In a bold shift away from donor dependency, countries like Ghana, Nigeria, and Zambia are rewriting the rules of SME financing—using homegrown solutions to empower small businesses, stimulate economic growth, and reclaim financial independence.
Across the continent, local pension funds, central banks, and impact investment boards are coming together to fill a widening funding gap. And it’s not just talk—real money is moving.
In Ghana, Savannah Impact Advisory is leading the charge with the Ci-Gaba Fund-of-Funds. Targeting a $75 million close by September 2025, Ci-Gaba has already brought in two local pension funds and international backers like FSD Africa. The goal? Support the local capital providers that truly understand and serve small businesses in West Africa. “Fundraising has been good,” says Savannah’s MD Hamdiya Ismaila. That’s an understatement—it’s momentum with meaning.
Meanwhile, Zambia is going big. The central bank is putting down $200 million for its Small Business Growth Initiative, a fund-of-funds with a clear mission: get money into the hands of women-led and climate-resilient businesses through both banks and alternative lenders. While the U.S. pulled out due to shifting foreign policy, Zambia’s leaders are staying the course by tapping domestic capital.
Nigeria, Africa’s most populous country, isn’t sitting on the sidelines either. Its pension funds are stepping into impact investing with a match of the government’s $50 million for the Nigeria Wholesale Impact Investment Fund. This initiative, inspired by the UK’s Better Society Capital, aims to support enterprises creating real, sustainable change across the country.
What ties these initiatives together is a clear shift in mindset. As Elizabeth Boggs Davidsen of GSG Impact puts it, “Catalytic capital helps—but domestic capital is what makes it last.” It’s not just about raising money; it’s about building systems that are designed for long-term resilience, driven by policy reforms and real local leadership.
This isn’t charity. It’s strategy. And it’s a powerful signal to the world that Africa is ready to take control of its economic future—on its own terms.
