Pan-African investment firm Renew Capital has launched a new initiative to address the significant financing gap for small businesses across the continent. Announced at the GITEX Africa 2026 summit in Marrakech, the Renew Venture Lab: The EmFi Series is a program designed to empower tech founders building embedded finance solutions. This venture aims to unlock a substantial credit market by leveraging technology to serve Africa's underserved small and medium-sized enterprises (SMEs).
Tackling a $330 Billion Credit Opportunity
Africa's economic backbone is its SME sector, which accounts for approximately 90% of all private businesses yet remains largely excluded from formal financial services. This systemic issue has created an untapped credit market estimated at $330 billion. In sub-Saharan Africa, for instance, fewer than one in five small businesses can secure a loan from a traditional financial institution, hindering their growth and potential.
Renew Capital posits that this exclusion is not due to inherent risk but rather the underutilization of available data. Modern tech companies generate vast amounts of transactional data that can effectively assess creditworthiness. By harnessing this information through artificial intelligence, startups can create sophisticated underwriting models that bypass the limitations of conventional banking and unlock new avenues for lending.
Empowering Founders Through Embedded Finance
The EmFi Series specifically targets non-financial technology platforms, such as B2B e-commerce, logistics, and software-as-a-service companies. These platforms are deeply integrated into the daily operations of SMEs, giving them unique insights into their customers' financial health. The program is structured to help these founders build or refine systems to offer credit and other financial products directly within their existing ecosystems.
Matthew Davis, co-CEO of Renew Capital, emphasized that the future of African finance is being shaped by tech entrepreneurs, not traditional banks. He stated that founders possess a deeper understanding of their small business customers than legacy lenders. The EmFi Series was created to provide these innovators with the necessary tools and capital to develop impactful financial solutions for their clients.
A Specialized Program and Investment Pipeline
The program is delivered through a competitive, virtual format that combines self-paced learning with live sessions featuring global experts in embedded finance. The curriculum moves beyond general startup advice to offer specialized training on building credit models, managing lending books, and scaling financial infrastructure. This focused approach ensures participants gain practical, actionable skills relevant to the challenges of the African market.
A key feature of the program is its direct connection to investment opportunities from Renew Capital. The firm's investment team will remain actively involved throughout the series, monitoring the progress of participating companies. This engagement establishes the program as a strategic pipeline for identifying and funding the most promising ventures in the cohort, providing a clear path from education to capital.
Strategic Partnerships and Future Outlook
The initiative is supported by a coalition of government and development finance partners committed to Africa's technology-driven future. Key backers include Morocco's Tamwilcom, Global Affairs Canada, and the Norwegian Agency for Development Cooperation (NORAD). Their involvement highlights a continued commitment to ecosystem support at a time when global private venture capital has faced significant headwinds.
Applications for the inaugural cohort opened on April 9, with an early consideration deadline set for April 30. This launch signals a proactive search for the continent's most innovative founders who are ready to redefine financial services for SMEs. The program represents a significant step toward building a more inclusive and robust financial system powered by local technological talent.
Ultimately, the Renew Venture Lab: The EmFi Series stands as a targeted and strategic effort to catalyze SME growth across Africa. By combining specialized training, expert mentorship, and a direct pathway to investment, Renew Capital is fostering a new generation of fintech leaders. This initiative is poised to transform the financial landscape, unlocking the immense potential of small businesses and driving economic development throughout the continent.