Category: Press release

UK Government and FSD Africa partner to unlock investment for women-led businesses in Nigeria

Posted on by Riitho

USD 335,000 investment will help Rising Tide Africa bring women entrepreneurs and investors together, with the aim of attracting USD 2.7 million over the next three years.

 

Lagos, Nigeria, 28 October 2026. FSD Africa, with funding from the UK Government through the British High Commission in Nigeria, has committed US$335,000 (approximately £247,000) to establish the RiTA Investment Network, a new platform designed to increase investment in women-led businesses in Nigeria.

Established by Rising Tide Africa, a women-led, pan-African network of angel investors, the platform aims to mobilise US$2.7 million (approximately ₦3.75 billion) from Nigerian investors, including high-net-worth individuals, angel investors and family offices. The investment will target 15 small and growing women-led businesses across Nigeria, helping them access the capital they need to expand.

Nigeria’s small and growing businesses are an important part of the economy, but many struggle to access the finance they need to grow. The IFC estimates that Nigeria’s small businesses face a financing gap of around ₦13 trillion, with 19 in 20 unable to access formal finance. The challenge is particularly acute for women entrepreneurs, who own around 40% of Nigeria’s small businesses but are rejected for credit at more than three times the rate of men.

For many women, the barrier is not their ability to build successful businesses or repay loans, but a lack of assets, such as land, that banks traditionally require as security.

Speaking while announcing the investment, Head of Green Growth and Private Sector Development at the British High Commission, Paul Healey noted that this initiative forms part of the UK Government’s broader support to expand access to finance for promising small and growing businesses.

He said: “Women entrepreneurs are building successful businesses across Nigeria, but many still face barriers to accessing the investment they need to grow. This partnership between the UK Government, FSD Africa and Rising Tide Africa is changing that.

“Together, we are building stronger connections between women-led businesses and investors, creating opportunities for more businesses to start, grow, and thrive.

“The UK is proud to be part of this partnership, working together with talented entrepreneurs to create jobs and contribute to Nigeria’s economy. By building these connections now, we can open the door to even more investment in women-led businesses in the years ahead.”

 

Juliet Munro, Director for Early-Stage Finance at FSD Africa hailed the potential of the new investment at mobilising domestic capital and deploying it in priority areas to provide growth capital and to create employment,

“Nigeria does not lack capital. Women angel investors in Rising Tide Africa have shown for years that they will back women-led businesses with their own money. The RiTA Investment Network gives that capital the structure and instrument to grow, in Naira, and at scale.” noted Juliet.

 

Currency matters. Much of the growth capital available to African businesses is in US dollars. For businesses earning in Naira, dollar debt becomes more expensive every time the currency weakens. Nigeria has substantial private wealth that could finance these businesses in their own currency, but few channels exist to connect that wealth to smaller companies.

The RiTA Investment Network is designed to build that channel. Rising Tide Africa’s members have invested together for years and have backed 39 companies to date. The Network will turn that experience into a formal investment platform, with professional credit assessment, an investment committee, an advisory board, and the monitoring and reporting systems that investors need to commit capital with confidence. Investors choose the businesses they back, one transaction at a time. Finance will mainly take the form of revenue-based finance, where repayments rise and fall with business’s sales. This suits profitable businesses that lack collateral and do not want to give up ownership to equity investors.

Yemi Keri, GP, RiTA Investment Network, RiTA Investment Network Spokesperson welcomed the catalytic investment as a major boost in the Network’s ambition to raise USD 10 million in local currency to support women enterprises in the country.

“Women led businesses in Nigeria are growing, and they need lenders who understand how they work. We founded RiTA to give investors a disciplined way to lend to them, one business at a time. FSD Africa’s support lets us build the structure, the discipline and the data to do this at scale,” she said.

 

FSD Africa’s funding meets the cost of building this institution in its first three years, before it can sustain itself from fees. It pays for the team, legal structure, governance and systems that make local capital ready to invest. Rising Tide Africa has already secured around US$1.5 million in soft commitments from its network. For every dollar of FSD Africa funding, the Network aims to mobilise around eight dollars of Nigerian private capital. The partnership builds on a year of advisory work between FSD Africa and Rising Tide Africa, and forms part of FSD Africa’s wider partnership with the British High Commission to deepen early-stage finance in Nigeria.

The Network completed its first transaction in September 2026, a syndicated corporate note to Ororo Waste Management Limited. Two further businesses are now in structuring and due diligence. The long-term goal is larger. The track record built through the Network is intended to support Rising Tide Africa’s plan to launch a US$10 million, Naira denominated growth debt fund for businesses led by women, and to bring institutional investors into it. Along the way, Rising Tide Africa will produce resources that other first-time fund managers in Nigeria can use. These include a legal template for investing under the Investments and Securities Act 2025, a playbook for revenue-based finance in Naira, and credit performance data on businesses led by women. Together they aim to show that lending to these businesses is investable at scale, and to lower the cost for the next local manager to follow.

