Inkomoko has announced a groundbreaking pledge to invest $150 million in micro and small businesses across Africa.
This announcement was made during the second Global Refugee Forum taking place in Geneva, where governments, organisations, 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.
Makena Mworia, Managing Director of Inkomoko’s Kenya operations is representing the organisation at the Forum.
“In Kenya, where Inkomoko has been operating since 2019, this commitment will specifically impact 55,000 refugee and host community businesses by 2027. As the largest investor 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 said.
The investment will impact refugee and host community businesses across Kenya, as well as Ethiopia, Rwanda, South Sudan and two other countries in the coming years.
It 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.
In Inkomoko’s track record of investing in marginalised communities, the consistent repayment rate of 97 % demonstrates that investing in refugee communities is a sustainable approach to economic development.
At the inaugural Forum in 2019, Inkomoko had pledged to-and has now provided support 35,000 refugee and host community entrepreneurs with business development support services and cheap loans in East Africa.
Inkomoko’s 2019 pledge led to Inkomoko’s expansion throughout Kenya, adding locations in Dadaab, and support to urban refugees in Eldoret and Nairobi.
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 and hopes to improve livelihoods for 7.6M people by 2030.