In a region where fleets keep commerce moving but payments remain stubbornly analogue, Egyptian startup Octane has secured USD 5.2 M to change that.

The Cairo-based fintech, which builds digital infrastructure for managing fuel and on-road fleet expenses, raised the round from Shorooq Partners, Algebra Ventures, and Elsewedy Capital Holding.

Octane is offering not only a virtual fuel card but also what it calls a unified fleet wallet. The platform consolidates everything from diesel to petty cash into a single digital system with real-time controls, analytics, and fraud detection.

Already embedded in over 2,800 fuel and CNG stations across Egypt, it claims to serve 1,600 corporate clients overseeing some 250,000 vehicles. And, as EVs begin to creep into the commercial mix, Octane is also piloting electric charging support.

This fresh injection of capital will accelerate Octane’s expansion across Egypt and into the wider MENA region, targeting the messy, margin-sapping expense ecosystems that plague large fleets.

For founders like Amr Gamal, the vision is to build rails for enterprise mobility that are long overdue. “We’re focused on giving fleets the precision tools they need to manage payments efficiently without added complexity,” Gamal said.

Octane’s pitch has clearly found traction with investors attuned to MENA’s digitisation curve. Shorooq, which has previously backed fleet-scale platforms like TruKKer and financial rails providers like Lean, sees Octane as laying the long-missing B2B transaction backbone for logistics-heavy businesses.

Algebra Ventures echoes the sentiment, citing the massive inefficiencies that Octane’s centralised oversight and compliance tooling can eliminate.

Globally, the space is heating up. U.S.-based Corpay and WEX have long dominated mature markets, and fintech upstarts like Coast and Fleetio are bringing innovation to fleet spending.

Octane is effectively localising this playbook, blending enterprise-grade controls with regional nuance around fuel types, tax systems, and fragmented supply networks.

In a logistics-heavy economy where fuel prices whiplash and fraud quietly eats into P&Ls, Octane’s platform promises clarity and cost control at scale.

With this new capital, it’s gunning to become the default spend layer for fleet-heavy businesses across MENA, turning a historically leaky line item into a lever for efficiency.

MyNextCar (MNC), a key fleet enabler for Bolt in South Africa, has raised USD 10 M in its first institutional funding round—capital that could reshape the country’s low-cost ride-hailing landscape.

The investment, led by London-based Emso Asset Management with backing from Bolt, Assemble Capital, and E2 Investments, will help MNC scale its operations and roll out 1,500 new vehicles under Bolt Lite, a budget-focused category powered by the compact Bajaj Qute.

For Bolt and its partners, it’s a bet on a model that brings affordability, accessibility, and local relevance to South Africa’s mobility market.

Despite the success of Bolt Lite in pilot phases, the journey hasn’t been frictionless. Violent resistance from traditional taxi operators and illegal vehicle impoundments have made lenders wary.

This new funding signals renewed confidence in MNC’s ability to overcome those headwinds and validate an alternative future for urban transport.

To date, MNC has enabled over 700 drivers to earn on Bolt’s platform, with 43% of them being youth and 4% being women.

That demographic tilt is no coincidence. Both Bolt and MNC frame their partnership as part of a broader play to combat youth unemployment and expand financial inclusion via asset-light vehicle access. “This isn’t just about adding cars, it’s about changing lives,” a company spokesperson said.

The investment is also a vote of confidence from Emso, whose previous backing of Moove, a vehicle-financing startup for ride-hailing drivers, signals a growing interest in Africa’s mobility-fintech intersection. E2 Investments’ participation reinforces its impact-driven mandate to fund ventures that generate jobs in underserved segments.

By backing a business model built on small vehicles, lean economics, and broad access, the funders are effectively helping Bolt cement its presence in South Africa’s price-sensitive transport market.

With competition heating up and regulatory tensions still simmering, MNC’s next phase will test whether scale, impact, and margins can co-exist in the country’s rapidly evolving ride-hailing economy.

South African agri-tech startup Nile has raised USD 11.3 M (ZAR 200 M) in a fresh funding round to scale its digital agricultural marketplace across Southern Africa, betting that technology can bring coherence and capital into one of the continent’s most chaotic value chains.

