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FSD Africa co-funded the Digital Frontiers Institute (DFI) from 2016 to 2021 to train digital finance professionals in low-middle income countries. The partnership established the Certified Digital Finance Practitioner (CDFP) qualification and reached over 15,000 professionals. Key achievements include the creation of 22 Communities of Practice across 20 countries and the development of 47 DFS regulations, policies, or directives.

The document analyzes insurance penetration and market performance in Ghana, Nigeria, Kenya, and Rwanda, highlighting a significant risk-protection gap. In Nigeria, only 8% of 138 million adults with bank accounts and mobile phones are covered by insurance. Across the four countries, the combined insurance asset base exceeded USD 10 billion in 2016, yet investments remain predominantly short-term, and a large portion of non-life risk is transferred offshore, particularly in Nigeria (81%) and Ghana (65%).

The study examines how COVID-19 affected the fiscal positions and debt sustainability of MEFMI member countries, noting a sharp increase in average debt-to-GDP ratios from 63.6% in 2019 to 70.6% in 2020. It highlights the critical role of Local Currency Bond Markets (LCBMs) and international initiatives like the Debt Service Suspension Initiative (DSSI) in maintaining stability. The report identifies significant gaps in operational risk management, specifically the absence of business continuity plans in most member states, and recommends strengthening institutional capacity, technology investment, and the development of transparent debt management strategies to build future resilience.

The document examines the requirements for building onshore financial centres in Africa capable of competing with established conduits like Mauritius. It identifies Mauritius and Johannesburg as the most compelling current jurisdictions, while noting the ambitions of Rwanda and Kenya. It also highlights the potential role of donors in providing technical assistance to ensure international best practice in regulatory structures.

The document serves as a technical resource for designing and issuing gender bonds in Africa, aligning with International Capital Market Association (ICMA) standards. It details the issuance process for both use-of-proceeds (UoP) and performance-based bonds, emphasizing the need for gender-disaggregated data, internal working groups, and external reviews. The guide highlights the growth of the gender bond market in Africa, citing recent issuances in Morocco, Rwanda, South Africa, and Tanzania, and provides case studies and frameworks to help issuers direct capital toward women-owned MSMEs, housing, and leadership diversity.

The document serves as a practical resource for the issuance of gender bonds in Africa, detailing the process from preparatory work to post-issuance reporting. It defines gender bonds as mechanisms to channel funding toward projects reducing gender inequalities, categorizing them into use-of-proceeds (UoP) and performance-based structures. The guide emphasizes the importance of gender-disaggregated data, the role of external reviews (such as Second Party Opinions), and the support of Multilateral Development Banks (MDBs) as anchor investors. It highlights emerging markets in Morocco, Rwanda, South Africa, and Tanzania, and provides specific criteria for eligible projects, particularly the financing of women-owned micro, small, and medium enterprises (WMSMEs).

The COVID-19 pandemic caused a sharp economic downturn in the MEFMI region, characterized by contracting GDP growth, widening fiscal deficits, and deteriorating external positions. To mitigate these effects, member states implemented a range of fiscal measures, such as VAT exemptions and social protection transfers, and monetary interventions, including cutting policy rates and reducing statutory reserve requirements. However, these responses, combined with lower revenues and higher borrowing costs, accelerated public debt accumulation and eroded debt-carrying capacity across the region. The document emphasizes the need for sustainable debt management, fiscal buffers, and economic diversification to build resilience against future shocks.

The report analyzes how MEFMI countries utilized external financing, including emergency facilities from the IMF and World Bank, to cope with the COVID-19 pandemic. It details the shift in creditor composition toward bilateral and private lenders, the deterioration of debt risk ratings, and the specific policy responses adopted by member states. The document concludes with ten key lessons for public debt management during crises, emphasizing the importance of official external finance, operational risk management, and transparency.

The report examines how the COVID-19 pandemic affected local currency bond markets (LCBMs) across MEFMI member countries. It finds that while the crisis increased government borrowing needs and operational risks, most countries maintained stability through fiscal, monetary, and financial policy interventions. Key findings include a general increase in the average time to maturity of domestic debt, a shift in investor behavior toward safe assets, and the use of liability management operations like rollovers and switches. The document concludes that deepening LCBMs, strengthening debt management strategies, and improving market transparency are essential for resilience against future crises.

The Green Climate Fund (GCF) Accreditation Panel recommends the accreditation of the International Fund for Agricultural Development (IFAD) for international access under a fast-track process. IFAD is approved for medium-sized projects (up to USD 250 million) and medium environmental and social risk (Category B/I-2). The assessment confirms IFAD meets basic and specialized fiduciary standards, including project management, grant award mechanisms, and on-lending/blending. The panel also validated IFAD's environmental and social safeguards and its gender policy, noting its extensive experience in increasing the climate resilience of rural farming systems.