The RiTA Investment Network is part of FSD Africa’s Early-Stage Finance strategy to mobilise diverse pools of African capital for small and growing businesses. Alongside angel networks and private wealth, FSD Africa is working with corporates, local fund managers and institutional investors to build the channels that connect domestic capital to the businesses that need it.

 

About RiTA Investment Network

The RiTA Investment Network is an initiative of Rising Tide Africa that provides growth finance, mainly revenue-based finance, to small and growing businesses led by women in Nigeria’s real economy. It is led by Yemi Keri, one of the founders of Rising Tide Africa, and Irene Ochem, founder and CEO of AWIEF. Investors choose the transactions they back, and an investment committee reviews every deal.

Businesses led by women seeking growth finance can contact investments@risingtideafrica.com.

 

About Rising Tide Africa

Rising Tide Africa is a women-led, pan-African angel investment network founded in 2016. Its 122 members are senior women investors based in seven countries. Over the past decade, the network has backed 39 early-stage companies across fintech, healthtech, agritech, climate, proptech, edtech and essential services. Every investment includes hands-on support through Rising Tide Africa’s MINE model: Mentoring, Investment, Networking and Education.

Women investors across Africa and the diaspora are invited to apply for membership at rtamembership@risingtideafrica.com.

 

About AWIEF

AWIEF is a leading and award-winning pan-African organisation advancing women’s entrepreneurship and economic inclusion. Established since 2015, AWIEF has directly supported more than 6,500 female founders and entrepreneurs with enterprise development programmes, training, and mentorship while facilitating access to finance, markets and networks. Indirectly, AWIEF has reached and impacted millions through its annual AWIEF Conference, Exhibition and Awards – a flagship convening of women entrepreneurs, investors, corporates, government, and development partners from across Africa and globally. https://www.awieforum.org/

 

About FSD Africa

FSD Africa is a specialist development agency established in 2012 by the UK Government, working to make finance work for Africa’s future. Operating in over 30 African countries, FSD Africa mobilises finance that powers economic and social development while delivering environmental gains and building Africa’s resilience. Its Early-Stage Finance pillar works to build a financing ecosystem that enables the right kind of capital to reach small and growing businesses at the right time. FSD Africa is funded by the UK Government through the Foreign, Commonwealth and Development Office.

 

About the British High Commission in Nigeria

The British High Commission Nigeria represents the UK Government in Nigeria and works to advance the UK-Nigeria Strategic Partnership, a framework that deepens cooperation between both countries across economic growth, trade and investment, governance, security, climate, education, healthcare, innovation, security cooperation and diplomatic engagement.

 

Media Contacts

RiTA Investment Network: Aisha Farooq, Aisha.Farooq@risingtideafrica.com

FSD Africa: Kaara Wainaina on email address, kaara@fsdafrica.org

British High Commission: Ndidiamaka Eze, Comms Lead, Growth, Trade and Investment, Ndidiamaka.eze@fcdo.gov.uk

 

 

Nigeria unveils ten-year capital markets plan and national savings plan to raise US$ 56 billion to support the US$1 trillion economy ambition

Posted on by Riitho

New roadmap, developed with support from FSD Africa and the UK Government, aims to mobilise investment, deepen financial markets and strengthen Nigeria’s position as a regional financial hub.

 

Abuja, Nigeria, 19 October 2026: Nigeria has launched a ten-year roadmap to deepen its capital markets, mobilise domestic and international investment, and support its ambition to build a US$1 trillion economy by 2030. Also launched was a national savings plan. The Nigeria Capital Market Masterplan 2.0, covering 2026 to 2036, sets out reforms to create a more diverse, efficient and transparent market and strengthen Nigeria’s position as a regional financial hub.

The plans were launched at the Presidential Villa in Abuja by H.E. Kashim Shettima, Vice President alongside Taiwo Oyedele Minister of Finance and Coordinating Minister of the Economy, Peter Vowles, the United Kingdom (UK) High Commissioner to Nigeria, and Mark Napier, CEO, FSD Africa

The Masterplan was developed by Nigeria’s Securities and Exchange Commission (SEC) with technical support from FSD Africa funded by the UK Government. Their support enabled the engagement of a consortium led by Genesis Analytics and Bourse Consult to support the development of the roadmap and its implementation framework.

