From Ghana to Nigeria to Zambia, GSG Impact and its National Partners are advancing locally led funds-of-funds to channel domestic capital into small business finance.

ImpactAlpha’s article highlights the progress of GSG National Partners in mobilising local capital for small business finance through country-led fund-of-funds initiatives in Ghana, Zambia, and Nigeria.

In Ghana, the Ci-Gaba Fund-of-Funds, managed by Savannah Impact Advisory and backed by Impact Investing Ghana, is targeting a $75 million blended finance structure, with 70% to be raised from domestic sources.

In Zambia, the Small Business Growth Initiative, supported by $200 million in first-loss debt from the Bank of Zambia, offers short-term working capital and long-term finance for small businesses.

In Nigeria, pension funds have agreed to match a $50 million government commitment to the Nigeria Wholesale Impact Investment Fund, which will focus on poverty alleviation, job creation, and economic growth.

These initiatives, led by GSG National Partners and supported by pension funds, central banks, and development finance institutions, aim to unlock domestic capital, strengthen small business finance ecosystems, and create new pathways for institutional investment in underserved markets.

“If you can hook a domestic source of capital, it gives a sense of certainty to other institutional investors,” says Elizabeth Boggs Davidsen, CEO of GSG Impact. “While it’s important to have the catalytic layer, the most important piece of the puzzle is the domestic capital.”

These initiatives are directly supported by GSG Impact’s work with its National Partners to adapt wholesale impact investment models, inspired by examples like the UK’s Better Society Capital.

🔗 Read the full article in ImpactAlpha for a closer look at how local capital and fund-of-funds models are reshaping Africa’s small business finance ecosystem.