Olive Ashimwe, Inkomoko Region Director of Business Growth Services making the $150 pledge at GRF 2023, in Geneva, Switzerland. The money will be invested in 90,000 refugee and host community businesses, 60% women, 50% youth, across 6 countries and enabling 600,000 people to live out of poverty by 2027.
At least 90, 000 micro and micro and small businesses across Africa, including those owned by women, youth and refugees are set to benefit from a multibillion fund pledged by Inkomoko, a socio enterprise operating in Rwanda, Ethiopia and to boost access to finance.
Inkomoko announced the groundbreaking pledge of RWF 189 billion to invest in micro and small businesses across Africa, on December 13, during the second Global Refugee Forum (GRF), which was taking place in Geneva, Switzerland, where governments, organizations, and private donors made pledges to support and address the challenges related to refugees.
This investment will support local, private sector enterprises, with a specific focus on businesses operating in
refugee hosting communities in six African countries.
Aretha Mutumwinka Rwagasore, Managing Director of Inkomoko Rwanda said said that Inkomoko is committed to reach as many people as possible to continue changing lives as they’ve been.
“Inkomoko’s goal is to enable 600,000 people to lift themselves out of poverty by 2027 through growing sustainable businesses. As the largest lender to refugees in Africa, Inkomoko knows direct investment in refugees and host communities
is pivotal to building thriving communities and creating opportunities for selfsufficiency,” Rwagasore said.
Here is how the amount will be distributed.
This investment aims to directly impact 90,000 refugee and host community businesses across Ethiopia, Kenya, South Sudan, Rwanda -where Inkomoko is headquartered and has been operating for the last 11 years- as well as two other
countries in the coming years.
Inkomoko’s investments will also have a significant emphasis on inclusivity, with 60% of the supported businesses led by women and 50% by youth, ensuring equal opportunities for those often excluded from traditional finance.
At the inaugural Forum in 2019, Inkomoko had pledged -and has now provided support o 35,000 refugee and host community entrepreneurs with business development support services and low cost loans in East Africa. In Inkomoko’s track record of investing in marginalized communities, the repayment rate of 97 percent demonstrates that investing in refugee communities is a sustainable approach to economic development.
Established in Rwanda in 2012 and now has offices in Kenya, Ethiopia and South Sudan, Inkomoko supports micro and small enterprises across Africa so that they can grow to improve livelihoods and create jobs and thriving communities.
Inkomoko is derived from a Kinyarwanda word meaning “origin,” a recognition that for many, Inkomoko’s services are the beginning of sustainable business growth. Inkomoko is Africa’s largest investor in refugees and targets to improve livelihoods for 7.6M people by 2030.
The pledge was made at GRF 2023.
