Financing Africa’s Future

In Episode 19 of Financing Africa’s Future, Dr. Tilahun Esmael Kassahun, Founding Chief Executive Officer of the Ethiopian Securities Exchange (ESX), reflects on building Ethiopia’s capital market from the ground up.

He discusses the ESX’s progress, growing investor participation, new market opportunities and the role of FSD Africa in supporting Ethiopia’s capital market development. Having since left the ESX, Dr. Kassahun looks back on an exchange that has evolved from an ambitious idea into a functioning market, leaving a strong foundation for its next chapter.

Listen to the full conversation and subscribe to FSD Africa for more insights on Africa’s financial markets and economic transformation.

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.

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.

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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.

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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.

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.

Africa’s capital markets are evolving and asset managers are central to the next phase of growth.

In this episode of Financing Africa’s Future, Tapologo Motbushi, Chairman of the Pan-African Fund Managers Association (PAFMA) and Portfolio Manager at Allan Gray Botswana, joins Kaara Wainaina of FSD Africa to discuss the future of African asset management.

They explore domestic capital mobilisation, pension fund growth, cross-border investment, currency risk management, infrastructure financing and why ESG is now a fiduciary imperative.

A timely conversation for asset managers, pension trustees, policymakers and investors shaping Africa’s financial ecosystem.

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Zambia’s capital markets are playing a growing role in driving economic development and sustainable finance.

In this episode of Financing Africa’s Future, we speak with Nonde Sichilima, Director of Market Supervision and Development at the Securities and Exchange Commission of Zambia, on building trusted capital markets, expanding MSME financing, and mainstreaming green finance.

The conversation covers market supervision, investor protection, green bonds, capital market innovation, and the role of regulation in unlocking long-term investment and financial inclusion.

🎧 Listen now for insights on capital markets development, sustainable finance and Africa’s economic future.