa’s most innovative and high-impact climate ventures. Beyond capital, the Fund leverages Persistent’s tailored Venture Building platform to accelerate the growth, operational maturation, and scale of its portfolio companies. The Fund aims to catalyze Africa’s Energy, Agriculture, and Resource Transitions. While its core strategy targets investments from pre-seed through Series A, the Fund retains the flexibility to provide later-stage follow-on capital to high-performing portfolio companies.Structured with a blended finance model, the Fund offers private investors first-loss and priority return protection. Its investment approach is further strengthened by integrated, bespoke Venture Building support, underpinned by a $5 million contribution-based Venture Building Facility (VBF).

The Partners of Persistent stated: “Achieving the first close of the Persistent ACV Fund is a strong show of confidence in Persistent and the Fund’s strategy. The first close demonstrates that early-stage climate innovation in Africa is investable at scale and that it presents a compelling opportunity for investors. We are excited to move into the investment phase as we continue to back entrepreneurs building businesses across Africa’s Energy, Agriculture and Resource Transitions. We are thankful for the trust that all our LPs, the contributors to our Venture Building Facility, and especially the entrepreneurs we will invest in, are putting in us.  We believe that the growing alignment between catalytic and commercial capital is essential to closing Africa’s climate financing gap, and we look forward to translating that alignment into disciplined execution, impact and long-term value creation.”

 

Driving impact through early-stage climate investment

The launch of the Fund comes against the backdrop of Africa facing a disproportionate share of climate risk while receiving only a small fraction of global climate financing. Early-stage climate businesses, in particular, struggle to access capital and operational support needed to scale and have substantial impact. The Persistent ACV Fund is designed to address this gap by combining equity investment with custom Venture Building services to enable climate ventures to move from early traction to scalable, impactful businesses. The Fund intends to achieve substantial climate, socio-economic, and gender impact in Africa over the lifetime of the Fund, targeting:

  • Over 17 million tons of CO2/GHG mitigated
  • Over 7 million overall beneficiaries (of which half will be female)
  • Over 60,000 direct jobs created (of which half will be female)
  • Over 400,000 people are economically impacted
  • Over 420,000 households with new or improved electricity connections
  • Over $450 million additional investment catalysed

 

The Persistent ACV Fund is managed by its General Partner, Persistent ACV GP Ltd., and advised by Persistent Energy Capital LLC, a U.S. venture capital firm with offices across Africa and Europe. The Fund was conceived by Persistent in collaboration with FSD Africa Investments (FSDAi), a specialist financial sector investor established by FSD Africa and the UK’s FCDO, and an Anchor Investor in the Fund. FSDAi invested $3 million in Persistent in 2022 and made an early pledge of a $10million anchor commitment to the Fund.  FSDAi’s initial investment was used to make investments in climate businesses that have been warehoused by Persistent for transfer to the Fund now that it is closed.

 

“Closing Africa’s climate financing gap requires more than capital. It requires the right fund managers, supported at the right moment, through structures that give other investors the confidence to follow.Our anchor commitment to the Persistent Africa Climate Venture Builder Fund is built on that logic: identifying early-stage climate fund managers with genuine potential, providing the catalytic capital they need to establish a credible track record, and ensuring our investment is structured in a way that mobilises far greater resources into Africa’s energy and climate transition.”

Anne-Marie Chidzero, Chief Investment Officer of FSDAi said.

 

Other Anchor Investors of the Fund are the Nordic Development Fund (NDF) and the African Development Bank’s Sustainable Energy Fund for Africa (AfDB SEFA).Additional Investors include: the Japan International Cooperation Agency (JICA), the Soros Economic Development Fund (SEDF), Impact Fund Denmark (IFDK), the Schmidt Family Foundation and the Cottier Donzé Foundation.

 

“As a catalytic investor, NDF is pleased to support the Persistent ACV Fund, providing concessional capital to early-stage climate initiatives. NDF also supports the Persistent ACV Venture Building Facility in its work to expand the African start-up landscape and establish promising climate ventures with strong sustainability and impact potential. Persistent has a strong track record in supporting local innovation and ownership through their Venture Building model, which they are now scaling beyond energy into other climate-relevant sectors, bringing clear value to the market. The Persistent ACV Fund’s specific focus on gender equality and local innovation aligns closely with NDF’s mandate, while its ambition to drive decarbonisation, strengthen community resilience, and improve access to essential products and services for underserved and marginalised communities across Africa reflects the impact we seek to achieve.”

stated, Satu Santala, Managing Director of NDF said.

