The investment initiative aims to channel domestic capital into 15 women-led businesses over three years, using naira-denominated growth financing to address funding constraints facing female entrepreneurs.
The UK Government and FSD Africa have committed $335,000 to establish an investment network targeting $2.7 million in local capital for 15 women-led businesses in Nigeria over the next three years, as efforts to address funding constraints facing female entrepreneurs gather momentum.
The funding, provided through FSD Africa with support from the British High Commission in Nigeria, will help Rising Tide Africa establish the RiTA Investment Network, a platform designed to connect women entrepreneurs with Nigerian investors, including high-net-worth individuals, angel investors and family offices.
According to a statement issued on Wednesday, October 28, 2026, the initiative seeks to expand access to growth capital for small and growing businesses, with a focus on financing denominated in naira.
The initiative comes amid persistent financing challenges for Nigerian small businesses. The International Finance Corporation estimates that the financing gap for the country’s small businesses stands at about N13 trillion, with 19 in 20 unable to access formal finance, according to the statement.
Women entrepreneurs face additional barriers, as they own about 40 per cent of Nigeria’s small businesses but are rejected for credit at more than three times the rate of men, the statement said.
The financing constraints are partly linked to collateral requirements imposed by traditional lenders, which can disadvantage women who lack assets such as land to secure loans.
Paul Healey, Head of Green Growth and Private Sector Development at the British High Commission, said the partnership would strengthen connections between women-led businesses and investors while supporting enterprise growth and job creation.
“Women entrepreneurs are building successful businesses across Nigeria, but many still face barriers to accessing the investment they need to grow. This partnership between the UK Government, FSD Africa and Rising Tide Africa is changing that,” Healey said.
He added that the partnership would create opportunities for more businesses to expand and contribute to Nigeria’s economy.
Juliet Munro, Director for Early-Stage Finance at FSD Africa, said the network would help channel domestic private wealth into businesses that need growth capital.
“Nigeria does not lack capital. Women angel investors in Rising Tide Africa have shown for years that they will back women-led businesses with their own money. The RiTA Investment Network gives that capital the structure and instrument to grow, in Naira, and at scale,” Munro said.
The network will primarily provide revenue-based financing, under which repayments fluctuate with a business’s sales. The model is designed to support profitable businesses that lack conventional collateral and want to avoid diluting ownership by selling equity.
The approach also seeks to reduce foreign exchange risks associated with dollar-denominated borrowing. Businesses that earn revenue in naira can face higher repayment costs when the local currency weakens against the dollar.
Yemi Keri, General Partner of the RiTA Investment Network, said the funding would help establish the systems required to finance women-led enterprises at scale.
“We founded RiTA to give investors a disciplined way to lend to them, one business at a time. FSD Africa’s support lets us build the structure, the discipline and the data to do this at scale,” Keri said.
The $335,000 commitment will cover the platform’s establishment costs over its first three years, including staffing, legal structures, governance and investment monitoring systems. The network is expected to sustain itself through fees after the initial funding period.
Rising Tide Africa has secured about $1.5 million in soft commitments from its network, while the new platform aims to mobilise approximately eight dollars in Nigerian private capital for every dollar provided by FSD Africa.
The network completed its first transaction in September 2026 through a syndicated corporate note to Ororo Waste Management Limited. Two additional businesses are undergoing structuring and due diligence, according to the statement.
The longer-term ambition is to support Rising Tide Africa’s plan to launch a $10 million naira-denominated growth debt fund for women-led businesses and attract institutional investors.
The initiative will also develop investment resources, including legal templates for transactions under the Investments and Securities Act 2025, guidance on revenue-based financing in naira and credit performance data on women-led businesses.
Founded in 2016, according to the statement, Rising Tide Africa is a pan-African angel investment network whose members have backed 39 early-stage companies across sectors including financial technology, healthcare, agriculture, climate and education.
FSD Africa, established by the UK Government in 2012, works to strengthen financial markets and expand access to finance for businesses across Africa. Its early-stage finance strategy focuses on mobilising capital for small and growing enterprises.