The round was led by the Cathay AfricInvest Innovation Fund, with participation from FMO, the Dutch entrepreneurial development bank, and existing investor Platform Investment Partners. This brings Nile’s total raised to over USD 16 M since its founding in 2021.

At its core, Nile is a digital B2B marketplace designed to remove the layers of inefficiency that have historically plagued African agriculture. Price opacity, delayed payments, excessive food waste, and too many middlemen between farm and fork are persistent problems.

What started as an online produce exchange has quietly evolved into a one-stop agri-commerce platform, bundling trade, inputs, logistics, and even credit under one interface.

It’s a compelling pitch. By streamlining fragmented supply chains, Nile helps farmers capture more value and access a wider pool of buyers, including export markets in the Middle East and Southeast Asia.

The platform now facilitates cross-border trade using road, sea, and air freight, connecting producers from Southern Africa with demand in East and West Africa, and beyond.

But the company’s ambitions go well beyond brokering transactions. Nile is building a digital ecosystem that locks in users with a growing suite of services. It promises everything from fertiliser and packaging to finance and instant payments.

The plan is to deliver immediate utility, then layer on value-added services to drive retention and recurring revenue.

Investors are buying into that vision. “Nile is transforming fresh produce trading by addressing farmers’ full range of needs—from inputs and trading to financing,” said Henry Rahmann of AfricInvest. In a sector long overdue for digitisation, Nile is positioning itself as infrastructure, not just an app.

And the timing seems favourable. Global interest in agri-marketplaces is surging. AgFunder reports a 77% jump in upstream agri-tech funding in emerging markets last year alone.

South African coding academy WeThinkCode has secured a USD 2 M grant from Google.org to scale its AI skills training programmes across South Africa and Kenya.

It’s a significant boost to Africa’s rising role in the global digital economy as the move signals not just philanthropic goodwill, but a strategic investment in plugging one of the continent’s most pressing talent gaps: AI readiness.

The funding will empower 12,000 learners—half of them in non-technical roles—to gain practical AI knowledge through a new curriculum designed to meet both the region’s socio-economic realities and its future-of-work ambitions.

The initiative couldn’t be more timely. According to a SAP report cited by the academy, 90% of African companies are already feeling the pain of AI skills shortages, manifesting as delayed projects, abandoned innovations, and lost business.

Founded in 2015 by Arlene Mulder, Camille Agon and Yossi Hasson, WeThinkCode has earned a reputation for its tuition-free, aptitude-based tech training model that targets youth from underserved backgrounds.

This new AI programme is an extension of that mission, with a dual-track approach. One stream will train 6,000 aspiring and early-career software engineers to integrate AI tools into their development workflows.

The other will equip 6,000 junior professionals in fields like healthcare, education, and law to use AI for everyday productivity; think automating admin tasks, synthesising data, and supercharging routine work.

Courses will be delivered in 40 to 80-hour modules, both in-person and online, with local language support built into WeThinkCode’s upgraded learning platform.

The programme will also tap into the academy’s corporate partnerships in finance, telecoms, and tech consulting to help learners showcase their new capabilities—and crucially, get hired.

The grant also positions Google among a growing list of tech giants and VCs betting on Africa’s AI potential. Last year, Nigerian startup JADA raised USD 1 M to train mid-career data professionals in AI leadership roles. Taken together, these efforts suggest that Africa’s AI talent pipeline is coming together.

“We don’t just want to prepare young people for jobs,” said Nyari Samushonga, CEO of WeThinkCode. “We want them to shape the future of work itself.”

Eighteen months ago, Karim Jouini and Jihed Othmani were ready to retire from startup life, fresh off a nine-figure exit.

Their expense management platform, Expensya, had just been acquired by Swedish fintech Medius in a deal reportedly worth over USD 120 M—one of Africa’s largest tech acquisitions made in Tunisia.

But the pull of generative AI and a nagging sense that they had unfinished business has drawn them back into the ring.

Their new startup, Thunder Code, has raised USD 9 M in seed funding to automate and rethink software testing from the ground up using generative AI.

Led by Silicon Badia, with participation from Janngo Capital, Titan Seed Fund, and strategic angels like Roxanne Varza of Station F and Karim Beguir of InstaDeep, the round includes familiar names from the Expensya era, some of whom are former employees turned investors.

