2024 Africa Impact Investment Awards Winners Announced

Krutham, the research-led consulting firm specialising in capital markets and financial services in developing countries, has announced the winners of the 2024 Africa Impact Investment Awards.

Hosted in Nairobi, Kenya, as part of the annual Africa Impact Summit, this year’s awards, which were sponsored by FirstRand, celebrate outstanding contributions to the burgeoning impact investment sector across the African continent, showcasing exemplary achievements in driving sustainable and inclusive growth.

Krutham Executive Chairperson, Dr Stuart Theobald notes the strides in the ecosystem since the inaugural edition of the awards last year. “It’s tremendously exciting to see the power of catalytic capital across the continent and the increased cooperation to facilitate access to capital for emerging entrepreneurs.”

However, Dr Theobald also noted that, “the cadence and scale of investment could still be increased significantly.”

Africa’s impact investment market has seen considerable growth, with investments rising from $38 billion in 2015 to approximately $65.2 billion in 2022. Despite this progress, challenges remain, including poor visibility and credibility of interventions, regulatory uncertainties, and underdeveloped practices for monitoring and evaluation. Nonetheless, the continent presents numerous opportunities, particularly in high-impact sectors such as education, healthcare, agriculture, and renewable energy.

The Krutham Africa Impact Investment Awards 2024 highlight the exceptional work being done to advance impact investing in Africa. This year’s winners exemplify the visionary spirit and commitment to positive change that defines the sector. The judging panel of 11 was composed of members of the impact investment ecosystem including Dr. Frank Aswani of The African Venture Philanthropy Alliance, Sylvain Merlen of the UNDP and Sophia Omar of the Impact Investing Institute among others.

At the 250-person awards gala dinner the winners were announced as follows:

Phatisa Fund Manager who was recognised as Impact Funder of the Year for its remarkable work in mobilising and deploying capital to drive sustainable development across Africa.

Inspired Evolution’s Evolution III fund was named as Impact Fund of the Year for its strategic investments in renewable energy and resource efficiency sectors, significantly contributing to reducing carbon emissions and promoting sustainable energy solutions across the continent.

Africa GreenCo was honoured as Impact Intermediary of the Year for its exciting approach to mitigating risks and improving creditworthiness in the renewable energy sector. By acting as an intermediary, Africa GreenCo has facilitated increased private sector investment in clean energy projects.

Villgro Africa received accolades for Financial Structure of the Year, with its unique financial structures supporting early-stage social enterprises, enabling impactful businesses to scale effectively and address critical social challenges in healthcare, agriculture, and other sectors.

eBee Africa was celebrated as Social Enterprise of the Year for its pioneering work in providing affordable and sustainable electric mobility solutions, significantly improving access to clean transportation in underserved communities.

From an individual perspective, Amma Lartey was recognised for her outstanding individual achievement, showcasing her tireless dedication to advancing impact investing in Africa. Her leadership and vision have been instrumental in shaping the sector and driving substantial progress towards achieving the Sustainable Development Goals.

Judge Jacklyne Iminza-Anyamba, Chief Operating Officer of the East Africa Venture Capital Association said: “Looking at how competitive the process was this year and considering the diversity in the way each entrant is solving problems and building differently, yet impactfully, for Africa, it is encouraging for the future of the ecosystem. Additionally, the quality of connections and conversations throughout the entire Africa Impact Summit is indicative of the progress in impact investing on the continent. The next step will be catalysed by holistic participation from all players in the ecosystem to continue building sustainably.”

Impact investment is increasingly seen as a vital complement to public spending, helping to address funding gaps in essential sectors. Significant opportunities exist in education, healthcare, water and sanitation, agriculture, and affordable housing, driven by innovative solutions to persistent challenges.