Norsad was first established in 1990, a collaboration between the Nordic and Southern African Development Community (SADC) governments, and operated as a multilateral agency based in Lusaka, Zambia. In 2011, they transformed into a limited liability company, Norsad Finance, incorporated in Botswana and accredited by the International Financial Services Centre. In 2022, they rebranded to Norsad Capital in line with their strategy to scale and deepen their impact in Africa.