Thunder Code is betting that quality assurance (QA), an often-overlooked but crucial bottleneck in software delivery, is ripe for reinvention.

The startup’s platform uses AI “agents” to autonomously understand apps, generate and execute tests, and catch bugs, promising to cut testing time by up to 90%.

In a world obsessed with shipping faster, it’s a pitch that’s already gaining traction with pilot programs in the U.S., France, Tunisia, and Canada.

Unlike Expensya, which took years to mature, Thunder Code shipped its MVP in just six weeks. “We’re moving 10x faster this time,” Jouini says, noting that the product today is already more robust than Expensya was in year four.

The founder emphasises that from day one, they have applied hard lessons: ship fast, hire top-tier talent early, and don’t be afraid of dilution if it buys speed and expertise.

Their timing is sharp. The global software testing market is projected to top USD 100 B by 2027, yet much of it still relies on clunky, code-heavy platforms.

Thunder Code joins a growing list of startups racing to modernise testing with AI, from incumbents like Tricentis to new entrants like Nova AI, but believes its execution speed and real-world traction give it a meaningful edge.

More than just a second act, Thunder Code feels like a startup born from unfinished ambition. “We promised not to do this again,” Jouini admits. “But the opportunity felt too big to ignore.”

Music streaming has become a daily habit in Nigeria, especially for professionals, students, and creatives who want quick access to their favourite songs.

Apple Music remains one of the most popular platforms, but paying for a subscription in Nigeria can be difficult. Many Naira cards are restricted from making international payments, so users often face declined payments.

That’s why this guide walks you through two reliable methods for paying for Apple Music in Nigeria in 2025—using a virtual dollar card or an Apple Gift Card.

It reflects a broader trend: Nigerian startups are making digital payments easier, especially for services that are hard to access with local bank cards.

How to Pay for an Apple Music Subscription in Nigeria

Paying for Apple Music in Nigeria is now easier, thanks to reliable alternatives like virtual dollar cards and Apple Gift Cards. These options work even if your local bank card can’t handle international payments.

1. Get a Virtual Visa Card:

With the current restriction on Nigerian debit cards for international payments, a virtual dollar card is your best option. It’s a secure digital card funded in dollars for global payments, including Apple Music.

Unlike traditional Naira cards, virtual visa cards bypass local banking limits and offer more flexibility for managing recurring subscriptions. They can be funded easily via bank transfers or fintech platforms.

You can get a secure virtual dollar card from platforms like Cardtonic and fund it within seconds to complete your Apple Music Subscription without issues.

How to Use a Virtual Dollar Card for Apple Music Payments:

To pay for Apple Music in Nigeria using a virtual dollar card, first get the card from a platform like Cardtonic, which is a reliable virtual dollar card provider. Then, add the virtual dollar card as a payment method. Once it’s linked, open the Apple Music app, choose your subscription plan, and complete the payment.

Step One: Get a virtual dollar card    

1. Download the Cardtonic App or go to the website and complete the registration.

2. On the dashboard, click on the “virtual dollar card” icon.

3. Select your card type, enter details, and click “create card.”

Step Two: Add the card to your Apple ID      

4. On your iPhone, open the Settings app.

5. Tap your name at the top to open your Apple ID settings.

6. Select “Payment & Shipping”.

7. Tap “Add Payment Method”.

8. Enter your virtual dollar card details (card number, expiry date, CVV, and billing info).

9. Save the changes to update your payment method.

Step Three: Get an Apple Music Subscription                      

10. Open the Apple Music app on your device.

11. Tap your profile icon.

12. Select “Manage Subscription” or “Subscribe”.

13. Choose your preferred Apple Music plan.

14. Confirm the payment using your virtual dollar card.

2. Use an Apple Gift Card:

If you prefer not to use a bank or virtual card, an Apple Gift Card is another reliable way to subscribe to Apple Music. Once redeemed to your Apple ID, the value is added instantly to your balance and can be used for subscriptions—no bank errors or declined payments.

Getting one is just as easy. You can buy an Apple Gift Card directly from Cardtonic, top up your Apple ID balance, and start streaming without any stress.

