Mobilising capital for sustainable investment on the African continent requires new approaches to risk, return, and collaboration across financial ecosystems. Alain Nsiona Defise, Founder of Nsiona Impact Ltd., born in Kinshasa, Democratic Republic of Congo, draws on his African roots and over twenty years of Europe-based experience managing emerging market corporate debt. He shares why local solutions, long-term presence, and collaboration across financial ecosystems are key to unlocking capital for Africa.

You recently took part in the delegation to the AVPA Conference in Nairobi. How was the experience, and what stood out to you most?

I approached the conference with a very open mind, as it was outside my usual scope and felt like a process of personal discovery. I was extremely glad to join; the experience was incredibly enriching. Participating as part of a delegation made a real difference, both in terms of visibility and the quality of connections formed in a short time, including strong bonds within the group itself. The conference offered a well-balanced mix of panels, debates, side events, and site visits, which helped ground discussions in the local context and added a strong human dimension through shared experiences on the continent. Overall, it was a very complete package of discovery.

What stood out most to me connects closely to my professional background. Working in a field that is currently facing significant headwinds, it was striking to see a growing recognition that Africa will not ODA itself to prosperity. Conversations were notably pragmatic, with a shared understanding that the status quo is no longer sufficient. I was particularly impressed by local initiatives, such as sessions on domestic financial markets and efforts to mobilise local capital through pension funds. These connections extended beyond the conference, leading me to attend and speak at Ghana Digital & Innovation Week shortly after. Finally, the ambition of projects like the Kenyan Energy Compact showcased by the Kenyan Ministry of Energy and UN Kenya, stood out, as did the continuity created through repeated engagement via the Building Bridges platform, from Geneva in October to Nairobi a month later.

What key insights did you take away from this engagement, particularly in relation to investment and impact in Africa?

For me, the key insight is that investment and impact in Africa must be approached from a local perspective. From Europe, it is easy to underestimate the level of activity and dynamism that can be found locally. Rather than trying to replace local efforts, the focus should be on complementing and strengthening what already exists.

This goes beyond simply allocating capital. At Nsiona Impact Ltd., we prioritise working alongside local initiatives and amplifying existing ecosystems, which I believe can bring a lot of success in the future. Practically for me, this means being more present on the continent and actively building bridges. Local actors are not always fully aware of the opportunities available to them internationally, so visibility and connectivity need to work in both directions.

Drawing on more than 20 years of experience analysing emerging markets, I also see many areas where Africa is punching below its weight. A lot of the challenges we face in Africa, such as currency volatility, are not unique to the continent and have also been experienced in other emerging regions where international investors are comfortable investing. Therefore, there is an opportunity for Africa to position itself as a confident and outgoing market, whilst being aware of local challenges.

In your view, what are the main challenges when it comes to effectively channelling capital to Africa?

There are several layers of challenges. Some are objective and well known: currency volatility, political instability, and difficulties around exits. These are all elements that are present on the continent. However, I think there is an extra layer of perceived risk that is often disproportionate. Emerging market investors should be familiar with risk, yet Africa is frequently expected to pay more simply because it is Africa. This is even quantifiable, if you look at corporates in Africa, for single B rated corporates, they tend to pay between 150 and 200 basis points more. I think that is the key challenge is bridging that perception gap at a time where the catalytical and aid financing is on the decline, which means approaches and mindsets need to change.

One important area is the increased presence of the private sector actors in international capital markets, particularly on the debt side. African issuers are underrepresented. Africa to needs to be bolder, including when it comes to larger transactions. We need to engage corporates with a broader and a multi-country presence with a regional footprint, who are beginning to recognize the need to access a particular market.

I think the other need in terms of change, is the divide and internal biases that need to disappear — between Francophone and Anglophone Africa. Very often, the investment world shows bias one way or the other, influenced by the cultural or historical dynamics between the North and the South, and I believe this needs to disappear.

How valuable has your engagement with the Building Bridges Foundation been so far, including your participation in our annual conference?

My engagement with Building Bridges started around summer 2025. It is unbelievable the number, quality and diversity of connections that Building Bridges has facilitated for me, for example with the SDG Impact Finance Initiative, AHL Venture Partners or the Private Infrastructure Development Group. These connections span many areas that are highly relevant to my work, including infrastructure, private debt, and on-the-ground deal sourcing. Much of this was made available very spontaneously, which speaks to the strength of the network.

What I find particularly valuable is the way initial contacts are created and then developed, with the hope that they will lead to something concrete, including transactions. I also appreciate the events you organize, which strike a good balance between interaction within the group, allowing us to get to know one another, and collaborative brainstorming force, so that we are thinking about solutions together rather than just connecting people. The more focused conversations enabled by the Africa Investment Community you’ve put together, are extremely important.  I really value the emphasis on the broader cause and on building meaningful connections. For me, this engagement materializes through both the conference and the delegation, in Geneva event and the one on the continent, as well as the ongoing efforts to foster these connections.

Looking ahead, how would you like to see financial flows into Africa evolve, and what role could the Building Bridges Africa Investment Community play in this?

I think about financial flows into Africa, and in the future, I would like to see a conjunction of international flows and local flows. It is encouraging to see Africa-focused private debt funds emerging, and I’m also glad to see locally based funds developing. When you look at the building of a transaction, it’s great to see both local players and international players joining forces. For me, that represents the ideal future.

Achieving this will require a more developed and ambitious local market that is willing to take risks for local opportunities, as well as visibility and engagement from international players. That for me is a recipe for success, because when you look at credit stories in emerging markets, when you have this good mix of local and international players, you have better stability in the longer term, and you have that upside potential because premiums compress as international investors get reassured with the risk. This reassurance comes from the stability brought by the local investors.

To summarize: it’s not about flows into Africa, it’s flows for Africa.

We Build Bridges Storytelling Series

Building Bridges is more than just an event, it’s a space for meaningful collaboration, fresh perspectives, and lasting connections. Through our storytelling series, we highlight the personal experiences that shape each edition. If you have a story to share about your engagement with Building Bridges, whether it’s a key insight, a memorable moment, or the impact of the bridges built, we’d love to hear from you at community@buildingbridges.org.