Speaking at the event Dr. Emomotimi Agama, SEC Nigeria Director General hailed the master plan as one that will help Nigeria deepen Nigerian capital markets to the scale needed to finance the country’s ambitious economic goals. “Every great economy has, at its heart, a capital market that turns the savings of ordinary people into the factories, roads, homes and businesses that create jobs. Nigeria has the people, the enterprise and the ambition. What we are now building is a market to match them,” said the DG.

Emphasising the historic alignment of economic reforms and regulatory empowerment, Dr. Agama noted that the Master Plan was deliberately launched alongside the National Savings Scheme to harness home-grown resources for national development. “Savings are the raw material of investment, and a nation that saves through its own capital market builds with its own resources,” Dr. Agama added.

 

The British High Commissioner to Nigeria, Pete Vowles, represented by Paul Healey, Head of Green Growth and Private Sector Development at the British High Commission, said:

“The UK is proud to have funded FSD Africa’s support for the development of Nigeria’s Capital Markets Masterplan 2.0. This ambitious, Nigerian-led reform will help mobilise more domestic and international investment and connect capital with commercial opportunities in businesses and infrastructure.

“Our support forms part of the wider UK and Nigeria’s Strategic Partnership, which has growth and jobs at its heart. By strengthening Nigeria’s capital markets and deepening links between our financial sectors, we can create new opportunities for investment, jobs and shared prosperity in both our countries.”

 

Mark Napier, CEO, FSD Africa lauded the master plan as key in guiding Nigeria’s ambitions to deepen her capital markets for greater growth and job creation. “Our support for Nigeria’s new Masterplan is grounded in the principle that capital markets need to work for the wider economy. With its scale and regional importance, Nigeria has a significant opportunity to mobilise more domestic and international capital towards businesses, infrastructure and sustainable growth”. He said

“We have seen how sustained capital market development can help create conditions for greater capital mobilisation. In Zambia and Ethiopia, our support to strengthen the country’s financial market architecture and address key regulatory and market constraints, helped lay the foundations for greater capital mobilisation, including into sectors such as renewable energy.” He added.

 

FSD Africa’s support has focused on strengthening the link between capital-market development and Nigeria’s wider economic priorities, including infrastructure, SME growth, financial inclusion and sustainable development.

NCMMP 2.0 seeks to position capital markets as a driver of wider economic transformation, helping to channel long-term capital towards national priorities including infrastructure, energy, climate resilience, SMEs, financial inclusion and job creation.

The plan sets out measurable ambitions to increase collective investment scheme assets under management from US$5.6 billion to US$56 billion over ten years, raise annual diaspora investment channelled into capital markets from US$4 billion to US$10 billion, and increase the share of institutional portfolios invested in non-sovereign assets from around 40% to 50%.

To support these ambitions, proposed reforms include measures making it easier for businesses and state governments to raise capital, expand retail and diaspora participation, attract more foreign institutional investors, strengthen sustainable finance, and support the development of digital and tokenised assets.

The Masterplan is structured around five pillars covering regulatory clarity and enforcement, modernising market infrastructure, broadening the range of issuers and financial instruments, diversifying the investor base, and strengthening institutional and professional capacity. Each pillar is supported by a sequenced implementation plan with clear ownership, timelines and measures of success.

It also builds on lessons from the previous Capital Market Masterplan, which supported a number of significant reforms while leaving areas for further progress. The earlier plan achieved an overall activity completion rate of 63%, with financial inclusion, regional integration, sustainable finance and the mobilisation of capital to priority sectors among the areas identified for continued progress.

The Masterplan also sets out ambitions to strengthen Nigeria’s regional role through greater cooperation with other African markets, cross-border capital raising and listing frameworks, and closer alignment with initiatives under the African Continental Free Trade Area.

 

Notes to editors:

For more information/ interview requests,

  1. At SEC Nigeria, please contact Efe Ebelo, Head, External Relations at eebelo@sec.gov.ng or Tony Iloka, SA to the Director General at tiloka@sec.gov.ng.
  2. At FSD Africa, please contact Kaara Wainaina, Senior Advocacy and Campaigns Manager at kaara@fsdafrica.org.

 

About SEC Nigeria

Securities and Exchange Commission, Nigeria is the apex regulator of the Nigerian capital markets that derives its mandate from the Investment and Securities Act (ISA) 2025. SEC Nigeria seeks to develop and regulate capital markets to ensure capital formation, protection of investors, maintenance of fair, efficient and transparent markets and reduction of systemic risks that will positively impact on the country’s national economic development.

For more information, please visit: https://sec.gov.ng/

 

About the British High Commission, Nigeria

The British High Commission Nigeria represents the UK Government in Nigeria and works to advance the UK-Nigeria Strategic Partnership, a framework that deepens cooperation between both countries across economic growth, trade and investment, governance, security, climate, education, healthcare, innovation, security cooperation and diplomatic engagement.

