africa | June 22, 2017

A map of alternative finance for small- and medium-sized businesses in Africa

The team at


In unproven, nascent and risky markets across the world, commercial banks and capital markets tend to work only for the largest companies. Small and medium-sized businesses are turning to alternative finance solutions, including angel investors, crowdfunding, impact investing, public finance and venture capital.

A regular ImpactAlpha reader pointed us to Developing World Alternative Finance, a new report from AlliedCrowds, a London-based data and analytics firm that has mapped the alternative finance market in Africa.

Where are the most alternative capital providers? Answer: South Africa (360), followed by Kenya and Nigeria.

Which industries in Africa attract the most providers? Construction (691), finance (~550) and education (~450).

And which alternative funding type has the most sources? Venture capital (38%), impact investing (30%) and public finance (24%).

To map the market, AlliedCrowds used Capital Finder, its proprietary database of alternative capital providers in emerging markets.