Category: Press release

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

Posted on by Riitho

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

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

Together, the organisations will work to:

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

 

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

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

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

 

Anna Sophie Herken, Managing Director of GIZ, said:

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

 

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

FSD Africa

Mireille Ferrari, Director, Strategic communications

mireille@fsdafrica.org

 

GIZ

Anna-Sophia Elm, ICAMA Initiative, GIZ

anna-sophia.elm@giz.de

 

About Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)

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

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

Posted on by Riitho

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

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

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

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

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

 

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

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

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

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

 

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

FSD Africa Investments  

Joyce Waihiga, Manager, Communications, FSDAi 

joyce@fsdafrica.org

 

iungo Capital 

Roeland Donckers, Managing Partner 

roeland@iungocapital.com 

 

About FSD Africa Investments (FSDAi) 

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

 

About iungo Capital 

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

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

Posted on by Riitho

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

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

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

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

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

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

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

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

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

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

 

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

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

 

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

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

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

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

 

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

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

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

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

 

About the Kenya go Blue-Green Bond programme

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

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

Launch of green project preparation facility to unlock investment in climate infrastructure in Ghana

Posted on by Allan Musumba

FSD Africa, the British High Commission, and the Ghana Infrastructure Investment Fund (GIIF) have launched a Green Project Preparation Facility (PPF) – a platform designed to bridge Ghana’s infrastructure financing gap by preparing climate-aligned projects for investment.

The Facility was formally launched yesterday evening in Accra. The PPF, initially capitalised with a commitment of GBP5mn from UK Government, was first announced during President H.E. John Dramani Mahama’s visit to the United Kingdom as part of the UK–Ghana Growth Partnership. The facility will be hosted and managed by FSD Africa, in partnership with GIIF. It is anticipated that the PPF will grow in size, with support from other development partners in due course.

The PPF seeks to build a robust investible pipeline of green infrastructure projects, reduce development risk and time to financial close, and mobilise private capital while strengthening national delivery systems.

Mr. Nana Dwemoh Benneh, Chief Executive Officer of the GIIF, highlighted the significance of the new Facility for Ghana’s broader climate investment agenda.

“We are delighted to be part of this important initiative with FSD Africa and sincerely grateful to the FCDO for its support in making this facility possible. The PPF is both timely and strategic. It presents a significant opportunity for GIIF and FSD Africa to collaborate in developing a robust pipeline of bankable, climate-resilient, and investment-ready infrastructure projects. By strengthening project preparation capabilities across both the public and private sectors, the facility has the potential to unlock much-needed climate and infrastructure finance, crowd in private capital, and accelerate Ghana’s transition towards a more resilient, low-carbon, and sustainable economy”.

The British Deputy High Commissioner to Ghana Ms. Terri Sarch reaffirmed the UK’s long-standing commitment to supporting Ghana’s economic development, emphasising that climate-resilient infrastructure is central to shared prosperity.:

“The UK–Ghana partnership is about turning shared ambitions into real results. Through the Green Project Preparation Facility, we are delighted to be partnering with FSD Africa and the Ghana Infrastructure Investment Fund (GIIF) to turn strong Ghanaian ideas into investable projects. Further, the PPF will help unlock much needed finance toward climate-resilient infrastructure, improving Ghana’s ability to tackle increasing challenges posed by climate change.” said Ms Sarch

Ghana, in common with many of its West African neighbours and global peers, faces intensifying climate impacts. Shifting rainfall patterns, rising sea levels and increased flood frequency place growing pressures on urban infrastructure, energy systems and rural livelihoods. Around a third of Ghana’s electricity generation relies on hydropower, directly exposed to drought and erratic rainfall, while over 40 per cent of the workforce depends on climate-sensitive agriculture. Ghana’s exposure to these shocks makes investment in climate-resilient infrastructure an immediate development priority.

FSD Africa is a specialist development agency working to make finance work for Africa’s future. Headquartered in Nairobi, they operate across more than thirty African countries through a range of funds, institutions, and projects. The PPF will be hosted and managed by FSD Africa, in partnership with the Ghana Infrastructure Investment Fund (GIIF). FSD Africa brings several years of direct in-country engagement, including advisory support to the Ministry of Finance on debt management and domestic capital market development, co-development of the Ghana Green Finance Taxonomy, capacity-building for the National Insurance Commission on ESG frameworks, and ongoing partnership with the GIIF to establish a dedicated Climate Sub-Fund.

Mark Napier, CEO of FSD Africa, welcomed the launch as a pivotal step for Ghana’s climate finance ecosystem:

“We are privileged to extend our collaboration with Ghana by hosting the Green Project Preparation Facility. We hope that the PPF will prove instrumental in crowding domestic private capital into a series of important projects that will add value to the economy and boost Ghana’s climate resilience. We look forward to the partnership with GIIF on this highly impactful initiative”.