First-of-its-kind Africa Nature Impact Fund Targets USD 100m For Nature-Based Solutions in Africa

Posted on by Allan Musumba

Finance Earth, FSD Africa and FSD Africa Investments (FSDAi) have partnered to launch the Africa Nature Impact Fund (“Africa Nature”), a first-of-its-kind financing platform with a target of raising USD 100 million for early-stage nature and nature-based carbon projects. The announcement today at the Carbon Markets Africa Summit in Kigali marks a key milestone in the development of the platform which is seeking to reach first close in 2027 at USD 20 million with a cornerstone commitment from FSDAi of GBP 5 million (USD 6.6 million).

While more than 62% of Africa’s GDP is dependent on natural capital, investment in nature-based carbon and biodiversity projects remains far below what is needed, leaving many high-potential initiatives unable to access the capital, technical support and market connections required to reach scale.

It is against this background that Africa Nature has been developed by Finance Earth, in partnership with FSD Africa and FSDAi, to mobilise larger pools of capital into investable nature and nature-based carbon opportunities across Africa.

In doing so, Africa Nature aims to also transform landscapes and communities, with the aim of protecting or regenerating 4.5 million hectares of land, sequestering or avoiding over 100 million tonnes of CO₂e over project lifetimes, and improving the livelihoods of 1.4 million people, half of them women. The fund also targets the protection of more than 60 animal and plant species.

Africa Nature builds on the success of FSD Africa’s Carbon Accelerator Programme for the Environment (CAPE), delivered with Finance Earth, which helps nature-based carbon projects move towards investment readiness and has so far assessed more than 300 projects and built a pipeline representing over 3.4 billion tonnes of CO₂e potential across 76.5 million hectares.

Drawing on project development experience gained through CAPE, Africa Nature is designed to offer funding tailored to the different stages of a project’s development, from project preparation to commercial piloting and implementation, in order to bridge projects from pre-revenue to sustainable, long-term, contracted revenue.

 

In a departure from the extractive structures that have characterised much of the carbon market to date, financing is designed to maximise community and ecological value retained by the project.  Africa Nature will invest only in projects with meaningful benefit-sharing arrangements designed to direct a substantial share of gross carbon value to host communities, with a target of generating around USD 450 million for local communities.

Africa Nature is designed to build lasting local ownership and capability and is seeking to partner with African financial institutions to support long-term local stewardship and governance. Working with FSD Africa and partners, Africa Nature will embed carbon market readiness in local banks and investors, so that over time African nature assets are held and financed by African capital rather than exiting the continent.

Commenting on the launch, James Mansfield, Managing Director, Finance Earth, said:

“Africa holds a quarter of the planet’s biodiversity, yet nature–based projects across the continent face major challenges in accessing the patient, fairly structured capital they need to succeed. Africa Nature is designed to change this by financing projects equitably and building local investment and governance structures, so that African nature assets are financed by African financial institutions. This announcement marks a critical milestone in the delivery of this vision and the culmination of our partnership with FSD Africa to date.”

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

“Catalytic capital works hardest when it unlocks markets that would otherwise remain out of reach. By anchoring the Africa Nature Impact Fund with much needed catalytic capital, we aim to de-risk high-integrity nature projects and crowd in the institutional and local investment that African landscapes and communities urgently need. This is exactly the kind of pioneering, high-impact structure FSD Africa Investments exists to support.”

Jubilee Group, FSD Africa partner with BimaLab Insurtechs to expand insurance access in Kenya

Posted on by Riitho

Seven insurtech firms will develop new insurance solutions for underserved SMEs, informal workers, farmers and low-income households, with pilots set to begin in November

NAIROBI, Kenya, 22 September 2026 – Jubilee Group and FSD Africa have partnered with seven insurtech companies to develop and test affordable insurance solutions for underserved Kenyans, targeting small and medium-sized enterprises (SMEs), informal sector workers, farmers and low-income households that have limited access to formal insurance.

The seven firms – Dukatech Solutions, Aura Insure Technologies, Inclusivity Solutions, DPE, Fiinovate, Agrails and Ibisa Network – will work with Jubilee through an eight-week product co-creation process before joint pilots begin in Kenya in November 2026.

The partnership will test new ways to distribute affordable insurance, provide protection for SMEs and connect customers to health and wellness services. Successful solutions could later be introduced in other East African markets as Jubilee works to expand its customer base and access to its integrated financial services offering.

East Africa is estimated to have more than 10 million SMEs, which account for over 70% of jobs, yet insurance penetration among the segment averages about 1%. For many small businesses and households, illness, extreme weather or another financial shock can quickly affect livelihoods and business income.

