Building a Securities Exchange from Scratch: How Ethiopia did it

How can capital markets help finance nature and support measurable environmental outcomes? In this episode of Financing Africa’s Future, Alessandro Scalco of Rand Merchant Bank discusses the development of the Cape Water Performance-Based Bond in South Africa, developed with support from FSD Africa and other partners. Drawing on the experience of bringing this pioneering nature outcome bond to market, Alessandro explores how innovative financing structures can connect investment with nature-related outcomes, the importance of credible project implementers, and the role of partnerships in building investor confidence. The conversation examines the regulatory and market considerations behind structuring nature outcome bonds, the potential to replicate these instruments across African markets, and what it will take to attract greater institutional investment into nature finance. As Africa seeks to mobilise more capital for conservation, the discussion offers practical insights into developing investable projects and building a market for nature-positive finance. 🎧 Listen to the full conversation.

What if future repayments on loans to small businesses and farmers could unlock more capital for lenders, allowing them to finance even more customers? In this episode of Financing Africa’s Future, Sucharita Mukherjee, Co-founder and CEO of Kaleidofin, joins Kaara Wainaina of FSD Africa to explore how securitisation can connect institutional investors with last-mile lenders. Drawing on the Apollo Agriculture transaction in Kenya, which raised KES 276 million (around $2.5 million) through local-currency securitisation, they discuss how innovative financial solutions can expand access to finance and strengthen Africa’s capital markets. Subscribe to the FSD Africa channel for more insights on financial inclusion, SME financing and Africa’s financial future. #FinancingAfricasFuture #Securitisation #SMEFinance #AgriculturalFinance #CapitalMarkets

How can African countries manage rising debt pressures while preserving the fiscal space needed for development? In this episode of Financing Africa’s Future, Kaara Wainaina speaks with Henry Kyeremeh, Lead, Sovereign Debt Advisory at FSD Africa, about sovereign debt management, domestic capital mobilisation and the tools that can help African economies build more sustainable financing frameworks. They explore liability management, debt capacity, domestic capital markets and the importance of stronger institutions in navigating Africa’s evolving debt landscape. Listen to the full episode for insights into the choices shaping sovereign finance across the continent.

Nigeria’s capital markets are at a pivotal stage, with market reform, liquidity, new investment products and regulatory innovation shaping the next phase of growth. In this episode of Financing Africa’s Future, Bola Ajomale, Commissioner, Operations at the Securities and Exchange Commission Nigeria, shares her perspective on the opportunities and challenges facing Nigeria’s investment ecosystem. The conversation explores market liquidity, capital raising, patient capital for SMEs and growth businesses, investor protection and the rise of digital assets and tokenisation. Bola also discusses the role of technology in strengthening market surveillance and the implications of Nigeria’s Investment and Securities Act 2025, which broadens the regulatory framework across emerging and established areas of the investment market. Listen to the full conversation for insights into how Nigeria is working to deepen its capital markets and build a more resilient investment ecosystem.

Ethiopia’s capital markets are entering a new phase, with reforms creating opportunities to mobilise domestic capital, deepen financial intermediation and expand access to long-term finance. In this episode of Financing Africa’s Future, Hana Tehelku, Director General of the Ethiopian Capital Market Authority (ECMA), discusses the evolution of Ethiopia’s capital markets, regulatory reform, investor confidence and the opportunities ahead for private sector financing and investment. Listen to the full episode for insights into the development of Ethiopia’s capital market and its role in supporting broader economic transformation. Subscribe to Financing Africa’s Future and listen to more episodes on the ideas shaping Africa’s financial 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. Subscribe and listen to other episodes of Financing Africa’s Future.

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. Watch or listen now.

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.