This investment will support local, private sector enterprises, with a specific focus on businesses operating in refugee hosting communities in six African countries.
Commenting on the development, Aretha Mutumwinka Rwagasore, Managing Director of Inkomoko Rwanda said that 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 self-sufficiency,” she noted.
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 to 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% demonstrates that investing in refugee communities is a sustainable approach to economic development.
Inkomoko supports micro and small enterprises across Africa so that they can grow to improve livelihoods and create jobs and thriving communities.
Inkomoko is a Kinyarwanda word meaning “origin,” a recognition that for many, Inkomoko’s services are the beginning of sustainable business growth.
With operations in Ethiopia, Kenya, Rwanda, and South Sudan, Inkomoko is Africa’s largest investor in refugees with a vision to improve livelihoods for 7.6M people by 2030.