About
The Collaborative for Frontier Finance is a multi-stakeholder initiative that aims to increase access to capital for small and growing businesses in emerging markets.
WHY FRONTIER FINANCE
Small and growing businesses (SGBs) create roughly 80% of formal employment opportunities in frontier and emerging markets, making them an essential part of every economy and an important lever for social and environmental impact. However, SGBs face an estimated $940B financing gap in appropriate capital they need to grow.
SGBs are often called the “missing middle” because few investment models are tailored to their needs. They are too big for microfinance, too small for private equity, too risky and lack sufficient collateral for commercial banks, and lack the growth trajectory that venture capital seeks. Additionally, because SGBs require small amounts of capital to grow, the cost of conducting the transaction is often disproportionately high relative to the size of the investment.
Our vision and mission
To achieve a sustainable and growing small business finance ecosystem in Africa and beyond by addressing the “missing middle” financing gap. We do this by supporting and enabling local capital providers to accelerate financing solutions that target small and growing businesses in frontier markets
HOW WE WORK
We work with diverse stakeholders – including fund managers, funders, and fieldbuilders – to accelerate financing solutions that target SGBs. We aim to set a common action agenda for SGB finance; to test and scale promising financing models; and to facilitate the flow of capital to the SGB market. With a bias to action, CFF works with stakeholders to identify, co-design and launch initiatives – or specific solutions that table SGB financing challenges - that are too complex for any one stakeholder to launch on their own. We do this in three ways:
NETWORK
We connect stakeholders facing similar pain-points to a peer network of actors operating with shared principles, values, and ambitions to learn from and support one another.
ACTIONABLE RESEARCH
We facilitate research on hot topics to improve transparency within the sector, provide a practical guide for those less familiar with the sector, and dispel common misconceptions.
INITIATIVES
We identify concrete initiatives which CFF can take ownership of to provide tangible support to the broader early-stage investing sector. Through leveraging the resources of the CFF network, we’re working to amplify the voices of local capital providers.
THE IMPACT OF SGB FINANCING
Increasing appropriate capital available for SGBs will directly contribute to achieving the Sustainable Development Goals:
JOB CREATION
Create new, quality, and long-term jobs that increase incomes
(Goals 1, 8, and 10)
GOODS AND SERVICES
Provide access to essential goods and services like health, education, transportation, and more
(Goals 2, 3, 4, 6, 7, and 12)
VALUE CHAIN
Provide access to essential goods and services like health, education, transportation, and more
(Goals 2, 3, 4, 6, 7, and 12)
INNOVATION
Catalyze new approaches to serve customers in frontier markets in business model, strategy, and distribution
(Goals 2, 3, 4, 6, 7, and 12)
OUR COre Team
Drew von Glahn is the Executive Director of the Collaborative for Frontier Finance. A twenty-five year veteran of Wall Street, has lead over $30 billion in capital transactions across the globe, including a number of “first-of-kind” financings in the emerging and developed markets. His career includes CEO of a social venture business, co-founder of a leading advisory firm for social impact bonds, executive of VC tech fund, and CFO of a fintech start-up. He managed the World Bank’s venture philanthropy fund, a portfolio of over 100 early-stage enterprises. Leveraging his risk underwriting and capital markets experience, Drew has been actively engaged in the establishment of new impact capital financing vehicles for growth-oriented small businesses across the emerging markets; as well as engaged on investment committees for impact-oriented players; including Calvert Impact Capital, Nordic Development Fund’s Catalyst Facility and Nyala Ventures.
Arnold Byarugaba is the Chief Operations Officer and Head of Networks at Collaborative for Frontier Finance. He has 17 years of experience in finance, including Impact Investing with a focus on Small and Growing Businesses, having supported financing to businesses across sectors. While at Standard Bank Group, he specialised in structuring risk management solutions for FX, Interest Rate and Credit Risk. His Capital Markets experience includes managing a segregated investment portfolio of US$2B in stocks, bonds, private equity, and real estate at Stanlib East Africa, where he launched the first Unit Trust Funds in Uganda, which industry has now grown to US$1B. He has also been involved in several Market System Development initiatives like development of the Startup Act and BDS standards in Uganda. He most recently as Investment Director at Iungo Capital and the Head Entrepreneurship and MSME Finance at Mastercard Foundation as. Over the years, he has been part of some notable milestones like the flagship Mastercard Foundation Africa Growth Fund, MSE Recovery Fund, Credit Guarantees, Hi-Innovator program. He is an African Angel Investor and holds an MBA from Heriot-Watt University and a BSc. Actuarial Science and Financial Mathematics from the University of Pretoria and Executive training from Harvard Business School.
Gila Norich is an investment and impact finance professional with over 15 years of experience at the intersection of capital markets, impact strategy, and ecosystem building. She works with the Collaborative for Frontier Finance (CFF) to deepen the learning agenda and expand the flow of catalytic and institutional capital to small business growth funds across Africa and emerging markets. Her career spans roles in impact investing, ESG, and advisory—guiding family offices, DFIs, and philanthropic foundations on structuring blended finance vehicles, developing impact measurement frameworks, and aligning investments to the SDGs. She has advised the Bank of Zambia on structuring a national SME fund-of-funds, co-authored market-shaping research on small business finance, and supported local capital providers in advancing innovative instruments such as revenue-based financing, mezzanine debt, and local currency solutions. Gila began her career in strategy and advisory roles with organizations such as Physicians for Human Rights-IL, ClearlySo, Social Finance Israel, and the Global Steering Group for Impact Investment (GSG), where she helped launch multi-stakeholder initiatives at the G7 and UN levels. She holds an MBA and brings a strong background in building partnerships.
Lisa Mwende is the CFF Operations Manager. Lisa is an accomplished professional in finance and operations with seven years of experience. She has worked for international organisations supporting teams across Africa to streamline processes, manage operations and implement projects worth millions of dollars within budget. Lisa has demonstrated & proven knowledge of financial management and oversight. She previously worked at ANDE, where she was overseeing finance operations in Africa. She has a bachelor’s degree in Commerce from Kabarak University in Kenya and is currently pursuing a master’s degree in Project Management.