Category: Press release

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

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

The 10 selected ventures are:

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

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

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

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

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

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

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

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

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

About BFA Global

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

About FSD Africa

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

About ClimateWorks Foundation

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

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

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

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

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

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

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

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

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

Alain Nkontchou, Managing Partner of Enko Capital, added:

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

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

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

Notes to Editors

Media contacts

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

About FirstRand Bank Limited FirstRand Bank Limited

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

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

About IFC

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

Contact: Nkatya Kabwe (nkabwe@ifc.org)

About FSD Africa Investments

FSD Africa Investments (FSDAi) is a specialist financial sector investor established by FSD Africa and the UK’s Foreign Commonwealth and Development Office (FCDO) to strengthen and deepen Africa’s financial markets. We bridge critical funding gaps by investing patient, risk-bearing capital in novel financial instruments, facilities, and intermediaries. Our strategic investments take on early risk, test new models and catalyse capital from others to gradually transition the financial sector to finance Africa’s economic resilience and growth. To date, FSDAi, backed by FCDO investment, has committed £150 million to 27 investments, and successfully exited two investments in the region, one at 2x money. For more information, visit https://fsdafrica.org/fsdai-investments/.

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

Closing the gap between the scale and impact of long-term savings is critical to Africa’s ability to mobilize domestic capital

9am, Nairobi, Kenya, 27 January 2026: Africa’s pension funds and other collective investment schemes other institutional now hold over USD 600 billion, substantial long- term capital, ranging from USD 17 billion in Nigeria to USD 390 billion in South Africa to USD 20 billion in Kenya, yet most remains concentrated in government securities rather than productive sectors such as infrastructure, housing and SMEs, according to a new Landscape Report on Africa’s Institutional Capital Markets.

The report, which was released at the continent’s first Pan-African Fund Manager’s Alliance (PAFMA) Conference in Nairobi, examines why this persists and what could change. It concludes that closing the gap between the scale and impact of long-term savings is critical to financing Agenda 20631 – The African Union’s 50-year blueprint for transforming Africa into a global powerhouse – and the continent’s ability to mobilise and deploy its own domestic capital.

Commissioned by FSD Africa, in partnership with the African Pension Supervisors Association (APSA) and the Pan-African Fund Managers’ Alliance (PAFMA), the report highlights that in many markets, less than 10% of pension assets are allocated to productive sectors such as infrastructure, housing, private credit or small and medium- sized enterprises. It calls for increased coordination, market infrastructure and scalable investment pathways that allow long-term capital to be deployed productively.

The report, which draws on data compiled from pension funds and asset managers across multiple African markets, offers a rare snapshot of how long-term domestic savings are currently allocated and provides actionable insights and recommendations to help unlock the full potential of African pension and asset management systems.

It was launched in tandem with a new interactive database, the APAM Data Hub, containing up-to-date information on Africa’s pension systems and asset management industry along with analytical tools, providing a valuable resource for policymakers, regulators, industry practitioners, and researchers.

Key findings of the Report include:

• Institutional savings are larger than often assumed, with assets under management in Collective Investment Schemes (CIS) ranging from USD 3 billion in Nigeria to USD 200 billion in South
• Asset allocation remains highly conservative, with government bonds accounting for approximately 60–70% of pension fund portfolios in many countries. 90% in Ghana, 60% in Nigeria and 50% in
• Pension funds now form the backbone of domestic sovereign debt markets, supporting short-term stability but increasing long-term exposure to fiscal and inflation
• Shallow capital markets and limited investable pipelines continue to constrain diversification, even where institutional appetite

Commenting on the findings, Evans Osano, Chief Financial Markets O`icer at FSD Africa, said: “This new report shows how unevenly pension and asset management markets have evolved across the continent, but it also indicates how significantly Africa’s institutional savings have grown overall as a pool of largely untapped long-term capital. Mobilising domestic institutional pools of capital for Africa’s development priorities will require a concerted ‘business unusual’ approach. We need new asset classes, new partnerships, and new enablers.”

Tapologo Motshubi, Chair of PAFMA, added: “Progress will depend on sustained collaboration between fund managers, regulators, project sponsors and policymakers. PAFMA’s role is to provide a platform for that collaboration, helping align market practice, regulatory thinking and investment opportunities so that domestic institutional capital can play a larger role in Africa’s long-term development.”

Since its introduction by FSD Africa at the Africa Climate Summit in 2023 as part of its mission to build deeper, more coordinated capital markets, PAFMA membership has grown to 11 members representing 23 countries with a market size exceeding US$200 billion in AUM. The PAFMA Conference brings together senior industry leaders, regulators and policymakers to discuss the report’s findings and explore practical steps to strengthen capital market infrastructure, expand investable pipelines and improve regional coordination.

ENDS

For more information, please contact:

 Kaara Wainana,

Senior Manager, Advocacy, Campaigns and Partnerships FSD Africa Kaara@fsdafrica.org

About Pan African Fund Managers Association (PAFMA)

 PAFMA is a pioneering trade association uniting fund managers from across the African continent. Established in 2023 by five founding members – Pension Fund Operators Association of Nigeria (PENOP), the Fund Managers Association (FMA) in Kenya, the Botswana Investment Professionals Society (BIPS), the Ghana Securities Industry Association (GSIA) and the Investment Management Association of Uganda (IMAU), PAFMA is dedicated to bridging the climate finance gap through private sector initiatives, with a strategic focus on alternative investments and green finance.

Since its introduction by FSD Africa at the Africa Climate Summit in 2023, PAFMA membership has grown to 11 members representing 23 countries with a market size exceeding US$200 billion in AUM; building a strong network of African fund managers, PAFMA seeks to unlock the potential of Africa’s domestic capital pools, ensuring that African savings finance African development.

About FSD Africa

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

For more information, please visit: https://www.fsdafrica.org