How to Use an Apple Gift Card for Apple Music Subscription           

To pay for Apple Music with an Apple gift card, you need to buy a gift card from Cardtonic. Redeem the code on your Apple ID to top up your balance. Then, set your Apple ID balance as the payment method and subscribe to Apple Music using the funds.

Step One: Buy an Apple Gift Card in USD     

1. Download the Cardtonic app on your mobile device.

2. Log in or create an account if you don’t have one.

3. On your dashboard, locate and click on “Buy Gift card.”

4. Although you are in Nigeria, Select “USA” as the country you want to buy from. 

5. Click on “Apple Store & iTunes US.”

6. Choose and confirm the desired amount you want on your gift card.

7. Click on “purchase” and complete the process.

Step Two: Open your Apple Music or App Store account.                            

Sign in to your Apple Music or App Store account using your Apple ID and password. Always make sure you’re logged into the right account before moving forward.

Step Three: Go to Redeem Gift Card                         

Go to the “Redeem Gift Card” area on your Apple Music or App Store account.

Step Four: Enter the Gift card code                       

Simply type in the gift card code you got from Cardtonic, and the amount will be added to your Apple ID balance immediately.

Step Five: Set Apple Balance as your payment option.                                                              

This step is very important; set your Apple Balance as your payment option. 

First, go to “settings,” then “payment and shipping,” and select “Apple ID balance” as your payment option.

Frequently Asked Questions About Paying for Apple Music Subscription

1. Can I Use a Nigerian Debit Card to Pay for Apple Music?

Due to certain restrictions, many Naira debit cards do not work for Apple subscriptions. A virtual dollar card is a better option.

2. How Much Does Apple Music Cost Monthly in Nigeria?

As of 2025, Apple Music subscription prices vary depending on the plan. The individual plan costs ₦900 per month, students with valid verification pay ₦450 per month, and the family plan is ₦1,500 per month, supporting up to six people.

3. Is Using a Virtual Card Safe for Apple Music?

Yes, using a virtual card for Apple Music is safe. Virtual cards are designed for secure online payments and offer added protection by keeping your real bank details private. When you use a trusted provider like Cardtonic, your transactions are encrypted and monitored, reducing the risk of fraud or unauthorised access.

5. Can I Convert My Apple Gift Card to Cash?

Absolutely. If you’ve got an unused Apple gift card, you don’t have to let it go to waste. One of the smartest things you can do is trade gift cards on a reliable platform like Cardtonic. It’s quick, secure, and you’ll get your cash in Naira.

6. Can I Pay for Apple Music with MTN in Nigeria?

Yes, MTN lets you subscribe to Apple Music using your airtime. Just text “MUSIC” to 8000 or use the MTN app. However, the drawback is that it may be slightly more expensive than other payment methods, and the subscription could stop if you run out of airtime.

Conclusion

Subscribing to Apple Music in Nigeria doesn’t have to be stressful anymore. With reliable options like virtual dollar cards and Apple Gift Cards, users now have greater control over how they manage subscriptions. 

As fintech continues to grow, digital payment solutions are becoming more accessible and widely adopted.

Cardtonic stands out as one of the top virtual dollar card providers in Nigeria and also offers genuine Apple gift cards, making it a trusted all-in-one solution.

Whether you’re topping up with a virtual card or redeeming a gift card, you can now enjoy uninterrupted access to your Apple Music account.

Scalar International and Mergence Investment Managers have announced the launch of the Africa Decarbonization Fund I, a private equity fund aimed at accelerating clean energy and digital infrastructure projects across the Southern African Development Community (SADC).

The fund is managed in partnership between Scalar International, a black-owned international venture capital and private equity firm recently selected for the 2024 ICFA Cohort, and Mergence Investment Managers, a leading black-owned institutional fund manager with a strong track record in impact investing across the region.

Targeting a fund size of between USD 100 M and USD 150 M, the Africa Decarbonization Fund I is one of only ten globally designated as an “Article 9” fund under the EU’s Sustainable Finance Disclosure Regulation (SFDR).

Via the fund, the Scalar and Mergence impact partnership will invest in energy-efficient and decarbonisation projects in the private commercial and industrial (C&I) sector. The aim is to support the emergence of first-tier, indigenous, women- and youth-led companies developing new technologies in clean energy and digital infrastructure.

