Africa’s future growth hinges on access to finance

Africa's abundant natural resources, young population and expanding middle class are set to redefine the continent's role in global economic growth, sustainable development and the energy transition, S&P Global said in its latest Look Forward Journal

Look Forward: Unlocking Africa brings together S&P Global research on the continent's economic outlook, highlighting how renewable energy, sustainable and blended finance, capital market development, and infrastructure investment are shaping Africa's future.

The report examines both the opportunities these innovations create for growth and the persistent challenges that continue to slow progress.

Highlights of this research include:

Unlocking Africa's economic potential for faster long-term growth: Faster economic growth is needed to increase upward mobility opportunities for Africa's rapidly expanding population, and the continent's vast critical mineral resources could offer a path to unlocking its economic potential.

The role of multilateral lending institutions in accelerating capital market development in Africa: Multilateral lending institutions provide financial, technical and policy support that can help to deepen Africa's capital markets and foster long-term economic growth.

Reinforcing private capital mobilisation in Africa through blended finance: Blended finance models are gaining momentum as a tool to mobilise private capital for Africa's climate and sustainable development goals, but challenges such as fragmented markets, regulatory hurdles and low investor appetite underscore the need for ongoing global collaboration.

Africa's energy transformation calls for innovative financing solutions: The continent's abundant natural resources offer transformative potential for renewable energy, but overcoming the financing gap will require innovative funding solutions and targeted policy support.

Breaking the mould: Institutional strategies for infrastructure success in Africa: Africa's infrastructure development hinges on robust governance, legal clarity and institutional capacity to mobilise capital and attract investment to address deficits.

Sustainable finance is growing in Africa, but volumes fall short of addressing needs: Although sustainable debt issuance in Africa is climbing, the volume remains insufficient to address critical development and infrastructure challenges, particularly in areas such as climate adaptation, water security and biodiversity preservation.

“Unlocking Africa's economic potential hinges on sustained global collaboration, as well its ability to harness human capital and natural resources while using new technologies to accelerate long-term sustainable development,” said Samira Mensah, managing director for Africa research and analytics at S&P Global Ratings.

“The continent stands at a crossroads, needing to accelerate regional integration through trade and industrialisation while leveraging the energy transition to improve access to transport, electricity, water and digital networks for its growing population.”

Read more:

AfDB, Algeria boost startup growth

Dangote secures landmark US$4bn refinancing deal

South Africa secures World Bank loan for infrastructure revival

AfDB and Algeria’s Knowledge Economy Ministry partner to scale African startups and SMEs, with fresh funds and policy support

The African Development Bank (AfDB) and Algeria’s Ministry of Knowledge Economy, Startups, and Micro-Enterprises have agreed to deepen cooperation to accelerate the growth of startups and small and medium-sized enterprises (SMEs) across Africa

The announcement came at the close of the fourth edition of the Intra-African Trade Fair (IATF 2025), hosted in Algiers from 4 to 10 September. Leading the Bank’s delegation, Ousmane Fall, Acting Director of the Industrial and Trade Development Department, highlighted the AfDB’s central role in unlocking finance for African businesses. “Supporting small and medium-sized enterprises and startups is one of the key pillars of our work, as defined in the Four Cardinal Points of the Bank group’s new president, Dr Sidi Ould Tah,” said Fall. He added, “The Bank will support SMEs through an innovative approach that combines new financing instruments, advisory services, and policy reforms to promote their emergence across the continent.”

Strengthening private sector engagement

Ahead of discussions with Minister Noureddine Ouadah, the Bank delegation met with Algeria Venture, the state-backed startup accelerator. Both sides agreed to enhance cooperation, particularly by linking Algerian startup funding mechanisms with leading private equity and venture capital funds. They also confirmed plans to jointly take part in the African Startup Conference, scheduled in Algiers from 6 to 9 December 2025, which aims to promote innovation, strengthen networks, and attract investment on a continental scale.

Closing IATF 2025, Minister Ouadah announced the launch of a new investment fund for African startups, an initiative championed by Algerian President Abdelmadjid Tebboune, underlining Algeria’s commitment to prioritising youth and innovation in shaping Africa’s economic future.

The AfDB’s Non-Sovereign Operations team also presented financing solutions for the private sector while pursuing new strategic collaborations. Engagements with firms such as Solewant Group, a Nigerian steel and coatings leader, illustrated the Bank’s interest in high-impact African companies.

