By Bart Coenegrachts, Senior Investment Officer – AgriFI, EDFI Management Company

It was a privilege to moderate a discussion and to share the stage with the voices who are shaping resilience on the ground – in the emerging markets we are active.

The panellists were:

Changwe Kumalinga, CFO – Good Nature Agro
Adesuwa Okunbo Rhodes, Founder & Managing Partner – Aruwa Capital
Lola Masha, co-founder – Babban Gona
Kisa Giebnik, CFO – Okra Solar

The big ideas came directly from the investees themselves: resilient companies confronting real volatility, uncertainty, and adversity in fragile markets on a daily basis.

Operational and Financial Realities

Kisa Giebnik opened with the realities for off-grid energy companies and the resilience of their partners as well: “Most off-grid energy companies struggle to access capital, only a handful are truly bankable. That’s why we focus on strengthening the resilience of the entire sector by offering flexible payment terms and helping our customers secure the local currency funding they need to survive and grow. Without this kind of support, many promising companies simply wouldn’t make it through the market’s ups and downs.” Her words remind us that sectoral resilience can only happen when investors understand the challenges faced by “unbankable” enterprises and act to bridge those funding gaps.

“Delivering energy access in Nigeria means navigating a complex and challenging value chain. Most off-grid energy companies struggle to access capital, leaving massive potential for energy access underfunded. That’s why we focus on strengthening the resilience of the entire sector: by offering flexible payment terms and helping our customers secure the local currency funding they need to survive and grow. Local energy developers who are doing the on the ground of energy access need this kind of capital to make it through the market’s ups and downs.” Kisa Giebnik, CFO – Okra Solar

Changwe Kumalinga, described how Good Nature Agro brings Zambian smallholder farmers from poverty into the middle class with a guaranteed market. “Value chain isn’t just a buzzword, sometimes, we have to build and strengthen the entire chain ourselves, from start to finish, to truly create lasting impact.” It’s not just about inputs and training or even access to finance, it’s about connecting every dot, taking ownership of the entire process, and being present for farmers before the first seed is sown. Good Nature Agro’s approach demonstrates that real resilience is about making the invisible work of logistics, training, and market-building visible—and effective.

“At Good Nature Agro, our mission is to help smallholder farmers move from poverty into the middle class. We do this by providing everything they need—inputs, financing, training, and guaranteed market access by buying all their produce. But in our context, ‘value chain’ isn’t just a buzzword; sometimes, we have to build and strengthen the entire chain ourselves, from start to finish, to truly create lasting impact.” Changwe Kumalinga, CFO – Good Nature Agro

Trust and Social Capital

Lola Masha brought the importance of trust into sharp focus: “For us, social trust is the foundation of our business. We offer loans to our members without requiring a down payment, trusting that they’ll repay after harvest, a trust that’s been rewarded with a 99% repayment rate over 15 years.” But the real lesson is that trust grows from showing up day after day in fragile communities, investing not just money, but time and presence. Lola spoke about how technical assistance becomes a partnership, “It’s about building networks, fostering genuine partnerships, and learning from every part of the ecosystem,” shifting smallholders from survival to entrepreneurship and, sometimes, into genuine leadership roles.

“For us, social trust isn’t a side benefit—it’s the foundation of our business. We offer loans to our members without requiring a down payment, trusting that they’ll repay after harvest—a trust that’s been rewarded with a 99% repayment rate over 15 years. But real success goes beyond finance; it’s about building networks, fostering genuine partnerships, and learning from every part of the ecosystem.” Lola Masha, co-founder – Babban Gona

The Local Lens and Institutionalisation

Adesuwa Okunbo Rhodes highlighted the missing middle in African finance, and how this will not be fixed by bank loans alone. “The key to making these businesses sustainable is working closely with local partners who understand the nuances of their environment. By being on the ground and engaged, we help founders institutionalise their operations, build strong teams, and plan for the future.” The role of investor moves from capital provider to partner, helping with everything from succession planning to improved corporate governance. Real sustainability, she argues, comes when investors are within reach—“I could be in the factory in 30 minutes”—working hand in glove as businesses mature.

“When you invest through an SME with a gender lens, you discover that strong financial returns and meaningful impact go hand in hand. The key to making these businesses sustainable is working closely with local partners who understand the nuances of their environment. By being on the ground and engaged, we help founders institutionalise their operations, build strong teams, and plan for the future. Ultimately, Africa’s ‘missing middle’ won’t be bridged by more bank loans, but by investing in local operators, fund managers, and entrepreneurs directly.” Adesuwa Okunbo Rhodes, Founder & Managing Partner – Aruwa Capital

Lessons for Investors

It’s clear to all of us that resilience is multi-dimensional and interconnected: operational, financial, social, and environmental. What investees need isn’t just patient capital, but capital delivered flexibly and with the relational support that can only come from understanding local realities. As I summed up in the session: those companies needing patient capital the most are often considered too young or too risky by traditional providers. This is exactly where blended finance shows its true value, bridging the gap so impactful businesses can scale and thrive.

We also heard keen insight from the audience and the panelists about technical assistance, climate risks, and adaptation finance. Lola and Changwe showed that TA is critical, not only to improve operations at the firm level, but also to help farmer members shift mindset and access new opportunities. Changwe pointed out the complexities of climate finance in Africa, especially for rural portfolios divided across many ecological zones, but insisted that leveraging better seed technology and soil practices benefits everyone, even if the financing tools still lag behind the reality on the ground.

Closing Thought

The strongest message from our investees was that resilience in fragile markets is lived, not theorised; it rests on hard choices, daily adaptation, deep community ties, and supportive partnerships. The role of investment officers like myself, and all of us at EDFI MC, is to act as stewards and allies, not just funders, who work closely together to unlock the potential of these remarkable businesses.

“Resilience is crucial for companies to survive and grow in fragile markets. However, what we see time and time again is that those companies needing patient capital the most are often considered too young or too risky by traditional providers. This is exactly where blended finance shows its true value—bridging the gap so impactful businesses can scale and thrive.” Bart Coenegrachts, Senior Investment Officer – AgriFI, EDFI Management Company