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The report identifies that while insurance innovation exists across Ethiopia, Ghana, Kenya, Malawi, Nigeria, Rwanda, Uganda, and Zimbabwe, it is not yet leveraged to reach underserved segments like MSMEs and rural inhabitants at scale. Key constraints include high mobile data costs, low consumer trust, a significant STEM skills gap, and risk-averse corporate boards. Regulatory frameworks are generally not seen as major barriers, but gaps remain in digital onboarding clarity and license categories for insurtechs. The document recommends that regulators move beyond formal regulation to use proactive market engagement, streamlined supervisory processes, and upgraded digital monitoring systems to foster inclusive insurance growth.

The FSD Africa Supplier and Grantee Code of Conduct mandates that all partners act with integrity, transparency, and value for money. It implements a two-tier compliance structure: Level 1 for contracts of £500,001 or more, requiring rigorous policies and annual declarations, and Level 2 for smaller contracts, focusing on overarching principles. Key requirements include adherence to environmental and net-zero policies, human rights protections, anti-money laundering laws, and the support of MSMEs within the delivery chain.

FSD Africa's 2025-2030 strategy aims to transform the continent's financial system to better support sustainable growth and climate resilience. The agency intends to mobilise domestic private capital—estimated at $2.4 trillion—to address gaps in energy transition, climate adaptation, and SME financing. Key implementation plans include the creation of four Centres of Expertise and a Catalytic Transactions Team to build a pipeline of bankable green projects. The strategy sets specific targets, including adding 1,500 megawatts of energy capacity and creating or protecting 200,000 jobs.

Saglan Wajee General Hospital, located in Holeta Town, Oromia, is transitioning from a healthcare provider to Ethiopia's first full-fledged health insurance company after participating in FSD Africa's BimaLab Insurtech Accelerator Program. The hospital developed 'Efoy', a micro-health insurance product targeting low and middle-income families. Efoy 1.0 attracted over 1,200 customers in its first year, and the subsequent Efoy 2.0 expanded coverage for chronic patients and families, adding approximately 900 more patients. Through BimaLab, the hospital established a relationship with the National Bank of Ethiopia, leading to the issuance of a license that had been frozen for 14 years. The hospital plans to launch 'Family Medical Network' as its insurance company, expand into Addis Ababa, and integrate 130 health facilities into its network.

The Africa Green Bond Toolkit, developed by FSD Africa and the Climate Bonds Initiative, serves as a practical manual for entities in Africa to issue green bonds. It outlines the structural differences between green and vanilla bonds, detailing how proceeds must be exclusively allocated to projects with environmental benefits. The document guides issuers through the pre-issuance phase—including the creation of a Green Bond Framework and independent verification—and the post-issuance phase, focusing on reporting and auditing. It highlights global benchmarks such as the Green Bond Principles (GBP) and the Climate Bonds Standard (CBS), while providing African case studies from South Africa, Kenya, and Nigeria to demonstrate investor demand and the role of credit guarantees in market development.

AquaMnara, supported by FSD Africa's TECA project, provides aquaculture farmers in Kisumu, Kenya, with technical support, value chain linkages, and financial facilitation to improve climate resilience and production. The startup focuses on sustainable practices, water quality management, and empowering women in the sector through a dedicated 'women in aquaculture' programme.

The Africa Pensions Supervisors’ Network Programme (October 2021 – September 2025) addresses the fact that Africa’s pension assets are less than 1% of global assets and coverage is only 9.6%. The programme aims to encourage long-term retirement savings and create a regulatory environment that supports the investment of pension assets into the real sector to promote economic development and poverty reduction. Key activities include convening pension sector actors and supporting the annual Africa Pensions Supervisors Forum (APSF), including a 2022 event in Kigali and a subsequent Memorandum of Understanding between FSD Africa and APSF.

This report by the CIFAR Alliance Investors Working Group explores how fintech innovations—specifically in data and digital infrastructure, online marketplaces, and insurtech—can scale climate resilience solutions for vulnerable communities in emerging markets. It presents 11 case studies of ventures that address both acute weather-related disasters and chronic long-term climate changes affecting livelihoods.

The document provides a statistical overview of remittances from the UK to Africa, detailing the cost as a percentage of the amount sent, the size of the diaspora population in the UK, and the total annual amount of money sent for 16 African nations. Nigeria is the largest recipient by volume, with £2,363 million sent annually, while Tanzania has the highest cost of sending at 14%.

The report assesses the alignment of Kenyan legislation and regulations with international ESG standards, specifically GRI and FTSE Russell. It identifies significant gaps in environmental areas such as protected area conservation and water footprint analysis, and in social areas including data protection and specific gender-sensitive training. While Kenyan law broadly aligns with international labour and human rights conventions, the report notes discrepancies in maternity leave duration and minimum employment age. In governance, it highlights a lack of mandatory requirements for board-level ESG risk training and detailed executive compensation ratios, recommending that companies adopt international best practices to attract investment.

Britam Insurance Kenya, with support from FSD Africa, developed and piloted a flood insurance product in Tana River County to mitigate climate risks for vulnerable households. Following heavy rains between October and December 2023, 300 families received total payouts of Kshs. 47,000 each, totaling Kshs. 15 million. The pilot demonstrated a demand for such products, with over 70% of surveyed households in flood-prone areas expressing willingness to invest in insurance. Britam is now scaling the project in partnership with the Tana River County Government to reach 20,000 families and is exploring a separate proof of concept for urban flood risks in Kisumu.

