London, 18 September 2026 – The African Local Currency Bond Fund (ALCB Fund) has invested a further ZAR 50 million (USD 3 million) in a 4-year senior unsecured social bond issued by UsPlus Limited, a fintech-enabled provider of working-capital solutions to SMEs in South Africa. The notes have been issued under UsPlus' ZAR 1 billion Note Programme and listed on the Sustainability segment of the Interest Rate Market of the JSE Limited.

This transaction marks the ALCB Fund’s second investment in UsPlus, building on its initial ZAR 40 million (USD 2.2 million) commitment in 2024 that helped bring UsPlus to the public bond market as a debut thematic issuer. It also represents an important milestone for South Africa's debt capital markets as one of the earlier corporate social bond issuances to reference ZARONIA, the domestic interest rate benchmark replacing JIBAR.

Classified as Sustainability Use of Proceeds Bonds, the funds will be allocated exclusively to eligible social projects under the UsPlus Social Bond Framework, which received independent third-party verification from IBIS ESG Consulting Africa. UsPlus deploys liquidity through invoice discounting, factoring, and purchase order financing to help small enterprises to unlock capital trapped in payment cycles.

“We are pleased to reinvest in UsPlus following its successful inaugural social-bond issuance in 2024,” said Brock Hoback, Fund Lead at the ALCB Fund. “This follow-on transaction shows how anchor investment can help build a durable local-currency funding platform, enabling UsPlus to broaden working-capital access for MSMEs while supporting employment, inclusion and South Africa’s thematic bond market”.

Leonidas Kirkinis, Founder and CEO of UsPlus Limited, said: “Deploying finance to create change for the better in our society cannot be achieved by any single actor alone. Since its inception, UsPlus has sought to create networks of good that can positively impact South Africa. The significant increase in support from the ALCB Fund is a strong endorsement of UsPlus’s social-finance strategy and sustainable success as well as our ability to use the debt capital markets to expand finance to MSMEs. This issuance will enable us to extend working-capital support to more businesses across South Africa, helping our beneficiaries manage cash-flow constraints, fulfil contracts and sustain as well as grow employment. It also reinforces the role that social bonds can play in linking institutional capital with meaningful economic inclusion. Accordingly, we are proud of the ALCB Fund’s partnership with UsPlus”.

ENDS

African Local Currency Bond Fund: The African Local Currency Bond (“ALCB”) Fund is a dedicated investment vehicle that supports African local-currency bond issuances to promote capital-market development. It acts as an anchor investor in bond issuances by financial institutions, corporates and impact-driven enterprises across Africa, enabling them to raise long-term local-currency financing and reduce foreign-exchange risk. The Fund was established in 2012 by KfW, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), and is managed by Cygnum Capital. Website: www.alcbfund.com.

UsPlus: UsPlus Limited is a South African fintech-enabled working-capital finance provider to MSMEs. The company provides financing through the purchase of transferable instruments, including invoices, purchase orders and contracts, alongside strategic support for its clients. Through its Social Bond Framework, UsPlus seeks to expand access to working capital for Black-owned, women-owned and youth-owned MSMEs, as well as qualifying enterprises in priority provinces and selected high-impact sectors. Website: www.usplus.world.

Cygnum Capital: Cygnum Capital is a specialist investment bank and asset manager focused on frontier and emerging markets. Since 2008, the firm has delivered innovative, impact-driven financial solutions tailored to the evolving needs of its clients, with a global footprint and deep regional expertise. Website: www.cygnumcapital.com.

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