A new chapter has opened in Africa’s quest for homegrown SME financing as the All Africa Association for Small and Medium Enterprises (AAASME) inaugurates the leadership and governance structure of the Continental SME Billion Fund, known as UbuntuSusu.
The inauguration marks a significant step in the development of the Pan-African financing initiative, which seeks to mobilise capital for small and medium enterprises across the continent and create a more inclusive financial ecosystem for African entrepreneurs.
The inaugural meeting of the fund’s leadership was held on August 24, 2026, following the earlier unveiling of the leadership structure during AAASME’s Africa Day activities in May.
Building an African-Owned Financing Platform
UbuntuSusu is founded on an Afrocentric approach to finance, drawing inspiration from indigenous African cooperative savings and revolving finance traditions such as Susu, Stokvels, Chamas, Chilimbas and Village Savings and Loan Associations.
The concept seeks to modernise these community-based financial practices by combining collective participation and shared responsibility with institutional investment, blended finance and digital infrastructure.
For AAASME, the objective goes beyond simply providing loans. UbuntuSusu is envisioned as a continental platform capable of helping African SMEs access patient capital, investment, markets, technology and business opportunities.
The initiative is being developed as a US$1.4 billion Pan-African blended finance platform, with an ambition to reach Africa’s vast SME community and contribute to the economic transformation envisioned under the African Union’s Agenda 2063.
Continental Leadership for a Continental Fund
To give the initiative a truly Pan-African character, AAASME has established regional leadership representing different parts of Africa and the African diaspora.
The regional co-chairs are:
- Dr. E. J. Eradiri – West Africa
- Ambassador Wallace Williams – Global Africa/Diaspora
- Mr. Septi Bukula – Southern Africa
- Mr. Amine Mohamed Boutalbi – North Africa
- Prof. P. L. O. Lumumba – East Africa
A representative for Central Africa is expected to be designated subsequently.
The structure also provides for two Deputy Chairpersons, HM King Robinson Tanyi and Mrs. Rose Mboya, while Engr. D.K. Akpeti will serve as UbuntuSusu Fund Spokesperson. Mr. Rodrick Mulonya will oversee media publicity, alongside a Chief Executive Officer (Protem).
The leadership structure is supported by specialised committees responsible for finance and investment, technical matters, and governance, compliance and legal affairs.
Three Key Committees to Drive the Fund
The Finance and Investment Committee will be led by Mr. Tam Alazigha, with Prof. Atef Elshabrawy as Co-Lead and Prof. (Mrs.) E.N. Egbuna as Deputy Lead. Mr. Adefolarin Adefarakan will serve as Secretary.
The Technical Committee will be headed by Mr. Cyril Akika, supported by Mr. Kalada Apiafi as Co-Lead and Dr. Richard Muteti as Deputy Lead. Mrs. Amandine Kouakou will serve as Secretary.
The Governance, Compliance and Legal Committee will be led by Dr. (Mrs.) Shamiso Fred, with Barr. Warmate Jones Idikio as Co-Lead and Dr. Lucy Newman as Deputy Leader. Dr. (Mrs.) Anire Okogun will serve as Secretary.
Ms. Jacinta Kiruthi has also been designated as Board Secretary.
This governance framework is intended to provide the institutional foundation required to develop UbuntuSusu into a credible, transparent and scalable continental financing mechanism.
Addressing Africa’s SME Financing Challenge
Access to finance remains one of the major obstacles confronting African entrepreneurs.
AAASME has consistently argued that Africa does not lack entrepreneurial ideas, innovation or ambition. Rather, millions of businesses struggle to obtain the capital required to transform ideas into sustainable enterprises, expand operations, create jobs and participate effectively in regional and global value chains.
The association estimates that Africa is home to approximately 125 million SMEs, while the continent faces an SME financing gap exceeding US$330 billion.
UbuntuSusu is therefore positioned as an African response to an African challenge.
Its philosophy is rooted in the principle that Africa can mobilise its own resources to finance African enterprise.
From Local Enterprise to Continental Opportunity
A central ambition of UbuntuSusu is to help African businesses move through different stages of growth—from ideas and projects to viable enterprises, national markets and ultimately continental markets.
This vision aligns closely with the objectives of the African Continental Free Trade Area (AfCFTA), which seeks to deepen intra-African trade and create a more integrated continental market.
By improving access to finance while connecting entrepreneurs to markets and investment opportunities, UbuntuSusu has the potential to strengthen African value chains and help SMEs participate more effectively in continental commerce.
The initiative also supports ‘Aspiration 1’ of the African Union’s Agenda 2063, which envisions a prosperous Africa based on inclusive growth and sustainable development.
Growing Continental Support
The UbuntuSusu vision has continued to attract attention across Africa.
In Botswana, AAASME recently recognised President Advocate Duma Boko as a champion of the UbuntuSusu initiative, highlighting the importance of creating stronger financing opportunities for Botswana’s SMEs and connecting them to continental markets and partnerships.
AAASME has also called on the continent’s SME leadership to mobilise millions of African enterprises to participate in the initiative and help build the scale required for a truly continental financing ecosystem.
The Road Ahead
With its leadership and governance architecture now in place, UbuntuSusu is moving from concept and advocacy toward institutional implementation.
The fund is expected to continue building partnerships with governments, financial institutions, development organisations, investors, SME associations and private-sector stakeholders across Africa.
The broader ambition is clear: to build a financing system that places African entrepreneurs at the centre of Africa’s economic transformation.
For AAASME, UbuntuSusu is more than a fund. It represents a philosophy of collective economic action; one where African businesses, communities, institutions and investors work together to unlock the continent’s enormous entrepreneurial potential.
As the initiative advances, its success will ultimately be measured by the entrepreneurs it reaches, the businesses it helps scale, the jobs it supports and the markets it helps African enterprises enter.
UbuntuSusu is built on a simple but powerful idea: when Africans finance one another, Africa’s enterprises can grow together.
UbuntuSusu – US$1.4 Billion Continental SME Fund
