FSDAi Nyala Facility

Last updated: 12/11/2026

Program Overview

Program description and objectives:

Nyala is FSDAi's specialist gender-lens investment facility, providing catalytic capital to emerging African fund managers with a strong focus on backing women-led and women-focused investment funds as a first institutional investor. Beyond capital, Nyala supports managers with fundraising, ESG, Impact, Gender, risk, governance capacity building and ecosystem support, helping channel more investment to underserved small and growing businesses while strengthening the pipeline of female fund managers across Africa.

Instrument types offered:

Concessional and catalytic debt, Catalytic equity

Potential instrument structures offered (optional):

Junior, mezzanine, or other subordinated non-convertible debtNon-subordinated debtFirst-loss equity in investment vehiclesPreferred equityOrdinary equity

Institutions this program is normally offered to:

Investment funds

Eligible regions:

Africa

Eligible intermediate regions (optional):

Eastern AfricaMiddle AfricaNorthern AfricaSouthern AfricaWestern Africa

Eligible sectors:

Any

Program status:

Open

Formal application process:

See link to the Vula Platform application: https://vula.vc/apply/FSDAi/VFP

Primary point of contact for this program:

Zee De Gersignyzee@fsdafrica.org

Optional offering details

Main currencies available:

USD - US dollar, EUR - Euro, Selected Local Currencies

Preferred ticket size range (in USD equivalent)

Debt, equity, or guarantee:

$500,000 - 1 million USD

Pricing and fees structure:

Other

Preferred equity share in the capital stack:

Flexible

Preferred tenor or exit horizon range:

6-10 years

Minimum private capital mobilization ratio:

2:1

Technical assistance offered:

We collaborate with the Venture Finance platform across FSD Africa providing fundraising, ESG, Impact, Gender, risk, governance capacity building and ecosystem support including convenings. We also partner with the Manager Finance Facility to provide piloting and working capital to eligible Alternative Local Capital Providers.

Examples of past successful projects:

We have a portfolio of 8 funds including Aruwa Capital Fund I (Nigeria), First Circle (Pan-African), Linea Capital (South Africa), WIC Capital (Senegal), Iungo Capital (Kenya, Uganda, Tanzania and Rwanda), FrontEnd Ventures( Kenya), WEAV Capital (Nigeria) and Sayuni Capital (Kenya and Tanzania).

Optional application process information

Pre-accreditation requirement:

Disclaimer

All information on catalytic capital providers and programs was submitted to GCBC by third party capital providers. The Catalytic Capital repository is an open-access online tool that lists information provided by catalytic capital providers in central location for public use.