The African Guarantee Fund (AGF) has teamed up with the Nordic Development Fund (NDF) to launch a green finance fund to tackle climate challenges in Nigeria.

The fund which was launched on Tuesday at the 9th Edition of the Green Finance Conference with the theme “The Role of Africa’s Private Sector in The Paris Agreement on Climate Change,” brought together representatives of the Nigerian government, senior executives of financial institutions, key regulatory-policy stakeholders, and Green SMEs to discuss green synergies.

According to the organisers of the event, the Green Finance Conference provided a platform for all stakeholders to “dialogue and showcase the many advantages that Green SMEs can contribute to the economy of Nigeria, while strengthening their understanding of AGF’s Green Guarantee Facility and how it enables banks on-lend to green and climate-smart projects.”

AGF Group Chief Executive Officer, Jules Ngankam, who delivered a keynote address, emphasized that the Green Finance Conference is a crucial response to the challenges posed by climate change within a framework of National Determined Contributions (NDC) with a focus on providing enhanced expertise to Africa while proposing practical solutions to addressing financing for smaller and medium-sized enterprises committed to green growth and climate-resilient development.

“Our aim is to support the banks to improve, increase or develop their green portfolios. Through the combination of our Green Guarantee and Capacity Development support, we are able to bridge the knowledge gap between both financial institutions and their customers,” he said.

“This is not only for the SMEs to understand how the lending process works, but also for the financial experts to learn how they can provide solutions tailored to suit the needs of the SMEs,” Jules said.

Managing Director of NDF, Satu Santala, who also spoke at the conference, said:

“We are committed to financing green and inclusive low-carbon and climate resilient growth of African economies to improve the livelihood of communities.

“Partnerships are at the core of NDF’s approach to climate finance and the African private sector plays a pivotal role in climate action and creating employment.”

South African leading cryptocurrency exchange trading firm, VALR, has been granted both Category I and Category II licence by the Financial Sector Conduct Authority (FSCA) of South Africa to function as a Crypto Asset Service Provider (CASP).

VALR, which was established in 2018, is a digital asset platform that allows customers to buy, sell, store and transfer Bitcoin and 60 other cryptocurrencies, making it the widest selection of any platform in Africa.

Farzam Ehsani, co-founder and CEO of VALR, who made the announcement in a statement on Tuesday, said it came on the heels of recently obtained approval to offer crypto services in Europe, and another operating license in Dubai.

“VALR has now been licensed as a CASP by the FSCA, making it one of the first crypto asset platforms to receive regulatory approval in both categories in South Africa,” the statement said.

“VALR serves over 1,000 corporate and institutional clients and more than half a million traders worldwide.

“The South African regulatory authority has established a regulatory framework for CASPs, a sector encompassing crypto asset exchanges, wallet providers, custodians and other providers of financial services in respect of crypto assets.

“By licensing and regulating these entities, the country aims to foster trust, protect investors and consumers, and promote sustainable growth within the crypto industry.

“Obtaining the CASP license from the FSCA is a monumental achievement for VALR. Over the past six years, we have actively collaborated with the South African regulators who have now pioneered a regulatory regime, allowing innovation to flourish while protecting the public interest.

“Our license underscores our unwavering dedication to compliance, security, and providing a trustworthy platform for the crypto community.

“We welcome this regulatory milestone for South Africa and applaud the regulators for taking this important step for the nation,” said Ehsani.