The document outlines mandatory requirements and recommendations for various GCF funding proposals. General requirements for all proposals include signing a funded activity agreement (FAA), completing legal due diligence, and providing certification of the accredited entity's capacity. Specific conditions are detailed for several projects, including requirements for water reduction strategies in Barbados, technology procurement for pond water treatment in Bangladesh, and GHG emission analysis for cookstoves in Bangladesh. Additionally, the document provides recommendations for project implementation, such as ensuring O&M financing in Tajikistan and strengthening community knowledge management in Zambia.

The GCF approved USD 3.7 billion for 76 projects across 79 developing countries, targeting a reduction of 1.3 billion metric tonnes of CO2 equivalent. Key operational developments include the launch of the Simplified Approval Process (SAP) Pilot Scheme, the adoption of an Indigenous Peoples Policy, and the establishment of an Environmental and Social Policy. The fund is also preparing for its first formal replenishment process and expanding its private sector engagement through dedicated pilot programmes for MSMEs and resource mobilization at scale.

The Accreditation Panel recommends that the International Fund for Agricultural Development (IFAD) be upgraded to 'large' project size and 'high risk' (Category A/I-1) environmental and social risk categories. The assessment found that IFAD's fiduciary standards, project management capacities, and environmental and social safeguards fully meet GCF requirements for these expanded parameters.

The report form classifies the Global Subnational Climate Fund (SnCF Global), managed by Pegasus Capital Advisors (PCA), as a Category I-2 programme. It confirms that an Environmental and Social Management System (ESMS) has been established and disclosed in multiple languages to accommodate target countries across Africa, Asia-Pacific, Latin America and the Caribbean, and the Mediterranean.

The Development Bank of Rwanda (BRD) is seeking support from the Green Climate Fund (GCF) for a gap assessment to identify weaknesses in its current capacity relative to GCF accreditation requirements. BRD has a long history of providing long-term finance in Rwanda, with over 50% of its portfolio dedicated to agriculture and renewable energy. A notable project is the World Bank-financed 'Renewable Energy Fund' (REF), worth US$ 48.94 million, which aims to increase electricity access via off-grid technologies, targeting 445,500 connections and benefiting 1.8 million people.

The Economics for Nature (E4N) partnership (2016-2022) worked to integrate natural capital into economic and business decision-making to protect and restore biodiversity. The report identifies that while the concept of natural capital helps make nature 'material' for policymakers and businesses, systemic change is hindered by a lack of a globally agreed definition of a successful economy and a divergence in capacity between the Global North and South. Key achievements include the development of the Green Economy Tracker, the '3-returns' investment framework, and the mainstreaming of natural capital into the EU Green Deal and African Development Bank programmes. The report concludes that future progress requires putting people and Indigenous Peoples at the heart of economic design, institutionalising natural capital accounting, pursuing systemic economic reform, and scaling nature-based solutions.

The report finds that most green economy plans lack meaningful participation from marginalised groups, fail to specifically target the poorest to reduce inequality, and do not sufficiently address the limits to growth or the urgency of the low-carbon transition.

The report examines the complex security landscape in Cabo Delgado, Mozambique, where large-scale investments in LNG, rubies, and graphite coexist with a violent insurgency. It identifies a 'hybrid security environment' comprising the Mozambican Republican Police (PRM), Mozambique Defense Armed Forces (FADM), community-based Força Locale, Rwandan Security Forces (RSF), and Private Security Companies (PSCs). The analysis highlights systemic human rights abuses by national forces, the relative effectiveness and trust associated with Rwandan forces, and the governance risks inherent in the private security sector. It concludes that uneven security provision—prioritising commercial assets over rural populations—fuels local grievances and instability, recommending standardised human rights due diligence and formalised public-private coordination.

The Resilient Agriculture Innovations for Nature (RAIN) challenge, a partnership between the Global Resilience Partnership (GRP) and Shockwave Foundation, supports agricultural entrepreneurs in East Africa. The program identifies nature-positive, scalable solutions that build climate resilience and protect biodiversity while offering a profitable revenue model. Selected winners (between 6 and 10 submissions) receive a comprehensive support package including up to 24 hours of mentoring, access to a Leadership Academy, communications support, and monitoring, evaluation and learning (MEL) assistance. Successful graduates who meet pre-agreed criteria are eligible for a cash prize of up to 50,000 USD for implementation and scaling over 12 months. Applications are assessed on a 100-point scale covering impact, innovation, equity, additionality, profitability, team experience, and risk.

The Resilient Agriculture Innovations for Nature (RAIN) challenge, a partnership between the Global Resilience Partnership (GRP) and Munich Re Foundation, seeks proposals from not-for-profit organizations in East Africa for nature-positive agricultural innovations. Selected winners will receive up to 50,000 USD in funding, tailored mentoring, leadership training, and connections to private investors to enhance the scalability and viability of their projects. Applications are evaluated on innovativeness, impact, equity, scalability, viability, team composition, and risk.