The landscape of corporate financing in Africa is undergoing a profound transformation. According to a September 2026 publication by Moody's agency, assets under management in the private credit market reached $5.6 billion by the end of the 2025 fiscal year, up from $1.8 billion in 2020. This progression, which translates to a more than threefold increase over five years, testifies to the emergence of a new direct lending ecosystem, distinct from traditional private equity, that responds to the flexibility and maturity requirements demanded by project sponsors.


This dynamic is explained by the structural configuration of regional financial markets, characterized by a continental market capitalization that amounted to only 33% of GDP in 2024, far below the standards of emerging economies. In this context, specialized funds are filling a chronic gap by offering customized loan structures for small and medium-sized enterprises as well as for infrastructure. The African Private Equity and Venture Capital Association (AVCA) confirms this vitality, with a strong increase in the number of debt transactions over the period, illustrating investors' growing appetite for this asset class.


However, the development of this segment remains closely tied to the intervention of international financial institutions. Following the example of equity stakes taken by the International Finance Corporation and various European development funds in specialized vehicles, the involvement of multilateral actors proves decisive in absorbing risks and mobilizing institutional capital. Although the continental market remains marginal on a global scale (representing only 0.3% of a global market estimated at $1.8 trillion), its sustainability will depend on the ability of local managers to demonstrate the resilience and profitability of their portfolios in the face of macroeconomic uncertainties.


Asaba

Tags: crédit privé afrique financement entreprises marché africain moody's actifs gestion pme infrastructures fonds spécialisés avca investisseurs institutionnels