Africa's private credit market has more than tripled in five years, with assets under management rising from $1.8 billion in 2020 to $5.6 billion at the end of 2025, according to Moody's. Growth is being driven by financing needs that traditional banking channels are not always able to meet, particularly for companies and infrastructure projects. Yet Africa still accounts for only around 0.3% of the global private-credit market, highlighting substantial room for expansion.