TLG Capital Closes $5 Million Scaling Facility for Shona Capital Zambia Limited to Expand SME Credit Access
TLG Capital partners with Shona Capital Zambia Limited to deliver fast, flexible lending to underserved Zambian businesses, marking TLG's first investment in Zambia.
London / Lusaka, April 2026
TLG Capital, a leading private credit fund manager specialising in sub-Saharan Africa, has closed a $5 million scaling facility for Shona Capital Zambia Limited, “Shona Zambia”, an SME lender providing fast and flexible loans to small and medium-sized businesses across Zambia.
The facility is structured to support the growth of Shona Zambia's loan book: capacity will be released in subsequent tranches as Shona Zambia scales, with additional guarantors and institutional partners expected to join as the transaction grows.
TLG Capital
TLG's mission is to reach SMEs operating in critical sectors, and through this partnership, TLG and Shona Zambia will support SMEs across healthcare, retail, and agriculture — the lifeblood of the Zambian economy — addressing a longstanding gap left by the formal banking sector. This investment will enable Shona Zambia to scale its operations significantly.
The investment, made from TLG's Africa Growth Impact Fund II (AGIF II), marks TLG's first foray into Zambia, bringing its footprint to 21 African countries. Together, TLG and Shona Zambia are working to address Zambia's $2 billion SME financing gap.
Shona Zambia
Shona Zambia operates in the $10,000 to $100,000 lending corridor, serving businesses too established for microfinance institutions yet too small or insufficiently documented for commercial banks. Where traditional lenders might take several weeks to disburse funds, Shona Zambia can disburse funds to borrowers within five days.
Shona Zambia operates via a proprietary full-stack technology platform that enables fast, flexible, and data-driven lending tailored to each business. The platform allows Shona Zambia to conduct rapid credit assessments, manage loan disbursements efficiently, and monitor portfolio performance in real time.
"Zambia's SME financing gap is $2 billion, and the hardest part to close is the middle — businesses too established for microfinance, too informal for a commercial bank. TLG is genuinely excited to be investing in Zambia and backing capital providers doing the hard work day-to-day with businesses on the ground. Shona Zambia is building something that works."
— Isha Doshi, Co-Founder and Partner at TLG Capital
"We started Shona Zambia with a simple belief: that a well-run Zambian SME deserves a fair shot at credit. TLG understood what we were building from the outset. They asked the right questions and structured a facility that fits the way we actually operate. It gives us exactly the foundation we need to grow."
— Kayinja Mfuni, CEO of Shona Capital Zambia
Shona Zambia Team
- Kayinja Mfuni
- Muze Syachaba
- Micheil Banoub
TLG Deal Team
- Isaac Marshall
- Aum Thacker
- Rohan Subramanian
Legal Counsel
Hannaford Turner
Moira Legal
About TLG Capital
TLG Capital is a leading private credit fund manager exclusively focused on sub-Saharan Africa. TLG has made over 50+ investments and 30+ exits across 20+ African countries since inception in 2012. TLG's flagship fund, Africa Growth Impact Fund II (AGIF II), targets small-and-medium enterprises and is anchored by the IFC, Norfund, Swedfund, and Bpifrance. Visit www.tlgcapital.com.
About Shona Zambia
Shona Zambia is a Lusaka-based SME lender founded in March 2025. The company offers fast, flexible, and fairly-priced loans to Zambian-owned SMEs across healthcare, retail, and agriculture. Shona Zambia’s leadership team brings over 45 years of combined banking and microfinance experience in the Zambian market. Shona Zambia has a pipeline of over 1,000 potential borrowers and expects to grow rapidly in 2026.
Official Document
View or download the full official press release for your records.
DOWNLOAD PRESS RELEASE (PDF)