Jubilee Group Deputy Group CEO Juan Cazcarra said, “There is a large group of Kenyans who work, earn and run businesses every day but still have little or no insurance coverage. We need to meet people where they are, with products that are affordable, relevant and simple to access. Working with these seven insurtechs gives us a practical way to test different products and distribution models with customers and learn what works. We can then take the strongest solutions to scale as we grow our customer base and bring more people into formal insurance.”

 

The seven companies were selected through a competitive process from the BimaLab Africa Insurtech Accelerator alumni network. Their work with Jubilee will focus on three priority areas: low-cost bundled and embedded insurance distribution; insurance solutions for SME ecosystems; and wellness and engagement models that connect customers to health and care services.

Elias Omondi, Principal, Sustainable Insurance at FSD Africa said: “The challenge is not simply creating more insurance products. It is making sure those products reach people who need them, at a price they can afford and through channels they already use. Kenya provides a strong market for testing new approaches to inclusive insurance. By bringing established insurers together with insurtechs that understand technology, distribution and specific customer needs, BimaLab can help move promising ideas from development into real markets.”

 

At Jubilee, the work will be led through J-Hub, the Group’s innovation and technology arm, which focuses on developing, testing and deploying digital and AI-powered solutions across the business.

 

Notes to the editor

For more information and interview requests,

  1. At FSD Africa, please write to Kaara Wainaina, Senior Manager Advocacy and Campaigns on email address, kaara@fsdafrica.org
  2. At Jubilee Group, please write to Anne Njoroge on email Njoroge@jubileekenya.com

 

About Bimalab

BimaLab Africa is an insurtech accelerator innovating insurance to build resilience for Africa’s underserved. An initiative of FSD Africa, BimaLab backs high impact insurtech innovators closing a protection gap that leaves more than 97% of the continent uninsured providing mentorship, regulatory access, funding, and strategic partnerships, alongside one of Africa’s strongest insurance networks. Over the past 6 years, BimaLab has supported 135 startups across 28 African countries to develop more than 300 insurance solutions, now reaching over 6.5 million underserved customers. Together, BimaLab is building an African insurance sector that rewards innovation and channels protection to where it is needed most. Learn more at bimalab.org.

 

About FSD Africa

FSD Africa is a specialist development agency making finance work for Africa’s future. We work with governments, regulators, and financial institutions across 30 countries to strengthen markets, shape policy, and mobilise capital into opportunities supporting growth, climate resilience, the clean energy transition, and nature-positive development. Supported by the UK Government alongside philanthropic and development partners, we also deploy catalytic capital through our investment arm, FSD Africa Investments. For more information, please visit: https://www.fsdafrica.org

 

About Jubilee Holdings

Jubilee Holdings Limited, founded in 1937, is one of East Africa’s leading financial services groups, with over 89 years of experience in delivering insurance and investment solutions. The Group is trusted for its financial strength, innovation, and customer focus, serving more than 1.4 million customers and beneficiaries across Kenya, Uganda, Tanzania, and Burundi.

 

About J-Hub

J-Hub is the Group’s innovation and technology arm, established to accelerate the development and deployment of transformative digital solutions across the business. It focuses on building AI-powered financial inclusion platforms, embedded insurance solutions, and next-generation digital distribution capabilities that enhance customer experience and access.

Through its work, J-Hub positions Jubilee Holdings Limited as a forward-looking and disruptive leader in financial services, championing innovation, inclusion, and financial wellness across Africa.

 

The seven selected companies bring different technologies, customer networks and insurance models to the programme

  • Dukatech Solutions, through its Shopokoa platform, is a Nairobi-based social protection platform serving waste pickers, refugees and informal sector workers with curated food and shopping baskets. It will test bundled and embedded insurance distribution through its existing customer and merchant network.
  • Aura Insure Technologies is a Dubai-based insurtech expanding into Africa with software-as-a-service underwriting and distribution tools for SMEs. Its APIs allow insurers and partners to quote, underwrite, onboard, issue, service and renew insurance covers digitally.
  • Inclusivity Solutions, headquartered in Cape Town and operating in more than 10 African countries, designs embedded insurance for emerging consumers. Its open API platform, ASPin, supports sales, policy administration, premium collection and claims.
  • DPE is a Kenyan health engagement platform that helps health systems reach households through SMS, WhatsApp and voice channels. Its Interch™ platform has supported access to trusted health information for more than 300,000 households and will contribute to Jubilee’s wellness and engagement workstream.
  • Fiinovate is a Kenyan fintech developing credit-linked insurance solutions through its FinHub and Fin Shield platforms. It will explore protection products that strengthen financial resilience for SMEs and borrowers.
  • Agrails is a Kenyan generative AI and parametric platform operating in more than three African countries. It uses climate data analysis, reporting and verification to improve climate-risk assessment and will explore embedded protection models linked to climate intelligence.
  • Ibisa Network, headquartered in Luxembourg and operating across Africa, develops parametric insurance products for farmers and renewable energy operators. It uses satellite data and AI-driven analytics to support automated payouts following extreme weather events.