The fund’s first phase of investments is focused on C&I decarbonisation and energy efficiency in Southern Africa. The current project pipeline is centred on the data centre and manufacturing sectors, which have experienced a 40% decline in grid reliability due to reliance on the regional energy pool.

Many SADC countries draw electricity from the Southern African Power Pool, which sources roughly 40% of its power from hydropower and around 50% from coal-fired plants. This dependency underscores the urgent need for more resilient and sustainable energy systems.

Investments will span a range of solutions, including on-site power generation, manufacturing energy efficiency, smart grid technologies, industrial battery storage, electric vehicle infrastructure, and digital transformation tools such as AI and blockchain.

A key focus will also be the rollout of virtual solar power purchase agreements (PPAs), allowing commercial users to access clean energy via aggregated platforms. Additional investment will go toward critical infrastructure utilities and retrofitting equipment for energy efficiency in large commercial buildings.

A minimum of 25% of capital will be directed to underserved communities. The fund will maintain a deliberate focus on empowering women- and youth-led enterprises leading innovation in clean technology and digital systems.

In addition to capital, investee businesses will participate in a dedicated incubator and accelerator program led by Scalar and Mergence. This program is designed to provide financial, technical, and strategic support to help early-stage companies operating in challenging environments scale and succeed.

The fund has outlined ambitious impact targets: to reduce one gigatonne of carbon emissions by 2030, enable energy efficiency upgrades in 30,000 buildings by mobilising at least USD 100 M in co-investments, and create 15,000 full-time jobs.

It is currently in advanced discussions with European Development Finance Institutions under the EU-Africa Global Gateway Investment Package. The fund also aims to collaborate with local pension funds to support South Africa’s Nationally Determined Contributions (NDCs), forming part of a broader Global Just Transition Partnership via the Scalar platform.

Hubert Gutsa, Managing Director of Scalar International, noted that Africa holds 60% of the world’s best solar resources but only 1% of installed solar photovoltaic capacity. He pointed out that while women make up nearly half the global workforce, they represent less than 20% in the renewable energy sector. With 43% of Africa’s population still lacking access to electricity, and electricity demand in the continent’s commercial and industrial sectors expected to rise by over 270% by 2030, he emphasised the urgent need for bold investment. He added that platforms like ICFA will help Scalar and Mergence fundraise and attract Limited Partners.

Semoli Mokhanoi, Chief Commercial Officer at Mergence, expressed confidence in the partnership, highlighting five years of collaboration and over 20 years of experience in infrastructure investments. He described the fund as a timely response to market needs and a proactive contribution to global sustainability goals, with Mergence bringing deep expertise in sectors like renewable energy, transport, housing, and digital connectivity.

The Africa Decarbonization Fund I represents a critical step toward reshaping the energy and digital infrastructure landscape in Southern Africa. By integrating financial investment with local capacity-building and inclusive growth, the fund seeks to deliver tangible results aligned with the United Nations Sustainable Development Goals—specifically those promoting affordable and clean energy, decent work, reduced inequality, and climate action.

Development Partners International (DPI), the London-based private equity (PE) firm known for its focus on high-growth, impact-driven investments across Africa, has officially entered the venture capital space with the launch of DPI Venture Capital.

Through its new venture capital platform, the PE firm will provide investors access to early-stage, technology-led businesses across the continent.

As part of the launch, DPI has taken over investment advisory control of Nclude, a USD 105 M Cairo-based fintech fund established in 2022.

Nclude, backed by Egypt’s largest national banks, including Banque Misr, National Bank of Egypt, and Banque du Caire, with other notable financial services limited partners (LPs) such as e-Finance Investment Group, EBC, and Mastercard, has quickly become one of the region’s most influential fintech investment engines investing in innovative fintech businesses in Egypt all the way from Seed funding to Series C.

Now, it becomes a core part of DPI’s broader ambition to help scale impact-driven tech startups that help foster financial inclusion across emerging markets.

