Kuramo Capital Management hosts 10th Annual event: Continued Growth and Prosperity in Sub-Saharan Africa

November 7th, 2023

Kuramo Capital Management (“Kuramo”) hosted its annual Sub-Saharan Africa Day at the Harvard Club in New York City during UN General Assembly Week 2023. African investment professionals, entrepreneurs, and government officials alike reunited to connect and showcase the tremendous Sub-Saharan Africa growth opportunity.

Sarah Ngamau, a Managing Director at Kuramo, opened the afternoon with an overview of Kuramo’s Gender Lens Initiative (GLI). Sarah described the platform as “a way to counter the barriers and hindrances that female fund managers face in the private equity and venture capital landscape in the continent”. Sarah then walked the audience through a powerful business case for the further investment in women citing “a multiplier effect”: when female-led businesses are adequately supported, subsequently improving alpha returns and improving the lives of women. The platform consists of a three-prolonged solution: an accelerator program aimed to close the knowledge gap for female fund managers, warehouse capital to provide working capital to female-led funds, and lastly, the Moremi Fund focused on looking to support managers on strong gender-diverse teams with female leads and co-leads. Given the combination of social impact and financial returns, Sarah stated, “there’s no reason really we shouldn’t be doubling down on more diversity.”

This year, Kuramo had the distinct pleasure of hosting a fireside discussion featuring the Honorable Wale Edun, the Minister of Finance and the Coordinating Minister of the Economy of Nigeria, in conversation with Jide Zeitlin, founder of The Keffi Group. Mr. Edun provided key insights into his vision for the future of the infrastructure of Nigeria’s economy and Nigeria’s role as a global player in an increasingly modernized landscape, following his recent appointment. “We are committed to becoming a financial center where funds can be raised not just domestically but by people from the sub-region and the continent”. Throughout the discussion, Mr. Edun emphasized the importance of continued collaboration and support from the global community as Nigeria faces an exciting but challenging new frontier. “The invitation for you to jump on the train is wide open”.

Following the fireside chat, Gbolade Okeowo, a Vice President at Kuramo, led a panel discussion featuring four young African change-makers across several industries. Dayo Adeosun, Maya Horgan Famodu, Funa Maduka, and Clara Mwangola shared their perspectives on facets of economic prosperity in the creative arts, fintech, and cryptocurrency industries. “We are in a time of unprecedented technology growth in Africa.” Maya highlighted the pace of technological adaptation that’s allowed Africans to gain digital skills, creating opportunities for themselves. Clara provided a tangible connection between remittances and cryptocurrency: “About 15% of remittances in Africa are actually crypto enabled", contributing to the picture of the power of technological adaptability specifically amongst African youth and the opportunities to be had. The panel made abundantly clear that the tethers of technology has empowered Africans to contribute to their culture through educational endeavors, business propositions, and refined storytelling, domestically and abroad.

With contributions from established members of the financial services' global community and impressive young professionals, the audience was left with a mosaic of the present and future of African economic growth.