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FSDAi Nyala Facility



Nyala Facility is a partnership with the Collaborative for Frontier Finance (CFF), and the Facility Manager, Nyala Venture a Joint Venture of Cardano Development and Total Impact Capital, Europe. It is a highly flexible investment vehicle designed to increase access to capital for small and growing businesses in sub–Saharan Africa by supporting Alternative Capital Providers, with a priority for gender lens investing. Nyala Venture will provide initial capital for a new class of asset allocators testing innovative fund models.

Investment Details


FSDAi Nyala Facility


A catalytic financing facility for an emerging class of alternative capital allocators serving small businesses


Capital Markets


Nigeria, Ghana, Kenya, South Africa, Uganda, Senegal

In portfolio since


Our role

  •  FSDAi has provided critical anchor funding for a new facility that will leverage the experience and skills of African alternative capital providers, many of which are founded and led by women themselves, who deliberately prioritise financing “missing middle” stage enterprises.
  •  These asset allocators are an emerging class of indigenous capital providers that look to meet the financing needs of Africa’s small and growing enterprises (SGBs). These fund vehicles apply innovative approaches and alternative investment structures specifically tailored to the local business environment.
  • FSDAi’s investment in Nyala Venture will demonstrate through its early stage support the critical role that this investment class will play in driving capital markets in Africa. In addition to our investment, we are funding the development of the Frontier Capital Learning Lab by CFF, which will document and share the learnings of these local capital managers with the aim of increasing their access to investment capital.

Our investment

Committed capital:£8.8 million

Instrument:  Flexibility in equity and debt instruments to the capital providers
Capital * £8.3mn Grant £0.5mn

Purpose and target market

  • FSDAi’s investment and technical assistance grant seeks to play a catalytic role in creating jobs by supporting local capital providers who in turn will provide financing to SGBs. This investment will showcase local capital providers as viable structures to support the growth of SGBs and these capital providers in turn will attract other investors such as local high-net-worth Individuals (HNIs), local institutional investors, family offices and Development Finance Institutions (DFIs).
  • Building on the early-stage support of FSDAi, Nyala Venture intends to raise additional capital to create a USD 50-75 million fund over the coming 18 months.

Impact to date

52% Small business finance is the first asset class with gender parity at fund ownership/management level with 50% being female owned

40% Of ALCPs are investing with equity instruments

60% Of ALCPs are using open ended structures

70% Of ALCPs use fee structures outside of the 2&20 fee model

I believe the new investment facility will unlock opportunities in a new class of capital providers that has to date often been disregarded. By treading on uncharted paths, I am confident that we shall demonstrate the appropriateness of these Capital Providers for channeling funding to small and growing businesses in Africa.

Bart Schaap, Managing Director,
Nyala Venture


The role that SMEs play in the creation of jobs and driving more resilient economies is well documented. Nyala, by working with these local capital managers, will not only provide the necessary capital to grow and sustain Africa’s emerging businesses, it will also demonstrate to the broader marketplace the critical role that women capital managers are playing in the continent’s finance innovation

Drew von Glahn, Executive Director,
Collaborative for Frontier Finance

FSD Africa contact

Riverside Green Suites (Palm Suite), Riverside Drive, Nairobi

Updated: October, 2022