The PPF is open to both public and private sector project developers working on climate-aligned infrastructure in Ghana. Projects will be assessed on the basis of their climate impact, financial viability and potential to attract investment, and are expected to cover a range of priority sectors, including renewable energy, waste and water management, urban infrastructure, transport, housing and social infrastructure.

An initial pilot cohort of projects is already in active preparation. The full PPF pipeline will be developed through a structured, transparent appraisal process in partnership with the GIIF and other Ghanaian stakeholders. Further details on eligibility criteria, the application process and contacts can be found at http://fsdafrica.org/

FSD Africa supports Fund Managers’ Association (FMA) of Kenya’s transition to Self-Regulatory Organisation (SRO) status

Posted on by Riitho

FSD Africa and the Fund Managers’ Association of Kenya (FMA) are pleased to announce a strategic partnership under which FSD Africa will provide financial and technical support to FMA as it embarks on a transformative journey towards becoming a Self-Regulatory Organisation (SRO).

As an SRO, the FMA will transition into a non-government organisation able to establish, monitor, and enforce industry standards and regulations. By tapping into best practices in the global fund management industry, FMA will support the regulator in ensuring that its members conduct themselves ethically and legally, helping protect investors and maintain market integrity. Ultimately, this will boost investor confidence in Kenya’s fund management industry, attracting even bigger investment through pooled funds. The initiative marks a significant milestone in the evolution of FMA, which has represented Kenya’s licensed fund management industry for the past 18 years. As Kenya’s capital markets continue to deepen and mature, FMA believes that pursuing SRO status is the next progressive step to strengthen industry standards, enhance investor confidence, promote professional excellence, and support the long-term development of the asset management sector.

FSD Africa’s support reflects a shared commitment to building stronger financial markets and mobilising long-term domestic capital to support economic growth and sustainable development.

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

“A strong and well-governed asset management industry is critical to the growth and resilience of Africa’s financial markets. FMA has played an important role in advancing professionalism, stewardship and market development in Kenya’s investment management sector. We are pleased to support the Association as it explores the path towards SRO status, which has the potential to strengthen market integrity, improve industry standards and contribute to a more robust investment ecosystem.”

Nicholas Ithondeka, Chair of the FMA Council, said:

“This support comes at a defining moment for the Association. Over the past 18 years, FMA has evolved into a respected voice for the fund management industry. Pursuing SRO status represents a natural progression in our institutional development and demonstrates our commitment to raising standards, strengthening accountability and supporting the continued growth of Kenya’s capital markets.”

Fred Mburu, Chief Executive Officer of FMA, said:

“We are extremely pleased by FSD Africa’s affirmation of the important work and ambitions of the Association. This partnership is not only an investment in FMA as an institution, but also in the future of Kenya’s investment management industry. The journey towards SRO status reflects our members’ collective vision for a stronger, more professional and globally competitive asset management sector that serves investors and contributes meaningfully to national development.”

The project will involve stakeholder engagement, international benchmarking, technical assessments and the development of an implementation roadmap to evaluate and support the transition towards an effective self-regulatory framework.

Africa’s Green Transition To Create Up to 84m Jobs by 2050

Posted on by Allan Musumba

Africa’s green transition could generate up to 84.5 million jobs by 2050 but without concerted policy action the benefits risk entrenching inequality rather than reducing it.

This is the key finding of a new report, Unlocking Africa’s Green Transition: Opportunities Towards a Green and Inclusive Workforce, launched by financial sector development agency FSD Africa in partnership with Shell Foundation, a philanthropic foundation working to raise incomes while lowering emissions, and Shortlist, a talent advisory firm working across Africa. Shell Foundation’s participation is funded by the UK Government via the Transforming Energy Access (TEA) platform.

A once-in-a-generation opportunity

The report shows that Africa’s green economy is already taking shape, with 3.8 to 7.9 million jobs projected by 2030, rising to between 65.9 and 84.5 million by 2050. Unlike other regions, Africa’s transition will be driven not by large infrastructure projects, but by decentralised, service-led industries, including clean cooking, off-grid solar, waste recycling, and electric mobility. These sectors are expected to create most jobs through installation, distribution, and last-mile services, providing critical entry points for youth, women, and low-income workers.

A critical workforce gap threatens progress

Despite the scale of the opportunity, the report highlights a major constraint: Africa lacks the workforce capacity needed to deliver the transition at scale.

