Exclusive Interview: Sotiguy Coulibaly, Chief Executive Officer, KERALES FINANCE

NEW YORK (Capital Markets in Africa): At the BRVM Investment Days held in New York City on 21 April 2026, Capital Markets in Africa sat down for an exclusive conversation with Sotiguy Coulibaly, Chief Executive Officer of KERALES FINANCE — a brokerage and asset‑management firm licensed by the UMOA Financial Markets Authority (AMF‑UMOA). In a wide‑ranging discussion, Coulibaly outlined the sectors he believes will define Africa’s next wave of economic transformation, drawing on KERALES FINANCE’s vantage point across the West African Economic and Monetary Union (WAEMU/UMOA) capital markets.

How can firms like KERALES help bridge the gap between African SMEs and institutional capital?

COULIBALY: Latest figures suggest a $140bn+ funding gap in financing for African SMEs. At KERALES FINANCE, as with other brokerage firms in the WAEMU area, we offer brokerage, custody, research, and advisory services.

In addition, brokerage firms can help bridge the gap between African SMEs and institutional capital by acting as critical intermediaries that enhance investment readiness, structure deals for risk-averse investors, and improve visibility for high-potential, underserved businesses.

They can offer tailored financial solutions, connecting SMEs to DFIs and private equity, and leveraging digital platforms. By doing this, they shift from mere trading intermediaries to ecosystem builders that turn high-potential SMEs into bankable projects, lowering transaction costs and increasing the success rates of capital raising.

Reluctance of Institutional investors to provide funding to African SMEs has been highly documented, and the reasons are well known: poor business structuring, lack of audited financials, and weak governance.

Brokerage firms can offer services advisory services to SMEs, assisting with technical assistance to prepare audited financials, establish functional governance, and adopt professional management practices.

They can also help in capacity building by acting as intermediaries that provide technical assistance on governance, which is critical for making SMEs less risky in the eyes of Institutional capital, which requires lower-risk profiles, while African SMEs are often seen as high-risk. Brokers can address that issue by :

• Securitization of SME Loans: Transforming illiquid SME loans into tradable, asset-backed securities that institutional investors can purchase.
• Facilitating Blended Finance: Partnering with DFIs to use guarantees (like the FSA) to reduce the risk for private investors.
• Creating Specialized Vehicles: Developing mezzanine finance or structured credit products that align with the risk-return expectations of institutional investors.

Institutional investors often lack local knowledge, making it difficult to source viable deals. Brokers can use their local knowledge of the business landscape to address this by working with stock exchanges to set up specific, lower-barrier compartments for SMEs to list and raise capital.

Last but not least, brokers can facilitate cross-border investments, which are crucial for scaling SMEs by promoting regional stock exchanges to increase the liquidity and visibility of SME securities.

What sectors do you believe will drive the next wave of African economic transformation?

COULIBALY: Based on current projections and recent market trends, the next wave of African economic transformation is expected to be driven by a combination of rapid digitalization, industrialization, and a focus on green energy, with the African Continental Free Trade Area (AfCFTA) acting as the accelerator for these sectors, turning fragmented economies into a more unified market.

There is a growing consensus among policymakers, academics, and businesspeople on the key sectors driving this transformation:

Digital Finance and Technology (Fintech)
Africa is a global leader in mobile money, with fintech innovations extending to credit scoring, insurance technology, and cross-border payments, facilitating financial inclusion. The focus is shifting toward AI-powered credit scoring, SME lending, and enabling digital trade across borders. The digital economy is projected to be worth $180 billion by 2025, with digital commerce reaching $72 billion by 2026. Data center investments are increasing, with LEO satellite broadband and 5G deployment expanding internet access.

Agribusiness and High-Value Agro-Processing
Africa is moving from subsistence farming to commercial, Agri-processing 4.0 to tap into a potential $1 trillion food market by 2030. This will require significant investment in local processing of cash crops (cocoa, cashew, Shea butter) in order to retain value instead of exporting raw materials. Key drivers for this are solar-powered irrigation, climate-smart agriculture, and improved cold-chain logistics to reduce post-harvest losses.

Renewable Energy and Green Infrastructure
Countries are increasingly addressing the energy gap by transitioning to solar, wind, and hydropower, creating “energy-enabled productivity” rather than just utility-scale projects. This is leading to distributed systems, mini grids for rural electrification, and green hydrogen products on the continent, such as the planned $34 billion investment in Mauritania. The key drivers for this are the need to power industrial manufacturing and a growing demand for electricity, which is expected to double in the next 15 years.

Critical Minerals and Local Transformation
Africa holds roughly 30% of the world’s critical mineral reserves (cobalt, lithium, copper, and manganese) essential for the global clean energy transition. The next wave is likely to be the shift from raw extraction to local processing of minerals within Africa, e.g., battery production in the DRC and Zambia. The key drivers of this trend are the rising global demand for electric vehicles and renewable technologies, with the willingness of policymakers across the continent to increase mineral value capture.

Manufacturing
There is a growth in light manufacturing, pharmaceuticals, packaging, and building materials to reduce import dependency and strengthen regional value chains. The AfCFTA is reducing tariffs and boosting intra-African trade in processed goods.

Logistics, Mobility, and Infrastructure
Many countries are developing transport corridors (rail, road, port) to support the increased trade volume facilitated by AfCFTA. This will lead to a new wave in Tech-enabled logistics, “last-mile” delivery, and urban mobility solutions to support e-commerce and rapid urbanization. These sectors are often supported by a young, tech-savvy workforce and increasing investment in healthcare and education to bridge the skills gap.

Sotiguy Coulibaly is the Chief Executive Officer of KERALES FINANCE, a brokerage and asset management firm licensed by the UMOA Financial Markets Authority. He is also the Founder and Managing Partner of KERALES ADVISORY PARTNERS, which supports governments, institutional investors, and entrepreneurs across the region in their financial and strategic projects.

He previously served as Deputy Group Chief Executive Officer in charge of Corporate Banking and Strategy at Atlantic Business International (Banque Centrale Populaire Group of Morocco) after holding the position of Chief Financial Officer.

He has held numerous senior leadership roles across various sectors, following an initial career in audit and consulting with EY.

Mr. Coulibaly is a Board Member of BICICI, a former subsidiary of BNP Paribas, where he chairs the Risk Committee, having previously served as Board Member and Chairman of the Credit Committee at MANSA BANK. He is also a Board Member and an independent member of the Investment Committee of the OASIS AFRICA FUND II.

He serves on the Economic, Social, Environmental, and Cultural Council of Côte d’Ivoire, where he is Vice-Chair of the Economic and Financial Affairs Commission.

A graduate of the École Supérieure de Commerce d’Abidjan and holder of an MBA from London Business School, he brings over 30 years of professional experience.