Nclude brings a strong track record into the DPI fold. In under two years, the fund has invested over USD 28 M across nine companies, including Egyptian fintechs like Paymob, Khazna, Flapkap, and Connect Money. These startups span diverse verticals—from digital payments to agri-finance—all aimed at improving financial access for underserved communities. With DPI now advising the fund, Nclude is set to play an even larger role in building out Africa’s fintech landscape.

The takeover was formalised through a fund restructuring transaction, which handed DPI full advisory responsibility for Nclude’s assets and future capital deployment. With its new venture capital arm, the firm will not only manage Nclude’s current portfolio but also guide new investments across Egypt, the wider Middle East, and Africa.

Under its terms, Nclude retains the ability to invest up to 30% of its committed capital in companies based outside Egypt, to help them expand into the Egyptian market.

Egypt has long been a priority market for DPI. Over the past decade, the firm has invested close to USD 850 M in the country and has seen firsthand the impact of digitisation through companies like MNT-Halan and Kazyon. By integrating Nclude into its operations and advising the entirety of the Fund’s USD 105 M assets under management, DPI deepens its roots in Egypt’s tech ecosystem while gaining a springboard to scale fintech inclusion more broadly in the region.

DPI Venture Capital will be led by Ashley Lewis, a Managing Partner at DPI, with Mohamed Aladdin joining the team as General Partner, based in Cairo. The platform is supported by a local team on the ground, bringing both a global perspective and regional insight to every investment decision.

For DPI, this move is more than a business expansion, it’s a strategic pivot that reflects its evolution in Africa’s investment landscape. With over USD 3 B in assets already under management, and in the process of raising its fourth flagship fund targeting USD 1 B, DPI is reinforcing its position as a leading player in private capital on the continent.

“By establishing DPI Venture Capital, DPI has fulfilled its long-standing ambition to provide investors with a range of investment strategies in Africa,” said Runa Alam, Co-Founder and CEO of DPI. “The completion of the Nclude transaction is an opportunity to build on the success of our previous investments in technology-led companies and will empower our investors to add exposure to highly innovative growth-oriented businesses.”

Ashley Lewis echoed the sentiment. “The African venture capital ecosystem is still underpenetrated, and there is a fantastic opportunity for Africa-focused fund sponsors to make a significant impact on the ecosystem.” She noted that welcoming the Nclude team and their portfolio into DPI is an important step toward that goal.

With a proven investment platform, an expanding footprint, DPI see its venture capital arm as a unique opportunity to support early-stage companies and expand its strategy of investing in companies that positively impact the growing middle class in Africa.

FSD Africa Investments (FSDAi), a UK-backed specialist development finance investor, has announced a GBP 10 M (USD 13.2 M) commitment into Lagos-based private equity firm ARM-Harith Infrastructure Investment Limited to unlock local institutional capital—specifically local pension funds—for climate infrastructure development.

The investment, directed into ARM-Harith’s Climate and Transition Infrastructure Fund (ACT Fund), isn’t just another capital injection; it’s a bold attempt to solve a problem that’s kept billions in local pension assets parked on the sidelines.

For years, Nigerian pension funds have been hesitant to enter the infrastructure equity space. The long-term nature of these investments, combined with limited early returns and heightened risk, has made them difficult to justify.

FSDAi is stepping in with an approach tailored to break that stalemate. Their facility introduces a mechanism that offers early, predictable payouts, giving pension funds the kind of short-term liquidity they need to participate up front without compromising on long-term growth.

On top of that, 75% of FSDAi’s commitment will be in local currency. This first-of-its-kind approach is specifically designed to mitigate the impact of foreign exchange volatility for pension funds, which has long discouraged domestic investment in infrastructure. This structure is expected to catalyse an additional GBP 31 M (USD 41 M) from Nigerian pension funds—five times the capital raised in ARM-Harith’s previous fund.

Beyond the financial support, the fund’s focus is squarely on climate-resilient infrastructure. That includes sustainable energy, transport, water systems, and digital connectivity—sectors critical to Nigeria’s future and aligned with at least four UN Sustainable Development Goals. The initiative is also projected to create or support around 3,000 green jobs, adding real-world impact to its financial ambition.

FSDAi’s investment aligns with its broader mission to deepen African financial markets and accelerate the financing of Africa’s green economic transformation.

The UK government is backing the effort through its wider agenda to strengthen local capital markets in Africa.

