Nairobi's financial centre plans $250M tech and AI fund for Africa

What's the deal? The Nairobi International Financial Centre (NIFCA) is working to establish a $250 million technology and AI fund to back startups in Kenya and across Africa, CEO Daniel Mainga told delegates at the Africa Blockchain Festival 2026 in Nairobi on October 27. He valued the proposed vehicle, which would target investments between now and next year, at roughly US$340.7M.

What's the endgame? Mainga framed the fund as a way to keep more capital and ownership on the continent. He argued African businesses often have to move their financial centre of gravity abroad when seeking large investment, and that the continent's ability to build technology must be matched by access to capital at home.

Why now? The announcement came as founders, investors, and policymakers gathered to discuss the links between capital, blockchain, and AI. Mainga said Kenya had changed how the world moves money through M-PESADealroom has a profile for this one. Try Dealroom →, but questioned whether it had done enough to change who owns capital and benefits from that innovation.

What could go wrong? The fund is still a plan, not a confirmed close. Its backers, structure, timetable, and investment criteria have not been disclosed, so the $250 million target should not be treated as capital available to startups yet.

The bigger picture: If realised, the vehicle would be unusually large for Africa-focused tech. DPIDealroom has a profile for this one. Try Dealroom →'s Nclude FundDealroom has a profile for this one. Try Dealroom → closed at more than $112 million in October, and Kenafric launched a $10 million consumer fund. The market is recovering but selective: BriterDealroom has a profile for this one. Try Dealroom → reported $3.3 billion raised in H1 2026, with the top 10 ventures taking 65% of funding.

The signal: Africa's venture recovery is favouring fewer, more mature companies as early-stage financing stays tight. NIFCA's ambition reflects a push to build local capital that keeps ownership on the continent — but for now it remains a pitch, not a cheque.

Read more: techtrendske.co.ke

Image credit: Generated with Gemini