FSD Africa and Parhelion have launched an initiative to attract investment in geothermal energy in Kenya and Ethiopia by addressing high upfront drilling costs and risks. The programme introduces a Geothermal Risk Transfer facility to mitigate the risk of unviable wells and a training programme to build the capacity of local insurers in risk assessment and parametric insurance. Ten leading insurers have participated in the training, with GA Insurance planning to launch a geothermal risk insurance product within one to two years. The initiative aims to increase geothermal production by 500% in Ethiopia and 20% in Kenya, potentially creating 2,600 jobs and providing electricity to 5.25 million people.

EcoBodaa is a Kenyan tech startup developing electric motorcycles tailored for the local market to replace petrol-powered bikes. Supported by Persistent Energy, the company has developed bikes with localized battery configurations and GPS systems, achieving maintenance costs up to 80% lower than petrol alternatives. While the company has struggled to recruit women as riders, it has appointed five women to leadership roles. EcoBodaa utilizes a rent-to-own model and an energy micropayment system to improve financial accessibility, and it is now 90% ready for scaling after selling 37 units.

The BimaLab accelerator, supported by FSD Africa and the Insurance Regulatory Authority of Kenya, provides training, mentorship, and policy advocacy to insurTech innovators in Africa. The program helped KaroPay, a Kenyan tech company, transition from a credit-focused model to one that integrates microinsurance with education savings. Specifically, KaroPay developed 'M-Soma', a savings product allowing parents to save for school fees while building a credit score for overdrafts, including a free life insurance cover to ensure children's continued education in the event of a parent's death. CEO Brian Ndege reports a "huge uptake" of these microinsurance policies during pilot phases in schools.

The document details the impact of FSD Africa's BimaLab accelerator on Soso Care in Nigeria. Soso Care provides health micro-insurance to low-income earners who pay premiums using recyclable waste. Through BimaLab's non-monetary support, Soso Care optimized operations and formed strategic partnerships with entities such as AXA, AIICO, Wema Bank, and the Port Harcourt Municipal Government. The initiative also emphasizes gender equality, with women making up 70-80% of Soso Care's 600+ agents and supporting 7,000 women through income-generating opportunities.

FSD Africa invested US$4.5 million into Nithio FI, an AI-driven climate finance platform that provides receivables-backed financing to off-grid solar companies. As of June 2023, Nithio had committed $26.5 million in total capital and extended $19.8 million in loan commitments across ten investments. The initiative has improved energy access for nearly 244,000 people, supported 5,636 entrepreneurs, and deployed nearly 80,000 energy systems, resulting in a reduction of 665,654 metric tons of CO2 emissions. Nithio specifically targets 'tier 3' local firms—smaller companies that have grown through bootstrapping—and utilizes a Risk Analytics Engine for credit risk assessment and gender-disaggregated impact tracking.

Persistent Energy Capital provides equity and venture-building support to small, under-resourced green companies in Sub-Saharan Africa, starting with investments as low as $50,000. To date, the fund has invested $23 million across 23 companies in 22 countries, contributing to the elimination of 1.4 million tons of CO2 and the creation of over 21,700 jobs. With support from FSD Africa Investments (FSDAi), Persistent is currently raising a US$100 million Africa Climate Venture Builder Fund to expand its reach into sectors such as agritech, circular economy, waste management, and water and sanitation.

The document details a pilot project by Wezesha Aqua Farms, supported by FSD Africa's Triggering Exponential Climate Action (TECA) initiative, to introduce cage fishing in Mwanza, Tanzania. This aquaculture approach aims to mitigate the effects of climate change, such as fish migration to deeper waters and stock declines, by allowing communities to rear fish year-round. The project utilizes a pay-as-you-use or lease model for cages costing approximately 8.5 million Tanzanian Shillings (USD 3,500), targeting the Victoria Blue Cooperative Society. Initial results show increased community interest in aquaculture investments, particularly among women.

The BimaLab accelerator programme supported the Kenyan insurtech MotiSure in refining its customer profiling and product design for bodaboda riders. This led to an expanded insurance offering covering medical expenses, income loss, disability, death, and repairs, with premiums as low as Sh10 (USD 0.06) per day. Following the programme, MotiSure grew its customer base from 4,600 to over 12,000 riders, maintaining an 85% retention rate. MotiSure aims to expand into six African countries within three years and 13 countries by the end of six years, while aspiring to eventually become a re-insurer for micro-insurers.

The 'Kit d’Outils d’Obligations Verte Afrique' is a practical guide developed by FSD Africa and the Climate Bonds Initiative (CBI) to support the issuance of green bonds in Africa. It outlines the structural similarities between green and conventional bonds, while detailing the specific requirements for environmental benefit allocation, transparency, and reporting. The document explains global benchmarks such as the Green Bond Principles (GBP) and the Climate Bonds Standard (CBS), and provides a step-by-step issuance process including pre-emission preparation and post-emission verification. It also highlights successful case studies from South Africa, Kenya, and Nigeria to demonstrate investor demand and the role of credit guarantees in local market mobilization.