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

Posted on by Riitho

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

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

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

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

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

 

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

 

Building Africa’s next generation of locally based capital providers

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

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

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

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

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

 

Mobilising capital alongside FCDO Nigeria and FMO

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

 

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

 

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

 

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

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

 

Applications open to alternative local capital providers

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

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

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

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

 

About FMO 

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

 

About the UK’s FCDO

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

 

Media enquiries

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

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

Posted on by Riitho

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

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

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

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

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

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

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

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

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

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

 

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

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

Posted on by Riitho

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

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

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

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

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

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

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

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

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

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

Notes to the Editor

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

RMB and INDLU launch R1bn blended finance programme to transform South African real estate

Posted on by Allan Musumba

Rand Merchant Bank (RMB) and INDLU have announced the launch of a R1 billion Blended Finance Programme, to formalise and scale South Africa’s burgeoning affordable rental market. INDLU is a South African property financial technology company that empowers landowners to build, manage, and earn from high-quality rental housing. The programme aims to bridge the national housing gap—currently estimated at 2.3 million units—by providing sustainable, affordable credit to micro-developers who have historically been excluded from traditional banking sectors due to a perceived lack of formal collateral.

Alessandro Scalco of RMB sustainable finance said:

“The Indlu Blended Finance Programme represents a blueprint for how South African capital markets can drive large-scale, powerful social impact without compromising financial performance. This programme attracts capital to critical development areas like financial inclusion and affordable housing, empowering entrepreneurs to develop their own communities.”

RMB acted as the structurer and one of the lenders for the programme, utilising blended finance to support affordable housing. A key component of this structure was the catalytic funding provided by the FirstRand Foundation (FRF) and FSD Africa Investments (FSDAi), with FRF providing a R30 million concessional loan commitment to establish the construction warehouse facility and FSDAi acting as the anchor funder of this facility. FSDAi has also committed funding as co-funder of the catalytic mezzanine tranche in the securitisation. In addition, to FRF commitment, FNB have committed a sizeable R400m for the long-term financing of the programme.

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

“Low-income affordable rental housing is one of Africa’s most overlooked, and most bankable, real-economy markets. With INDLU, we are using catalytic capital to do what FSDAi was built to do: anchor a new asset class, prove it to institutional investors, and create a replicable pathway that can finance dignified housing well beyond South Africa’s borders.”

This programme expands access to affordable housing finance for small-scale, primarily black and women property owners. By addressing early-stage construction and tenanting risk, FSDAi and FRF’s catalytic funding unlocks private capital and ensures cost benefits are passed directly to developers and communities.

Cobus Truter, CEO of INDLU said:

“Our bold ambition is to fundamentally change the landscape of informal settlements. By turning each tile in the urban mosaic into formalised, dignified infrastructure, we are building better African cities from the ground up. “The R1 billion deployment is expected to have a profound multiplier effect on the economy through significant job creation and social upliftment.”

To date, the model has already delivered over 2 200 high-quality rental units in areas such as Tembisa, Mamelodi, and Cosmo City, proving the commercial viability of the “backyard” real estate sector. While INDLU has successfully facilitated approximately R311 million in financing to date, the new platform is designed to meet a massive surge in demand.

INDLU has identified an immediate project pipeline exceeding R915 million over the next 12 to 24 months, with a specific goal to raise R500 million for property entrepreneurs within the first year. The model has already supported over 1 000 short-term construction jobs and nearly 400 permanent roles through local SMEs. Furthermore, it serves as a powerful tool for gender equity, with 64% of INDLU’s current landowners being female. “By ensuring every unit is integrated into formal municipal infrastructure—including water, electricity, and sanitation—the programme significantly improves urban living standards and safety,” Truter added.

INDLU provides landowners with microfinance loans for construction, managed through a “closed-loop” digital ecosystem where the Indlu software application automates rental collection and loan servicing. This ensures transparency for investors and steady income for property owners.

ZEP-RE and FSD Africa partner to help African insurtechs move from innovation to scale

Posted on by Kihingu Inc

ZEP-RE (PTA Reinsurance Company) and FSD Africa have signed a partnership to support the 2026 BimaLab Africa Insurtech Accelerator, one of the first workstreams under a wider collaboration to advance inclusive and sustainable insurance solutions across Africa. The partnership was formalised at ZEP-RE Place, the company’s headquarters in Upper Hill, Nairobi, ahead of the opening of the call for applications for the 2026 cohort across the 28 countries where Bimalab has a footprint.