 

“Catalytic capital is essential to unlock Africa’s climate innovation potential. We are pleased to partner with Persistent to strengthen a growing ecosystem of early-stage African climate innovators—entrepreneurs who are expanding energy access and driving the clean energy transition.”Shohei Hara, Senior Vice President of JICA stated, “The Persistent ACV Fund is the very first investment under the JICA Blended Finance Window, which was launched during the Ninth Tokyo International Conference on African Development (TICAD 9) in August 2025. We hope that this investment will showcase the mobilization of private capital through catalytic investment. By investing into the Persistent ACV Fund and underlying climate entrepreneurs, we would like to show our commitment to support African development consistent with pathways towards a  low-carbon future as well our commitment to gender-lens investments as a 2x challenge member in accordance with our Sustainability Policy.”

João Duarte Cunha, Manager of AfDB’s Renewable Energy Funds Division, stated.

 

“SEDF is proud to invest in Persistent’s Africa Climate Venture Builder Fund, which will help to scale early-stage climate solutions, unlock private capital, and build a resilient, climate-positive future for communities across the continent.”

Georgia Levenson Keohane, CEO of the Soros Economic Development Fund said.

 

“At Impact Fund Denmark, we work to mobilise capital where it can make a meaningful difference. With this investment, we are supporting entrepreneurs who are building solutions with real potential for both climate impact and long-term economic development in Africa.”

Says CEO Lars Bo Bertram, Impact Fund Denmark.

 

Custom venture building for faster and more sustainable growth

The $5 million contribution based Venture Building Facility (VBF) is funded by NDF and FMO, the Dutch entrepreneurial development bank. Through the VBF, Fund pipeline and portfolio companies can qualify to receive tailored company-building support in one or more areas, including finance, fundraising, strategy, ESG, technology, legal, and marketing. This support can be financed, in whole or in part, through the VBF.  VBF-supported Venture Building services will accelerate the building of successful businesses in which the Fund invests, deepen impact outcomes as well as reduce early-stage execution risk for the Fund.

 

“At FMO, a core pillar of our market creation strategy is supporting pioneering fund managers who are expanding access to finance in underserved markets across Sub‑Saharan Africa. These managers are essential to building robust investment pipelines and strengthening the broader entrepreneurial ecosystem. Persistent exemplifies this approach. By pairing early‑stage capital with hands‑on Venture Building, Persistent equips CleanTech companies across Africa to grow at their most critical stages. Through our Market Creation program, we are proud to back initiatives like this that broaden financial inclusion, accelerate climate‑positive innovation, and unlock sustainable economic opportunities across the continent.”

Andrew Shaw, Manager, Market Creation – Financial Inclusion at FMO, the Dutch entrepreneurial development bank added.

 

 

For more information, contact: damilola@persistent.energy

 

FSDAi Invests in Ci-Gaba Fund, Supporting First Close of the USD 75 Million Fund to Unlock Ghanaian Pension Capital for Private Markets

Posted on by Riitho

Nairobi, 22 January 2026: FSD Africa Investments (FSDAi), a UK-backed specialist financial sector investor, has announced a USD 7.5 million investment in the Ci-Gaba (Progress) Fund, a Ghanaian-domiciled fund of funds designed to mobilise pension capital into private equity and private debt investments across Ghana and West Africa.

The investment supports Ci-Gaba’s first close of its USD 75 million fund and marks a major milestone for Ghana’s first private fund of funds focused on domestic capital mobilisation at scale. The first close attracted strong participation from Ghanaian pension funds, with commitments exceeding its USD 30 million target, demonstrating growing confidence in locally structured private market investment vehicles.

 

We’ve reached this first close in record time, with more than two-thirds anchored by local pension funds.

Drawing on FSD Africa’s market-building work in Ghana, we have co-created and underwritten an investment vehicle that aligns with regulatory requirements and governance standards, enabling pension funds to invest confidently in alternative assets.

AnneMarie Chidzero, Chief Investment Officer at FSDAi said.

