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 20+ year veteran of Wall Street, leading 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. Drew is a member of the investment committees of Calvert Impact Capital and the Nordic Development Fund’s Catalyst Facility.
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 over 100 businesses across sectors including Climate Finance. For the biggest African Banking 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 on behalf of one of the biggest asset managers on the continent with AUM of US$36billion and launched the first Unit Trust Funds in Uganda which industry has now grown to US$ 800m. Over the years, he has also been involved in several Business Advisory and Market System Development initiatives that created an enabling legal and regulatory environment to drive more capital to the missing middle and supported investment readiness programs. He most recently was with Mastercard Foundation as the Lead Entrepreneurship and MSME Finance. 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 in tech-enabled real sector ventures in East Africa. He 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.
Chinwe Egwim is a leading economist renowned for her strategic insights and precise economic forecasting. As Chief Economist and Director of the Research and Impact Lab at Collaborative Frontier Finance (CFF), she is committed to advancing research, enhancing CFF’s learning lab, refining economic risk assessments, and building transformative knowledge partnerships to support local capital providers and small businesses. She has worked for the Central Bank of Nigeria, Fitch Ratings Milan, First Bank Group, and Coronation Merchant Bank, among others. Her analytical work for the banking sector has been applied to influencing credit risk assessments and guiding portfolio diversification. She has collaborated closely with risk departments to develop comprehensive risk assessment models, ensuring a high-quality loan portfolio and low non-performing assets. As an economist, Chinwe is a champion of gender equity. Her expertise has been applied to gender-focused economic research. She explores how core economic indicators such as inflation, GDP, interest rates, consumption patterns, exchange rates, and financial market conditions specifically impact women-led businesses and female participation in the economy. Through her work, Chinwe offers valuable insights into leveraging economic policies and trends to advance gender equity. Chinwe serves on the Nigerian Presidential Fiscal Policy and Tax Reforms Committee. As the Resident Economist for the Africa Investment Roundtable, Chinwe led initiatives supporting economic growth across the continent. Her work has recently earned her recognition as a World Economic Forum Young Global Leader. In 2021, she was awarded the “Positive Role Model – West Africa” award at the Accenture Gender Mainstreaming Awards and recognition from Most Influential People of African Descent (MIPAD), The Guardian, Leading Ladies Africa, and the Chartered Institute of Bankers in Nigeria, among others. Her ability to navigate complex macroeconomic landscapes has made her a sought-after speaker, featured on global platforms including BBC, CNBC Africa, and Arise News. A prolific author, Chinwe has published two Amazon bestsellers and over 1,000 economic articles and reports, influencing investors, policymakers, and corporate leaders. She has contributed to significant works like Financial Services Value Chains (UN Economic Commission for Africa and UNCTAD) and has hosted insightful podcasts on platforms such as Spotify. Chinwe holds advanced degrees in economics, including a master’s in Financial Economics. Her contributions to economic research have been recognized with an honorary doctorate by the United Nations via UN-POLAC and UNESCO.
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.
Claire LaBrunerie is a senior advisor to CFF, whose experience encompasses more than 30 years of global Credit and Capital Markets, Restructuring, Operations Management (FIs, NBFIs and investment management), Capital Raising, Blended Finance, and Impact Investing in frontier markets, including LATAM, Africa and Asia. Over the past decade, Claire has worked extensively with capital providers, asset owners, and start-ups to assess risk and to develop, scale and manage revenue models and investment portfolios – with a focus on social inclusion and climate. More broadly, across her three decades of experience with premier financial institutions, Claire’s work has spanned sectors including financial services, telecommunications, agribusiness, energy, and infrastructure. Serving for six years as Chief Operating Officer and Head of Global Distribution for a $9 billion fund manager, Claire brings a particularly deep understanding of investment management operations and risk management, including: fund launches and operations; trading and portfolio management; client acquisition and integrative servicing; finance & accounting; middle- and back-office operations; IT and security; and compliance. Claire oversaw global expansion and deal execution in the US, EMEA, LATAM, and Asia for organizations seeking growth in capital markets & advisory, lending, and asset management, working for companies including, SKY Harbor Capital Management, PepsiCo, HSH Nordbank, GE Capital, Adelphia Communications, JP Morgan Chase, Sumitomo Mitsui Trust, and Kidder Peabody. Claire earned a B.A with Distinction from Stanford University; an M.A from Columbia University; and an M.B.A from The Wharton School. In her spare time, Claire is an environmental advocate, serving on the Boards of Ocean Grants and Ocean Grants Foundation and working as a UNESCO World Heritage project lead for the Okefenokee National Wildlife Refuge.