The Missing Middle in Africa’s Capital Markets

Mobilising Ghana's Institutional capital into SME's

Africa’s institutional capital remains heavily concentrated in low-risk assets, while many high-growth businesses across the continent continue to face limited access to long-term financing. In the latest episode of Financing Africa’s Future, Hamdiya Ismaila, founder and Chief Executive Officer of Savannah Impact Advisory, sits down with Kaara Wainaina, Senior Manager, Advocacy & Campaigns at FSD Africa, to discuss how domestic capital can be better mobilised towards SMEs and the wider real economy. The conversation explores the evolution of Ghana’s investment landscape, the role of pension funds in deepening capital markets, and why building effective intermediary investment structures will be critical to unlocking more patient capital across Africa. A timely discussion on market development, impact investing, and the future of African finance.

Reinvigorating the Lusaka Stock Exchange

Zambia’s capital markets are showing renewed strength, but what is really driving the momentum and can it be sustained? In this episode of Financing Africa’s Future, Nicholas Kabaso, CEO of the Lusaka Securities Exchange, shares a grounded perspective on the forces shaping the market today. From a strong equity rally and improving macroeconomic conditions to growing investor confidence following debt restructuring, the conversation explores what is working and where the deeper constraints remain. The episode also examines the persistent challenges facing small and mid-sized enterprises in accessing capital, the role of market structure and incentives and how African exchanges can better connect capital to productive sectors of the economy. A concise and insightful discussion for anyone interested in the future of capital markets in Africa. Subscribe and listen to other episodes of Financing Africa’s Future.

The Missing Middle in Africa’s Capital Markets

Africa is not short of capital; it is often a question of how that capital is deployed. In this episode of Financing Africa’s Future, Chinua Azubike, Chief Executive Officer of InfraCredit, reflects on the practical steps needed to channel domestic institutional capital into infrastructure and other productive sectors. Drawing on InfraCredit’s experience, the conversation explores how credit guarantees and risk-sharing tools are helping to make infrastructure projects more accessible to pension funds and insurers, particularly in local currency. It also considers some of the structural constraints that continue to shape investment decisions, including risk perception and market design. The episode offers a measured look at how capital markets can play a more consistent role in supporting long-term development across Africa. Watch or listen now.

How capital markets are unlocking Zambia’s economic potential

Zambia is strengthening its capital markets to support sustainable growth, renewable energy and SME financing. In this episode of Financing Africa’s Future, Philip Chitalu, CEO of the Securities and Exchange Commission of Zambia, discusses the country’s US$200 million green bond programme, the launch of a green finance taxonomy, and efforts to expand investor participation from 3% to 10% of the population. A focused conversation on capital markets development, green finance and unlocking long-term investment for Zambia’s economy.

Mobilising Africa’s pension funds to catalyse growth

Africa’s pension funds are playing an increasingly strategic role in capital markets and long-term economic development. With South Africa’s retirement industry managing approximately US$376 billion in assets and APSA now representing 22 African countries, pension reform and supervision are firmly on the agenda. In this episode of Financing Africa’s Future, Kaara Wainaina speaks with Zareena Camroodien, Chairperson of APSA and Head of Frontline Conduct Supervision at the FSCA South Africa, about pension regulation, risk-based supervision, ESG integration, infrastructure investment and expanding coverage to informal sector workers. A focused discussion for professionals in pensions, asset management, sustainable finance and financial regulation.