 

Ci-Gaba’s fund will strengthen Ghana’s financial ecosystem by investing in both experienced and emerging fund managers operating across high-growth sectors including financial services, healthcare, agriculture, clean energy, education and technology. By channelling domestic institutional capital into small and growing businesses, Ci-Gaba is expected to support up to 25,000 jobs and contribute to enterprise growth, while helping diversify pension portfolios beyond traditional government securities.

 

This marks an important step forward for the PE/VC ecosystem in Ghana and Africa at large. FSDAi’s investment is a strong vote of confidence in Ci-Gaba’s role in unlocking local capital, mobilising pension funds, and building a stronger, more inclusive market.

The investment process has strengthened our structure, aligned us with key stakeholder interests, especially pension funds and positioned us for scale. This is true catalytic capital, and we are excited about the opportunities and impact this partnership will unlock across the region.

Hamdiya Ismaila, CEO of Savannah Impact Advisory said.

 

The UK is proud of our support to Ci-Gaba, which embodies a commitment to inclusive economic development that will drive private investment across West Africa. This is a clear example of putting the UK’s new Approach to Africa into action – one that moves the UK from donor to investor, built on respect, shared interests and equal partnership.

His Excellency, Dr Christian Rogg, British High Commissioner to Ghana said.

 

About FSDA 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/

 

About Ci Gaba

Ci-Gaba (Progress) Fund of Funds, is a Ghana-based blended finance vehicle designed to mobilise domestic institutional capital—particularly pension funds—into SME and early- stage business finance. Ci-Gaba addresses key barriers that have historically limited local investor participation, including risk–return mismatches, currency risk, and governance constraints. The fund invests in a portfolio of experienced and emerging fund managers across priority sectors, while pairing capital with technical assistance to strengthen fund managers, SMEs, and pension trustees. By using catalytic capital to crowd in local investors, Ci-Gaba aims to demonstrate the viability of early-stage and SME finance as an investable asset class and to serve as a replicable model for domestic capital mobilisation in the region. The Fund is managed by Savannah Impact Advisory, a pan-African investment management firm specializing in fund structuring, VC/PE fund management, and impact investing. Ci-Gaba is sponsored by Impact Investing Ghana, the National Advisory Board (NAB) for the Global Steering Group for Impact Investment (GSG).

 

For more information/queries on FSD Africa Investments and Ci-Gaba please contact:

FSD Africa Investments

Joyce Waihiga, Manager, Communications, FSDAi
joyce@fsdafrica.org

Ci Gaba

Dinah Hammond-Afful, Investment Manager, Savannah Impact Advisory
dhammondafful@siaghana.com

FSD Africa Launches $30 Million Inclusive Insurtech Fund to Close Africa’s Protection Gap

Posted on by Riitho

FSD Africa Announces $30million Venture Fund at BimaLab Africa Insurtech Summit 2025 To Accelerate Insurance Innovation Across the Continent

  • Africa faces major protection gap with around 80% of economic losses from natural disasters going uninsured in 2022, up from 58% in 2021.
  • The BimaLab Accelerator Programme has supported 135 startups across 28 African countries to date
  • New Regulatory Sandbox Eligibility Assessment Toolkit also launched at the Summit

Nairobi, Kenya, 26th November 2025: FSD Africa today announced a new $25 – 30 million Inclusive Insurtech Investment Fund (3iF), at the BimaLab Africa Insurtech Summit held on 26–27 November in Nairobi to open the way for more private investment in the insurance technology (insurtech) sector, accelerate insurance innovation and close the continent’s protection gap.

3iF is a pan-African venture capital fund targeting early-stage insurtech startups that expand insurance access, affordability, and awareness – particularly in climate resilience, health, and financial inclusion among underserved populations. Building on the BimaLab Accelerator Programme, which has supported over 135 startups in 28 countries to date, 3iF aims to bridge the financing gap that prevents promising tech-enabled solutions from scaling and addressing Africa’s substantial insurance protection gap.

Expected to launch in January 2026, the Fund’s blended structure combines junior equity from catalytic investors, anchored by FSD Africa Investments (FSDAi), FSD Africa’s investment arm, with senior equity from commercial and strategic investors led by Zep Re. 3iF will provide investment growth capital to successful graduates of BimaLab as well as other promising ventures, complementing the BimaLab ecosystem.

