Author: TIMOTHYRADIER
Addis Ababa, May 19, 2022: Newly established development agency Financial Sector Deepening Ethiopia (FSD Ethiopia) was officially launched at the Hyatt Regency Hotel, Addis Ababa, Ethiopia. With funding from UKAid and the Bill & Melinda Gates Foundation, FSD Ethiopia will build on FSD Africa’s initial efforts to strengthen the country’s financial sector. About 120 guests attended the launch of FSD Ethiopia, including representatives from the Bill & Melinda Gates Foundation, the UK government’s Foreign, Commonwealth & Development Office (FCDO), Ethiopian Investment Holdings (EIH), the National Bank of Ethiopia (NBE), financial service providers, development agencies and other partners.
We believe now is the right time to establish an FSD programme in Ethiopia. There are huge opportunities in Ethiopia’s financial sector reforms but also challenges ahead. Decisionmakers in both the public and private sectors will benefit from access to the neutral, technically informed advice and strong regional networks that FSD Ethiopia will be able to contribute
Mark Napier, CEO – FSD Africa.
Addis Ababa, May 18, 2022 – Ethiopia’s Ministry of Finance, the Ethiopian Investment Holdings and FSD Africa have today signed a cooperation agreement to establish the Ethiopian Securities Exchange (ESX).
Once established, the ESX will become the 30th exchange on the continent. At least fifty companies, including banks and insurance companies, are expected to list at the launch of the exchange. The exchange is designed to provide a fundraising platform for small and medium-size enterprises, which are the backbone of the Ethiopian economy. The exchange will also offer a platform for the privatisation of Ethiopia’s state-owned enterprises.
Ethiopia has enjoyed strong economic growth over the past two decades, averaging about 9-10%. With strong fundamentals, such as young and educated labour force and improved infrastructure, the economy has the potential to sustain such a high growth if structural challenges, such as limited access to finance, are addressed. In the past few years, the government has implemented several reforms to open the economy and the launch of a securities exchange will be a catalyst for attracting new investment from the private sector.
We are pleased to be collaborating with the Government of Ethiopia in this historic initiative that will accelerate the development of capital markets in Ethiopia. Our assistance for establishing the Ethiopian Securities Exchange will leverage FSD Africa’s vast expertise and experience in developing capital markets infrastructure across Africa. This support signals our long-term commitment to a thriving capital market that is deep, liquid, and efficient.
Mark Napier, CEO – FSD Africa.
NAIROBI, Kenya, April 22, 2022 – Today BFA Global and FSD Africa announce the creation of a first-of-its-kind venture launcher, TECA (Triggering Exponential Climate Action). The launcher will create fintech startups with solutions that enable climate resilience in the most vulnerable communities around the world, with an initial focus on Africa. With FSD Africa’s $3.3m investment over 4 years, TECA will support pioneering entrepreneurs from idea stage to launch, expanding the pipeline of investable opportunities in the fintech for climate resilience space. FSD Africa’s support will also accelerate the ecosystem around the ventures by engaging with multiple stakeholders to unlock capital, attract talent and create proof points to spur more innovation for climate resilience.
At FSD Africa, we believe that a strong, fair and accessible financial system is crucial to a sustainable future for Africa’s people and its environment. In particular we believe that finance can play a major role in tackling climate-vulnerability and that by harnessing the power of fintech innovation we can help address market barriers to building out much needed climate resilience solutions. The challenge for Africa is that this innovation is stifled by a weak ecosystem, reflected in low early-stage investment. Our partnership with BFA Global on TECA aims to address this by originating, investing in and growing a pipeline of climate resilience ventures, while helping to influence and expand the pool of investment into this space
Juliet Munro, Director, Digital Economy at FSD Africa
TECA will help to create pipeline at the nexus of fintech and climate resilience by backing entrepreneurs with bold ideas that build the resilience of vulnerable communities and natural ecosystems. We are looking for top talent that can push the boundaries in solving these large systemic challenges. By helping to launch new ventures responding to these emerging issues, our vision is to help create an ecosystem abundant with innovative solutions fortifying the climate resilience of vulnerable populations and the planet.”
David del Ser, Chairman and Chief Innovation Officer at BFA Global
Lagos, April 11, 2022 – Nigeria’s financial markets have been boosted by a series of announcements and commitments by Financial Sector Deepening (FSD) Africa, a specialist development agency working to strengthen financial markets across sub-Saharan Africa.
The announcements were made as part of a two-week trip led by senior leaders from the UK-Aid funded agency in collaboration with partners. These included the Lagos State Government, the National Insurance Commission (NAICOM) of Nigeria, Infracredit, FMDQ, the UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI), and BFA Global.
From progress in implementing green bonds to opportunities for the local pension sector and solutions to help the country’s insurance industry respond to climate change, the initiatives will enhance the strength and health of Nigeria’s financial markets, building the foundations for a stronger more resilient national economy.
As Africa’s largest economy and country in terms of population, stronger more robust financial markets are critical for Nigeria’s growth and prosperity. FSD Africa remains a committed partner for strengthening Nigeria’s financial market, and we are thankful to our partners for their continued efforts and collaboration to unlock new pathways to prosperity and resilience for Nigerians.
Mark Napier, CEO – FSD Africa.
Nigeria’s incredible capacity for innovation and entrepreneurship is powering a new era of economic growth that, with the right ingredients, can bring wealth and stability to more Nigerians than ever before. I’m incredibly proud that, through the work of organisations like FSD Africa and its partners, the UK government is helping get those ingredients in place. Core to everything, are effective financial markets, with the capacity to help scale-up businesses, insure against unforeseen risks, and energize the emergence of a sustainable economy.
Ben Llewellyn-Jones OBE | Deputy High Commissioner, UK High Commission in Nigeria