The wider collaboration will also cover investment mobilisation, microinsurance, knowledge sharing, ESG, climate resilience, sustainable insurance, and selected renewable energy risk opportunities. BimaLab Africa 2026 turns that collaboration into immediate action by supporting African insurtech ventures ready to build, test and scale inclusive insurance solutions.

The programme will support up to 10 insurtech and tech-enabled ventures with tested products or early market traction across five priority areas: climate and agriculture, health, SMEs, gender and digital platforms.  The six-month accelerator will help selected ventures refine their insurance propositions, strengthen their business models, navigate regulatory pathways and prepare for investment and market partnerships.

Speaking during the signing, Linet Odera, Group Chief Inclusive Solutions,  at ZEP-RE, said:

“This partnership is about helping insurance innovation move from pilot to scaling up. By bringing reinsurance expertise, risk knowledge and market experience into the process, ZEP-RE can help scale solutions that expand protection, strengthen resilience and respond to the needs of African markets.”

Elias Omondi, Principal for Sustainable Insurance, FSD Africa said:

“The insurance protection gap is one of Africa’s most underestimated development challenges, only less than 1% of the continent’s disaster losses are insured. The BimaLab Insurtech Accelerator has shown that African innovators can close this gap by developing fitting solutions for farmers, women, SMEs and low-income households. Our partnership with ZEP-RE gives Insurtech innovators what they have lacked: reinsurance capacity, regional market access, and a credible pathway to scale. This is how we move from promising pilots to protection for millions.”

Commissioner of Insurance and IRA CEO Godfrey Kiptum said:

“Innovation can expand access to insurance, but it must be responsible from the start. Platforms such as BimaLab help innovators engage regulators early, test practical insurance solutions and reach underserved markets while protecting consumers.”

Since its launch in 2020, BimaLab Africa has supported more than 135 startups across 28 African countries. The programme has helped catalyse over 150 insurance solutions that reach more than six million customers, supported regulatory sandbox development in eight markets, and helped mobilise more than USD 30 million in early-stage capital into Africa’s insurtech ecosystem.

The 2026 cohort is built around commercial readiness, underwriting discipline and scalable insurance propositions. Through the partnership, ZEP-RE will contribute reinsurance expertise, technical mentorship, market networks and support from the ZEP-RE Academy, while FSD Africa will lead programme design, startup recruitment, regulatory engagement and investor matchmaking.

The accelerator will also help prepare promising ventures for future investment opportunities, including potential consideration by the Inclusive Insurtech Investment Fund, 3iF, co-anchored by FSD Africa Investments and ZEP-RE. The call for applications opens this week for African insurtech and tech-enabled ventures ready to build, test and scale inclusive insurance solutions.

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). For more information, please visit our website www.zep-re.com.

 

About FSD Africa

FSD Africa is a specialist development agency making finance work for Africa’s future. We work with governments, regulators, and financial institutions across 30 countries to strengthen markets, shape policy, and mobilise capital into opportunities supporting growth, climate resilience, the clean energy transition, and nature-positive development. Supported by the UK Government alongside philanthropic and development partners, we also deploy catalytic capital through our investment arm, FSD Africa Investments. For more information, please visit: https://www.fsdafrica.org ”

About BimaLab Africa

BimaLab Africa is an insurtech accelerator innovating insurance to build resilience for Africa’s underserved. An initiative of FSD Africa, BimaLab backs high impact insurtech innovators closing a protection gap that leaves more than 97% of the continent uninsured providing mentorship, regulatory access, funding, and strategic partnerships, alongside one of Africa’s strongest insurance networks. Over the past 6 years, BimaLab has supported 135 startups across 28 African countries to develop more than 300 insurance solutions, now reaching over 6 million underserved customers. Together, BimaLab is building an African insurance sector that rewards innovation and channels protection to where it is needed most. Learn more at bimalab.org.

Catalyst Fund Deepens Bet on Africa’s Climate Resilience Founders

Posted on by Allan Musumba

IFC, FASA, Shell Foundation, Trafigura Foundation, SpeedInvest, Blink Impact, We-Fi, and private investors join the fund which reaches $30m to back founders building climate tech solutions in Africa.

Across Africa, climate shocks are already reshaping food systems, supply chains, energy access, and infrastructure, and a new generation of founders is building the practical, scalable solutions communities need to adapt. Catalyst Fund, the pan-African venture fund and venture builder backing founders from pre-seed to Series A, has announced the completion of its second close, with total commitments now reaching $30 million, bringing the fund closer to its target fund size and adding fresh momentum to its mission of strengthening climate resilience across the continent. Led by partners Maelis Carraro, Maxime Bayen, Olúwatóyìn Emmanuel-Olubake, and Amolo Ng’weno, the fund plans to invest in 40 ventures across Africa.

