This partnership is intended to support key sectors, including agriculture, infrastructure, housing, energy, and small and medium-sized enterprises (SMEs), addressing the demand for funding that is both accessible and viable for businesses operating in naira.

Through this collaboration, IFC will be able to mitigate currency risks while scaling up investments in Nigeria’s economy by targeting essential areas that drive growth and employment. 

The organisation has set a goal to inject over $1 billion in financing over the coming years, focusing on sectors that particularly benefit from local currency availability.

Governor Yemi Cardoso of the CBN noted that the agreement shows progress in Nigeria’s approach to enabling economic growth. 

He emphasised that the partnership between IFC and CBN will provide sustainable long-term financing solutions to private businesses at rates that support their expansion, bringing conventional intervention programmes to a more structured economic diversification model.

IFC’s Managing Director, Makhtar Diop, also commented on the initiative, pointing to the importance of providing affordable financing options in naira to meet the rising need for diversified funding solutions. He noted that this collaboration would spur lending activities within Nigeria, furthering job creation and economic stability.

The IFC currently maintains an investment portfolio in Nigeria, valued at approximately $2.13 billion, making it one of the largest portfolios in Africa. Local currency financing has become a priority for the organisation, with a vision to continue exploring innovative financial tools to expand its support across emerging markets.

As part of its global mission, the IFC mobilising private capital to create sustainable economic opportunities. The institution’s recent commitment of $56 billion to private companies in fiscal year 2024 is a drive to address development challenges in various countries through market-driven solutions and strategic partnerships.

Prominent African leaders have come together in this landmark step, as the initiative is set to transform the continent’s leadership landscape by meeting the diverse needs of leaders across Africa.

The ASG aims to address the continent’s pressing governance challenges by equipping emerging leaders with the mindsets, skills and knowledge required for effective leadership in Africa’s future. The initiative brings together visionaries committed to creating a sustainable governance model rooted in African realities.

A Collective Leadership Vision

The ASG initiative was founded by H.E. Paul Kagame, President of Rwanda, H.E. Hailemariam Desalegn, former Prime Minister of Ethiopia (both co-founders of the ASG Foundation) in consultation with other African leaders, academicians, and philanthropists dedicated to improving governance across the continent.

ASG is supported by the Mastercard Foundation as part of its Young Africa Works strategy, which aims to enable 30 million young Africans, 70 percent of whom are women, to access dignified and fulfilling work opportunities by 2030.

ASG will be led by esteemed independent governing board members, chaired by Makhtar Diop, Managing Director of the International Finance Corporation (IFC) and former Minister of Finance and Economy of Senegal, and including Donald Kaberuka, former President of the African Development Bank, Hajer Gueldich, Professor at the University of Carthage, Kishore Mahbubani, former Dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore, and Francis Gatare, CEO of the Rwanda Development Board.

The ASG Foundation has appointed Professor Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria and a distinguished scholar and academic, to be the inaugural President of ASG.

The collective vision of ASG’s leadership is to create an institution that offers world-class education in governance and public policy while promoting home-grown solutions to Africa’s unique challenges and opportunities.                   

Speaking on the launch, H.E. Hailemariam Desalegn commented: “The time is ripe for an institution rooted in Africa’s needs and aspirations. The African School of Governance will be a hub for nurturing purpose-driven leaders equipped to tackle the continent’s greatest challenges and opportunities, combining Africa’s uniqueness with international best practices. This is not just an educational institution, but a movement towards sustainable African leadership.”

Tackling Africa’s Development and Governance Challenges

Africa’s rapid economic growth, increasing global influence, and evolving governance structures present unprecedented opportunities and challenges. From post-pandemic recovery to climate adaptation, the continent’s policymakers face complex and urgent issues that require skilled leadership.

ASG aims to meet this critical need, by developing current and future leaders who can address these challenges through a shift in leadership mindsets, governance, and sustainable development to drive long-term, meaningful change across the continent.

Academic Excellence and Tailored Programs

ASG will offer a comprehensive suite of academic programs designed to meet governance, leadership, and policy deficit across Africa. These include the Master of Public Administration (MPA) and the Executive Master of Public Administration (EMPA) programs, which are tailored to mid-career professionals and senior executives, respectively. 

ASG will also provide specialized Executive Courses aimed at enhancing specific leadership skills for professionals. Additionally, the Young Leaders Program (YLP) and Senior Leadership Fellowship (SLF) will cater for high-potential undergraduates and seasoned professionals nearing the end of their careers, ensuring that ASG supports leadership development at every stage.

ASG’s curriculum will be distinguished by integrating African historical, political, and socio- economic contexts. By grounding students in African realities, the institution will equip diverse leaders to navigate the continent’s complex governance challenges while drawing from global best practices.

Innovative Research and Policy Engagement

In addition to its educational offerings, ASG will play a critical role in advancing governance through its dedicated research centres. These include the Centre for Home-Grown Innovations in Policy and Governance, the Centre for African History and Leadership, the Centre for Trade and Regional Integration, and the Centre for Technology and Effective Delivery. 

These research hubs will focus on generating evidence-based solutions tailored to African governance challenges, helping policymakers design and implement effective policies and strategies.

ASG’s commitment to policy engagement is equally robust, with plans to actively engage with governments, civil society, and private-sector stakeholders. Through policy labs, incubators, and collaborative partnerships, ASG will translate its research into actionable policy solutions that promote good governance and sustainable development across the continent.

Leadership and Governance Structure

As the inaugural President of ASG, Professor Kingsley Moghalu, a globally recognised leader in public policy and governance, will steer the institution towards its ambitious goals.

Professor Moghalu, a former Deputy Governor of the Central Bank of Nigeria, has held senior positions in the United Nations system for 17 years and taught at prestigious institutions such as Harvard, Oxford, and The Fletcher School at Tufts University. 