Speaking ahead of the BimaLab Africa Insurtech Summit, Kelvin Massingham, Director, Adaptation and Resilience, FSD Africa, commented: ““The launch of the 3i Fund opens an exciting new chapter for insurance innovation in Africa. By investing in the next generation of insurtech pioneers, we are unlocking opportunities to expand access, affordability, and resilience for millions across the continent. Our goal is to empower visionary startups to transform how insurance works for everyone—driving inclusive growth, climate resilience, and financial security for Africa’s future.”.

A new Regulatory Sandbox Eligibility Assessment Toolkit was also launched at the BimaLab Insurtech Accelerator Summit, a practical resource designed to help African insurance regulators to quantify the level of impact new insurtech innovations will have on their economies, supporting further investment, testing and development of impactful innovations within regulatory sandboxes.

The toolkit is designed to streamline how regulators evaluate emerging insurtech models, lower barriers for startups, and ultimately expand access to affordable risk protection, particularly for informal workers, rural communities, smallholder farmers, and low-income households.

Commenting on the new toolkit, Godfrey Kiptum, MBS, CEO and Commissioner, Insurance Regulatory Authority (IRA), Kenya, said:

“By strengthening the regulatory environment, we are laying the foundation for a more resilient and inclusive insurance ecosystem for Africa’s next decade. Building regulatory readiness for innovation is key, and BimaLab’s new toolkit will be an invaluable resource not only for us here in Kenya, but for African regulators across the continent.”

 

Driving Inclusive Insurance Across Africa

Africa faces a major protection gap, with insurance penetration below 3% in most countries. This leaves individuals, small businesses, and vulnerable communities exposed to risks they cannot recover from quickly. Around 80% of economic losses from natural disasters went uninsured in 2022, up from 58% in 2021.

Launched in Kenya in July 2020 by the IRA and FSD Africa, the BimaLab Accelerator Programme has become Africa’s leading insurance innovation platform. It aims to harness technology innovations that increase insurance penetration among low-income and underserved communities and is a key component of FSD Africa’s mission to build resilient, inclusive financial markets across the continent of Africa. BimaLab was created to foster innovation and accelerate the development of insurtech product development and distribution, helping startups to scale and develop market-ready solutions, and supporting regulatory engagement and inclusivity throughout the insurance sector.

Elias Omondi, Principal of Innovation for Resilience adds;

“Africa’s protection gap is not just a market failure, it’s a capacity and capital gap. BimaLab Africa Insurtech Accelerator combines focused technical support with catalytic funding, we enable insurtechs to de-risk innovation, scale inclusive products and reach the millions who remain unprotected.”

The 2-day BimaLab Africa Insurtech Summit 2025 held in Nairobi, brought together insurers, regulators, investors, innovators, tech partners, and development leaders driving the transformation of insurance across Africa, under the theme “Insuring Africa’s Future: Innovation, Inclusion and Investment”.

Ted Pantone, CEO and Co-founder of Turaco, a Kenyan micro-insurance company showcasing its innovative insurance products at the Summit, commented: “Our vision when we launched in 2019 was to insure 1 billion people across the continent, and already, with BimaLab’s ongoing support, we have successfully expanded to Uganda, Nigeria and Ghana, and are now insuring over 1 million customers and processing over 20,000 claims. We are proof that this programme really works.”

 

Notes to Editors

For more information, please contact:

Kaara Wainana, Senior Manager Advocacy, Campaigns & Partnerships, FSD Africa

Kaara@fsdafrica.org

 

About the BimaLab Insurtech Accelerator

BimaLab, backed by FSD Africa and the Swiss Re Foundation, is an innovation accelerator focused on strengthening Africa’s insurtech ecosystem. It supports early- to growth-stage startups through mentorship, technical assistance, partnerships, investor readiness, and regulatory engagement. Its core mission is to increase insurance penetration among underserved communities by fostering the development and scaling of inclusive, climate-resilient insurance products while integrating innovation into regulatory frameworks.

Since its launch in 2020, BimaLab has supported over 135 startups in 28 African countries, facilitating the creation of 150+ insurance solutions that now reach over 6 million African customers. The program has collaborated with 15 insurance regulatory authorities supporting the development of 7 insurance regulatory sandboxes.

BimaLab’s annual innovation summits and its alumni pipeline have further helped drive policy reform and attract global investment, positioning it as a leading force in insurance innovation across the continent.