  • Africa’s renewable energy workforce accounts for just 2% of the global total, despite the continent holding 60% of the world’s best solar resources
  • Only 5% of African youth have completed formal vocational training
  • Less than 1% of climate finance is directed toward skills development, creating a major bottleneck

Without urgent investment in training and workforce systems, projects will stall, rely on imported expertise, and fail to deliver local economic benefits, warns the report.

“Unlike other regions, the employment dividend of Africa’s green transition will be realised through service value chains, not construction sites, and we have to invest accordingly,” said Kevin Munjal, Director, Development Impact, at FSD Africa. “Finance directed towards sectors such as clean cooking, distributed solar, waste recycling and e-mobility will generate substantially more employment than utility-scale infrastructure. But we also need the right policy frameworks to make that happen.”

Most green jobs will be informal raising risks of inequality

The report also challenges assumptions about the nature of green employment:

  • 86% of green jobs in 2030 are expected to be informal
  • The fastest-growing sectors: clean cooking, waste recycling, and solar home systems — are those with the lowest barriers to entry but weakest job protections
  • Women and young people are expected to benefit significantly from job creation but largely in informal, lower-value roles

Without targeted interventions, most workers will remain outside formal labour protections. Women in particular are concentrated in commission-based, lower-value roles without progression pathways or social protection.

“Africa’s green transition represents one of the most significant economic opportunities of our generation. However this vision can only be realised if the green economy is designed to work for the lower-income and informal workers who power our society – and in particular for the women,” said Richard Gomes, Chief Programme Officer at Shell Foundation. “The prize here is not ‘more green jobs’. The prize is future-proofed jobs anchored in sectors that will continue to grow as the world navigates compounding climate, energy and economic disruption.”

Policy and financing decisions will determine the outcome

The report makes clear that the difference between high and low job scenarios is not inevitable, it is the result of policy choices. If governments and investors act decisively, Africa could create nearly 8 million green jobs by 2030. Without action, the figure could be less than half that level and by 2050 the result would be 18.5m fewer jobs.

Key priorities include:

  • Redirecting finance toward high-employment sectors such as clean cooking, distributed solar, waste and e-mobility
  • Investing in green skills systems, including modular training and recognition of informal skills
  • Embedding workforce and gender inclusion targets into climate finance
  • Extending social protection to informal workers, including through mobile platforms
  • Developing innovative financing mechanisms to unlock capital for skills development

“The right human capital is an important input for successful climate-positive growth, so we have to be sure Africa’s workforce is ready for what’s needed. But high-quality jobs are also an exciting benefit of the green transformation. Now we have an even better idea where these millions of jobs and livelihood opportunities will come from and what we can do to make sure the market is ready,” said Paul Breloff, Co-Founder & CEO of Shortlist Africa.

No one size fits all

The report takes an in-depth look at three countries: Kenya, Nigeria and South Africa, concluding that there is no one green transition and a single continental strategy would fail. Key findings include:

  • Nigeria’s projected 2030 green workforce is around 87% informal and driven by nano-enterprises
  • South Africa’s is around 70% formal and shaped by regulated procurement frameworks
  • Kenya’s occupies a distinctive middle ground anchored by mobile money infrastructure and devolved governance.

Overall, East and Southern Africa are projected to capture 58% of 2050 high-scenario green employment despite housing only 40% of Sub-Saharan Africa’s population, reflecting deeper enabling conditions already in place.

From research to action: launching the Green Jobs Innovation Hub

To help address these barriers, FSD Africa is launching the Green Jobs Innovation Hub, aimed at mobilising finance and partnerships to scale workforce solutions across the continent. The initiative will focus on unlocking new financing models to ensure that workforce development keeps pace with investment in green infrastructure.

A call to governments, investors and industry

The report calls on stakeholders across the ecosystem to act urgently:

  • Governments to integrate jobs and skills into climate and industrial strategies
  • Development finance institutions to embed workforce investment in funding decisions
  • Private sector actors to invest in training and improve job quality
  • Training providers to modernise curricula for emerging green roles

Only a coordinated response, the report warns, will ensure the green transition delivers both climate outcomes and broad-based economic opportunity.

3IF Ventures Reaches USD 12 Million First Close to Scale Africa’s Inclusive Insurance Market

Posted on by Riitho

FSD Africa Investments and ZEP-RE co-anchor pioneering pan-African insurance impact fund; pathway to USD 30 million final close.

 

Mauritius – 5 June 2026 – 3IF Ventures (or the “Fund”), the first impact venture capital fund dedicated to Africa’s insurance start-up ecosystem, today announced the First Close of the Inclusive Insurance Investment Fund (3IF Ventures) at USD 12 million. The fund is co-anchored by FSD Africa Investments (FSDAi) and ZEP-RE (PTA Reinsurance Company), and will provide equity capital from pre-seed to Series B to early-stage businesses across Africa.

