FSD Africa is a specialist development agency based in Nairobi, Kenya, that strengthens Africa's financial systems. Established in 2012 as a non-profit company limited by guarantee in Kenya and funded by UK aid from the UK government, it focuses on market development through policy reform, thought leadership, and capacity building. Its investment arm, FSD Africa Investments (FSDAi), is a UK-backed specialist development finance investor providing early-stage, risk-bearing, catalytic, and patient capital to innovative financial intermediaries and instruments. FSDAi supports early-stage finance in Africa, investing in venture rounds and Series B stages, with a focus on fintech. It has participated in three funding rounds totaling $13.7 million from October 2018 to May 2023, targeting companies in South Africa and Nigeria, including Nithio in Nigeria and Onafriq in South Africa. The firm invests at the frontier of finance to test new models and catalyze capital from others. FSDAi collaborates with development finance institutions, philanthropic organizations, and others to scale impact. Co-investors have included the U.S. International Development Finance Corporation, Hillspire, and Goodwell Investments.