British Deputy High Commissioner in Lagos, Jonny Baxter, described local currency financing as a practical way to “mitigate the impact of foreign exchange volatility, narrow the financing gap, support diversification into new asset classes and into climate-related projects and social sectors—while providing long-term funds to growing businesses.”

FSDAi’s Chief Investment Officer, Anne-Marie Chidzero, called the collaboration a clear example of how risk-bearing capital can be structured to unlock domestic investment. She noted that “this approach strengthens Africa’s financial markets and facilitates capital allocation towards sustainable, green economic growth across the continent.”

For ARM-Harith CEO Rachel Moré-Oshodi, the deal marks a turning point. “For too long, domestic pension funds have remained on the sidelines of infrastructure equity due to liquidity constraints and heightened perception of risk. We are proud to have collaborated with FSDAi to design a pioneering solution that reduces risk for pension funds while delivering both early liquidity and long-term capital growth. This is a global first—a groundbreaking private sector-led solution that could fundamentally change how infrastructure equity is financed—not just in Nigeria, but across Africa.”

With local capital now positioned to play a much bigger role in funding sustainable infrastructure, this partnership may be the start of a larger shift—where domestic institutions are no longer on the sidelines but at the heart of Africa’s development story.

The Agence Française de Développement (AFD) has committed an additional EUR 3 M to the Africa Digital Financial Inclusion Facility (ADFI) in a move that signals France’s continued support for expanding access to digital financial services across Africa.

This new contribution brings AFD’s total support for ADFI to over EUR 5 M. The funds aim to support innovative, technology-driven financial tools that can reach people typically excluded from traditional banking. These include services such as digital credit, savings, insurance, and mobile payments—tools that are increasingly essential for economic resilience and growth across the continent.

The funding will support ADFI’s efforts to develop and scale digital solutions that connect underserved populations—particularly women, youth, and small businesses—with credit, insurance, and other essential financial tools.

Despite progress in digital infrastructure and mobile money penetration, nearly half of Africa’s adult population remains excluded from the formal financial system. ADFI targets this gap through strategic investments in digital public infrastructure, policy and regulatory frameworks, and product innovation, with a cross-cutting focus on gender inclusion and institutional capacity building.

Launched in 2019, ADFI was established by the African Development Bank in partnership with AFD, the Bill & Melinda Gates Foundation, and Luxembourg’s Ministry of Finance.

Structured as a blended finance facility composed of a multi-donor Special Fund, ADFI is comprised of a USD 100 M target envelope and USD 300 M in partner grant money and debt-funding from the African Development Bank.

Since its inception, the initiative has grown into a multilateral platform, later joined by France’s Ministry for the Economy and Finance, the Women’s Enterprise Finance Initiative (We-Fi), and India’s Ministry of Finance.

Together, these partners are working to make digital financial services more accessible, secure, and affordable, particularly in rural and climate-vulnerable areas that traditional banking systems have struggled to reach.

AFD expects its contribution to help scale projects that have demonstrated early success, with a focus on replicability across countries and regions. “Developing digital financial services is a key pathway to reach financially excluded populations in Africa,” said Audrey Brule-Françoise, Head of AFD’s Financial Systems Division. “Through our continued collaboration within ADFI, we aim to promote access to digital financial services that are tailored to diverse needs and delivered in a responsible manner.”

The African Development Bank sees this funding as a timely boost. “Digital financial solutions are key to improving the quality of life of people in Africa and reducing the gender access to finance gap,” said Mohamadou Ba, Manager of the Bank’s Financial Intermediation and Inclusion Division. He added that the Bank plans to expand ADFI’s reach and deepen its impact, especially in areas most affected by poverty and climate vulnerability.

AFD’s involvement in ADFI is part of a broader commitment to international solidarity and sustainable development. With projects in over 115 countries, AFD plans to continue supporting public institutions, NGOs, and private actors working to reduce inequality and improve access to opportunity. Its support for financial inclusion is aligned with its strategic focus on social equity and climate resilience.

As Africa’s digital transformation, AFD and its partners aim to accelerate the progression by closing the inclusion gap, unlocking potential, and making financial systems more accessible, equitable, and future-ready.