Africa’s insurance protection gap is one of the most underserved opportunities but also one of the most significant barriers to economic resilience on the continent. Uptake remains constrained by three persistent challenges: awareness, accessibility, and affordability resulting in over 1 billion people not having access to any form of insurance cover. 3IF Ventures is built to convert that untapped market into a commercial opportunity by backing technology-enabled insurance businesses across four thematic verticals: climate and disaster resilience, agriculture and rural livelihoods, digital health and wellbeing, SMEs and asset protection. The Fund, which targets a final close of USD 30 million, plans approximately 15-20 portfolio investments. 3IF Ventures will also operate a technical assistance facility sized at approximately 20 percent of total fund commitments.

3IF Ventures is structured as a blended investment vehicle including a catalytic capital junior tranche used to unlock private capital. The Fund intends to achieve substantial socio-economic impact and climate resilience in Africa over the Fund’s lifetime, targeting:

  • Over 5.9 million new insurance policies issued;
  • Over 3.5 million households and SMEs with improved financial resilience;
  • Over 1.7 million jobs created, sustained and retained.

 

“Reaching First Close with FSD Africa Investments and ZEP-RE on the same cap table is a market signal: impact and private capital are now investing in the same insurance technology pioneers. Africa’s protection gap is the most under-served commercial opportunity of the decade, closing it requires patient capital, local risk capacity and industry-grade portfolio support, working in concert. With a pre-qualified pipeline of fifteen insurance ventures across ten African markets, we are ready to deploy capital and look forward to engaging with strategic private and public partners as we enter the next stage of our growth.”

Anthony Chaillet and Dr. Mario Wilhelm, General Partners, 3IF Ventures said.

 

“FSDAi’s investment in 3IF Ventures reflects our conviction that the insurtech sector is ready to scale – built on a pipeline of 135 early-stage businesses supported through BimaLab. As the first investment vehicle dedicated to inclusive insurance in Africa, 3IF Ventures brings institutional rigour to a segment that has long lacked it. This first close proves that when sector expertise, the right capital structure and the right partners align, the protection gap becomes an investable proposition.”

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

 

“The fund aligns with our mission to deliver sustainable and innovative (re)insurance solutions through collaboration with private, public and development sector partners to close the protection gap and promote economic growth. The Fund will assist in bringing together like-minded partners and capital providers to support technology enabled insurance businesses that help in closing the protection gap across Africa. Beyond the capital injection, ZEP-RE will offer further support to the investee companies through its technical experience in the (re)insurance ecosystem such as product design and leverage off its existing networks among primary insurers and regulators to provide underwriting capacity and an enabling regulatory environment for investees to achieve shared success across the continent.”

Hope Murera, Managing Director and Group CEO, ZEP-RE (PTA Reinsurance Company) said.

 

About 3IF Ventures

3IF Ventures is the General Partner and Investment Manager of the Inclusive Insurance Investment Fund – the first impact venture capital fund dedicated to Africa’s insurance start-up ecosystem. The fund invests from pre-seed to Series B businesses solving the “3A Challenge” (Access, Awareness, Affordability) across ODA-eligible African markets. The Fund is led by Anthony Chaillet and Mario Wilhelm, two seasoned re/insurance experts and investment professionals with over 40 years of combined industry experience globally. www.3if.ventures.

 

About FSD Africa Investments

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

 

About ZEP-RE (PTA Reinsurance Company)

ZEP-RE is a leading pan-African reinsurer and specialised institution of COMESA established in 1990 with a mandate to develop the (re)insurance industry, build capacity, mobilize investments and deepen financial inclusion. It has operations in over 45 African countries with headquarters in Nairobi, Kenya and eight country/regional offices spread across Sub-Saharan Africa in Côte d’Ivoire, D.R. Congo, Ethiopia, Sudan, Uganda, Zambia, and Zimbabwe. ZEP-RE’s subsidiary ACRE Africa focuses on resilience and credit access for small-holder farmers through technology and insurance with 6 offices across Africa. It is the second best rated African reinsurer on the continent by A.M. Best with a credit rating of B++ (Financial Strength)/bbb+ (Issuer Credit). www.zep-re.com.

 

Media Contacts

3IF Ventures

Mario Wilhelm, General Partner (mario@3if.ventures)

Anthony Chaillet, General Partner (anthony@3if.ventures)

 

FSD Africa Investments

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

 

ZEP-RE

Kasee Mbao, Head M&A and Advisory (kmbao@zep-re.com)

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

Posted on by Riitho

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”

Dr Muradzikwa said.

 

“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.’

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

 

“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.

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.

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