The second close brings together IFC, FASA, Shell Foundation, Trafigura Foundation, Speedinvest, Blink Impact, and a group of high-net-worth individuals, joining early backers FSD Africa, Cisco Foundation, and others who validated the thesis at the first close. It also brings in Women Entrepreneurs Finance Initiative (We-Fi) to help the fund increase its pipeline of women-led companies. Catalyst Fund expects to reach final close later this year.

“Climate adaptation is one of the defining investment themes of the next decade, especially in Africa, where the need is immediate, and the entrepreneurial talent is extraordinary. This second close allows us to double down on our mission: backing ambitious founders building practical, scalable solutions for a climate-changed world, and supporting them not just with capital, but with the hands-on venture-building support they need to grow.” — Maelis Carraro, Founder & General Partner, Catalyst Fund

The portfolio of 28 fast-growing companies already shows the breadth of that thesis in action. Keep It Cool, a 2024 Earthshot Prize winner, is building solar-powered cold-chain infrastructure for fisherfolk and poultry farmers in Kenya. MazaoHub, a Tanzanian agritech startup, combines AI-powered soil intelligence with on-the-ground agronomy support and digital market access to help smallholder farmers improve yields and livelihoods. Bekia runs a tech-enabled circular economy platform in Egypt connecting waste producers – households and businesses – with collectors, logistics partners, and trusted recyclers to turn recycling into a profitable, closed-loop. These are the kinds of practical, scalable businesses Catalyst Fund believes will deAfrica’sica’s climate resilience economy.

“Across Africa, entrepreneurs supported through Catalyst Fund are strengthening livelihoods, expanding access to essential services, and creating quality jobs in underserved communities. Through IFC’s partnership with Catalyst Fund, we are mobilizing capital and expertise to help these early‑stage ventures scale sustainably, attract private investors, and deliver lasting impact for people and markets.”

— Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds, International Finance Corporation (IFC)

“FASA’s mission is to reduce the funding gap faced by agri-SMEs in Africa by mobilizing catalytic capital, empowering investment managers, and fostering a supportive ecosystem. We chose Catalyst Fund because their investment strategy and their embedded venture-building model perfectly address the critical gaps faced by early-stage climate entrepreneurs. Beyond our $5 million junior equity investment to derisk the fund and unlock additional funding from co-investors, we are committed to providing targeted technical assistance to strengthen the fund’s capacities and support its most promising agri-startups”

— Mamadou Ndao, Investment Director, FASA

The company-building model is central to Catalyst Fund’s approach. Rather than acting as a passive investor, the firm works alongside founders as a true co-builder from the earliest stages of the journey. By pairing equity investment with embedded venture-building support from BFA Global, Catalyst Fund helps companies navigate the priorities that matter most – from refining strategy and product to hiring, commercial traction, partnerships, follow-on fundraising, and operational scale. The model is designed to keep incentives aligned from day one and give founders the kind of practical support that is often missing in early-stage investing.

“Climate shocks are already a reality for millions of people across Africa and founders building adaptation solutions urgently need access to the right kind of early support. Catalyst Fund backs entrepreneurs early and works alongside them to turn proven ideas into scalable businesses. We’re pleased to support this second close and help channel more capital to founders addressing critical climate resilience needs.” — Jonathan Berman, CEO, Shell Foundation

The second close also widens the fund’s circle of backers, bringing in a broad mix of development finance, corporate, family offices, and foundations – including some investors making their first commitment to Africa.

“We are proud to make our first impact investing commitment through Catalyst Climate Resilience Fund I, backing bold African founders building the adaptation solutions that vulnerable communities need most. By investing in the junior tranche, we aim to be catalytic, helping unlock additional capital into a space that is critical, yet chronically underfunded.” — Dario Soto-Abril, Trafigura Foundation

The firm is betting that climate resilience in Africa is not just an impact story, but one of the most important venture opportunities emerging on the continent. As climate shocks intensify, demand is rising for affordable, scalable solutions that help communities and economies adapt. Catalyst Fund believes the next generation of category-defining African startups will be built in that gap – and that backing them early can deliver outsized impact and strong returns for investors.

“Backing a first-time strategy early is where catalytic capital does its most important work. We committed to Catalyst Fund before first close, helping build the track record that has shown climate adaptation in Africa is investable from pre-seed to Series A, where the need is greatest, and capital is scarcest. The fund’s second close is a strong validation of that early conviction, and we’re pleased to see it attracting the broader investor base needed to scale climate adaptation investing across Africa.”

— Juliet Munro, Director, Early-Stage Finance, for FSD Africa and FSD Africa Investments (FSDAi)