FSDAi Nyala Facility, created by FSD Africa Investments to support new local capital providers. Is investing $1 million in First Circle Capital, an African-focused venture capital [VC] fund. First Circle Capital, led by entrepreneurs and fintech experts Selma Ribica and Agnes Aistleitner Kisuule, invests in early-stage financial technology companies across Africa. They focus on areas like insurance technology, financial infrastructure, climate fintech, fintech software, regulatory tech, and alternative lending models. So far, they have made 13 investments in 7 African countries.

FSDAi’s Chief Investment Officer, Anne-Marie Chidzero, said they are excited to support First Circle’s experienced female-led team, which has a strong strategy in fintech. The hope is that this investment will attract more institutional investors to support the fund.

Africa’s fintech sector is growing rapidly, with its revenues expected to increase 13 times by 2030. Fintech plays a key role in solving financial access issues for Africa’s underserved population and small businesses. With many Africans accessing financial services for the first time through their smartphones.

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Selma and Agnes, the co-founders of First Circle, emphasized that expanding access to stable financial services is essential for Africa’s development. While much fintech funding has focused on payments. They see opportunities in building new layers of financial products to serve individuals and businesses across Africa.

The team, with offices in Kampala and Casablanca. Uses their experience and networks to help the companies they invest in grow and raise more funds. FSDAi Nyala Facility, Axian Group, and several other entrepreneurs and investors support the fund.