Showcasing innovation and entrepreneurship

The AfDB further contributed to several IATF sessions, including one organised with UNDP’s Timbuktoo initiative and the African Union on “Building an Enabling Startup Ecosystem,” as well as a discussion hosted by Afreximbank’s African Research and Innovation Centre. These platforms enabled the Bank to highlight its Innovation and Entrepreneurship Lab and its flagship ENNOVA programme, which helps entrepreneurs expand their operations and access new opportunities.

The IATF Advisory Council, in which the Bank is an active participant, announced that Lagos, Nigeria, will host the fifth edition of the fair in 2027. Reaffirming its commitment, the AfDB stressed that trade, entrepreneurship, and innovation remain central to driving inclusive growth and industrial transformation across the continent.

Paycorp invests in UK’s Currency Stream to accelerate FX tech growth across Africa, Asia, the Americas and Europe

Paycorp, a global payments group with strong South African roots, has made a strategic investment in Currency Stream, a UK-based fintech that specialises in real-time foreign exchange and multi-currency payment solutions

This partnership is set to accelerate Currency Stream’s growth in Europe and open up new expansion opportunities across Africa, Asia, and the Americas. Paycorp will contribute capital, international reach, and over 20 years of payments expertise to help drive Currency Stream’s global ambitions.

The investment builds on a successful working relationship that spans over seven years. Since 2017, Paycorp has implemented Currency Stream’s Dynamic Currency Conversion (DCC) technology across Central and Eastern Europe and Southern Africa.

“This partnership is a natural evolution of our long-standing relationship with Currency Stream,” said Steven Kark, CEO and co-founder of Paycorp, who will be joining the Currency Stream International board. “They’ve consistently delivered results with robust tech, transparency, and smart thinking. As they expand globally, it makes perfect sense for Paycorp to back that growth and take this offering deeper into markets like Africa, Asia and the US.”

Currency Stream’s proprietary technology supports real-time DCC and Multi-Currency Pricing (MCP) in over 160 currencies. Already trusted by top acquirers, gateways, and e-commerce platforms worldwide, the company’s solutions will now be brought to new sectors and high-growth regions. The focus will be on retail, travel, and online commerce — markets where FX transparency and multi-currency functionality are increasingly vital.

“This investment cements a powerful partnership built on innovation and trust,” said Noel Goddard, founder and CEO of Currency Stream. “Paycorp understands the complexities of cross-border payments and has the scale, experience and strategic focus to help us serve more partners faster, particularly across Africa and other emerging markets.”

This move aligns with Paycorp’s wider strategy of expanding its portfolio of value-added payment solutions. With operations in Southern Africa, Eastern Europe, and the UK, Paycorp is already recognised for its services in ATM and cash operations, transaction processing, embedded business funding, and alternative payments.

Afreximbank leads US$1.35bn facility in US$4bn syndication to strengthen Dangote’s refinery operations and growth

The African Export-Import Bank (Afreximbank) has announced the signing of a US$1.35bn financing facility for Dangote Industries Limited (DIL)

This forms part of a larger approximately US$4bn syndicated financing arrangement for DIL, Africa’s largest industrial conglomerate, with Afreximbank acting as the Mandated Lead Arranger for the syndication.

This transaction — one of the largest syndicated loans in recent African financial markets — will be used to refinance capital invested in the construction of the Dangote Petroleum Refinery and Petrochemicals Complex, the world’s largest single-train refinery with a capacity of 650,000 barrels per day. The financing will reduce initial operational expenditures, strengthen DIL’s balance sheet, and support its ongoing growth.

Afreximbank’s contribution of US$1.35bn, the largest share among participating banks, highlights its commitment to major infrastructure projects that drive Africa’s industrialisation, energy security, and intra-African trade.

Since the refinery complex commenced operations in February 2024, Afreximbank has continued to provide financial support for crude supply and product offtake, ensuring smooth operations and reinforcing its role in Africa’s most significant refining project.

Commenting on the deal, Benedict Oramah, president & chairman of the board of directors at Afreximbank, said, “With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. It is only when African institutions lead the way that others can follow. The journey to utilise African resources for its own economic transformation is well underway. Through the Bank’s funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemical Industries Ltd to produce and supply high quality refined petroleum products to the Nigerian market, as well as for export to the entire continent and the world. Our energy security is in sight.”

Aliko Dangote, CEO, Dangote Industries Limited, added, “Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialise Africa from within. This refinancing strengthens our balance sheet and accelerates with ease the refinery’s suppy of high-quality refined petroleum products across Africa.”

The syndicated facility attracted strong interest from major African and international financial institutions, reflecting confidence in Africa’s industrial growth and in Dangote’s vision for transforming the continent.