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FSD Africa is partnering with the Bank of Ghana (BoG) from 2022 to 2024, with £200,000 in FCDO funding, to implement a regulatory innovation sandbox. Following a 2021 feasibility assessment by the Cambridge Centre for Alternative Finance, the project provides technical assistance and capacity building to the BoG to help fintechs test and scale innovations, address regulatory barriers, and inform regulatory framework reforms.

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.

The FSD Africa Sustainable Procurement Guidelines establish a tiered approach to embedding sustainability into the procurement cycle, moving beyond the lowest price to determine the Most Economically Advantageous Tender (MEAT). The guidelines categorise procurement into goods and services, individual consultancies, and consulting firms, with requirements scaling based on contract value. Key priorities include supporting local African economies, engaging diverse suppliers (women, youth, and persons with disabilities), reducing greenhouse gas emissions, and ensuring compliance with a Supplier Code of Conduct. The document provides a five-step procurement cycle—planning, criteria development, code of conduct adherence, evaluation, and monitoring—supported by specific tools such as the Sustainability Issues Prioritisation (SIP) Worksheet and a Sustainable RFx Clauses Menu.

The document clarifies the staffing, deployment, and tax requirements for bidders responding to an EOI for sovereign debt advisory. It specifies that there are no restrictions on the mix of staff or contractors used, and that services may be delivered via short-term consultancy or embedded support for up to two years. It also confirms that FSD Africa must withhold tax according to Kenyan law and announces a submission deadline extension to 21 July 2025.

The document advocates for financial sector deepening in Africa to align local systems with global investor expectations and unlock vast domestic assets. It highlights that Africa's private institutional assets under management (AUM) were estimated at USD 2.4 trillion in 2020 and are projected to reach USD 6.4 trillion by 2040. The briefing emphasizes that public investment in capital market development can achieve high leverage ratios, sometimes as high as 35:1, to crowd in private capital. By improving regulation, transparency, and the use of local currency instruments, the document argues that Africa can shift from aid dependence toward a self-sustaining financial ecosystem that supports high-impact sectors such as green infrastructure, MSMEs, and climate-resilient agriculture.

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 document outlines the requirement for all FSD Africa staff to read and acknowledge the organization's Safeguarding Policy annually. It provides two methods for submission—online via a SharePoint link or via a paper form submitted to HR or Safeguarding Officers. The acknowledgment form requires employees to confirm they understand the policy's values and standards, recognize their responsibility to seek guidance on specific situations, and agree to report suspected policy violations.

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 document details how BCP, through its subsidiary Attawfiq Micro-Finance, used a USD 25 million gender bond to provide micro-credits and non-financial services to women in Morocco. It highlights the barriers women face—such as lack of collateral, cultural norms, and limited financial literacy—and demonstrates how targeted micro-credit has enabled women in both rural and urban areas to expand businesses and escape poverty. While the initiative shows success in financial inclusion, the text notes that investor focus on yield over social impact and rigorous reporting requirements remain challenges for the growth of social bonds.

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 document outlines FSD Africa's commitment to integrating ES&I considerations into its financial operations to avoid harm and create positive development impact. It details a systems approach via an Environmental and Social Performance Management (ESPM) system, a gender-intentional lens for investing, and a comprehensive exclusion list for prohibited activities, including specific fossil fuel restrictions.

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.

The report examines the financial lives of refugees in Uganda, focusing on the settlements of Nakivale, Bidibidi, Palorinya, and the capital, Kampala. It highlights a significant shift from regular employment to self-employment, with the share of refugees in regular jobs dropping from 25% in their home countries to 6% in Uganda. The average monthly income for refugees is 160,000 UGX, with Kampala having the highest median (205,000 UGX) and Palorinya the lowest (90,417 UGX). The study notes a strong adoption of new financial tools, specifically mobile money (increasing from 7% to 30%) and Accumulating Savings and Credit Associations (ASCAs). Women have shown significant economic progress, with their median monthly earnings nearly tripling from 46,000 UGX to 130,000 UGX. The report also identifies critical vulnerabilities, such as the high cost of charcoal and limited access to medical care, with 20% of refugees unable to afford necessary doctors or medicine.

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's sustainable procurement framework prioritizes products and services with low environmental and ethical impacts and positive social results. The organization evaluates suppliers across four pillars: environmental (GHG emissions, energy efficiency, waste reduction), economic (Most Economically Advantageous Tender), social (equity, diversity, inclusion, and local economic development), and ethical (reduction of child labour, human trafficking, and labour exploitation). Rather than focusing solely on the lowest price, FSD Africa uses the Most Economically Advantageous Tender (MEAT) method to reward overall value, including sustainability. Suppliers are encouraged to provide specific evidence of their practices, such as ISO 14001 or Fair Trade certifications, though FSD Africa accepts suppliers at various stages of their sustainability journey, including small businesses without formal policies, provided they demonstrate transparency and intent.