He is also the author of several books, including the critically acclaimed Emerging Africa: How the Global Economy’s ‘Last Frontier’ Can Prosper and Matter.

Makhtar Diop, managing director of the IFC and Chair of ASG’s Board, said: “We are excited to welcome Kingsley Moghalu as President of the African School of Governance. His sterling track record of leadership in international and national policymaking institutions, academia, and his thought leadership influence, will help make ASG a transformative graduate school and develop a new generation of purpose-driven leaders with the skills and mindsets to help Africa address the challenges of the 21st Century.”

Professor Moghalu will be responsible for steering and shaping ASG’s academic vision, delivering learning programs that reflect the complex governance challenges facing Africa today. Under the guidance of the Governing Board, he will focus on recruiting top-tier African faculty, fostering academic excellence, and positioning ASG as a hub for intellectual and policy innovation.

“The establishment of ASG is a powerful expression of a clear vision on the part of the founding leaders,” Prof. Moghalu said in response to his appointment. “I share this vision of a transformed Africa driven by competent leadership and governance, and I am honoured to have been tasked with leading ASG’s critical contribution to making that vision a reality.”

Strategic Partnerships

ASG is supported by the ASG Foundation, a not-for-profit foundation, that exists to help mobilize funding and manage its endowments, as well as give strategic guidance to the institution and support related initiatives for the development of African leaders.

The establishment of ASG is supported by strong strategic partnerships with other world-class institutions, including the Lee Kuan Yew School of Public Policy at the National University of Singapore, and the Mastercard Foundation.

Pan-African Initiative with Global Reach Headquartered in Kigali, Rwanda, ASG is set to become a Pan-African institution with a global influence. Its mission is to build leadership capacity that transcends borders, ensuring that African voices are not only heard but lead the charge in global governance discussions.

ASG’s partnership with institutions such as the Lee Kuan Yew School of Public Policy at the National University of Singapore further reinforces its commitment to providing a world-class education that draws from both African and international expertise.

This announcement marks a significant milestone in Africa’s governance journey. Through the collective efforts of its founders and partners, the institution will help to nurture the leaders that Africa needs to tackle the challenges and opportunities of the 21st century.

With participation from Proparco and the French Public Investment Bank, the new round of funding brings the company’s total investment to $13.5 million to date, since being founded in 2016. 

ANKA fuels its efforts in product building as well as expanding its services to encourage and further develop African entrepreneurship on a global scale. 

The company is set to strengthen its presence in key countries where it has already recorded unparalleled growth; including Nigeria and Kenya for the number of sellers, and the US for its buyers and subscribers. Furthermore, ANKA also plans to use the investment to actively recruit sales, technical, and product talent to catalyse its growth.

Since its last injection of capital in 2022, ANKA has almost doubled its margins and its community of African SMEs in 47 out of 54 countries on the continent. The company processed over $50 million in transactions in over 175 countries around the world. Since its first round of fundraising in 2022, ANKA’s turnover has increased over 18 times from €200k to €3.6 million. 

The platform now aims to onboard 100,000 African sellers by 2030, championing the cross-border trade of “all things made of Africa” to a global audience. These achievements underline ANKA’s influential presence in the African e-commerce ecosystem. As well as its ambition to reach the same level as ‘Paypal’ for all the entrepreneurs on the continent.

ANKA provides a subscription model platform for African entrepreneurs to:

• Sell goods via a customised storefront, Instagram or WhatsApp 
• Be paid for goods and services via international payment methods and withdraw money instantly via local payment methods (e.g. mobile money or bank transfer) or ANKA’s dedicated VISA cards
• Access to an aggregation of the best shipping solutions to ship goods, such as with DHL service for less than $20 up to 2kg in under 72 hours.

Speaking about the fundraise, ANKA Co-Founder and CEO Moulaye Taboure said, “We are beyond thrilled to see our vision for our sellers and clients coming to fruition at an unprecedented scale. This new round of investment from our partners is crucial in pushing forward the creativity and innovation that we know is being spearheaded by the continent and that is speaking louder than ever on the global stage. The IFC in particular has had a long-term conviction in our leadership of these industries, and we’re delighted that they, as well as our other investors, could be a part of extending our mission of Unleashing the growth of African entrepreneurship”.

COO and Co-Founder of ANKA Abdoul Kadry Diallo added, “We have always believed in the untapped cultural wealth of the continent. Our continent has amazing people, products and services that can contribute significantly to the global economy. This additional round of funding will allow us to continue improving our operational efficiencies, supporting us to achieve the next level of profitable growth, not only for us but for our sellers”.  

Globally, the world has a vast distribution of African diaspora, with close to 45 million people of African descent living in North America, and 10 million living in Europe. Both regions are already home to ANKA’s biggest exports and represent a significant growth opportunity for the company as it pursues its goal to boost the investment in and sale of Africa’s creative economy, globally. 

Makhtar Diop, IFC Managing Director said: “Empowering African artisans, particularly women, and helping them access wider markets is crucial to raise the bar of economic inclusion and spur sustainable growth. ANKA’s strategy of connecting artisanal fashion designers and merchants to global markets aligns with our vision of supporting Africa’s creative industry to unlock new opportunities for inclusive growth.”

Fabrice Perez, Head of Proparco VC division shared: “We are delighted to see the growing impact of ANKA on the development of SMEs in Africa, as well as on employment for women, who account for 80% of the 20,000 merchants using the platform. Following a loan bridge by Digital Africa (fully repaid now), this equity investment reaffirms Proparco’s support for ANKA.”

Currently, ANKA is recruiting for a number of roles throughout the business. For a full list of current roles, please visit the recruitment portal.