Winners of the 2024 Africa Impact Investment Awards

Celebrating outstanding contributions to the burgeoning impact investment sector across the African continent, the 2nd annual Africa Impact Investment Award winners were announced as part of the annual Africa Impact Summit in Nairobi, Kenya, on 17 July.

Hosted by Krutham, the research-led consulting firm specialising in capital markets and financial services in developing countries, and sponsored by FirstRand, the awards showcase exemplary achievements in driving sustainable and inclusive growth.

Krutham executive chairman, Dr Stuart Theobald noted the progress 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, Theobald also said 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 $38bn in 2015 to approximately $65.2bn 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.

2024 winners:

• Impact Funder of the Year: Phatisa Fund Manager – for its work in mobilising and deploying capital to drive sustainable development across Africa.
• Impact Fund of the Year: Inspired Evolution’s Evolution III fund – for its strategic investments in renewable energy and resource efficiency sectors.
• Impact Intermediary of the Year Africa: GreenCo – for its approach to mitigating risks and improving creditworthiness in the renewable energy sector.
• Financial Structure of the Year: Villgro Africa – for 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.
• Social Enterprise of the Year: eBee Africa – for its pioneering work in providing affordable and sustainable electric mobility solutions, significantly improving access to clean transportation in underserved communities.
• Outstanding Individual Achievement: Amma Lartey – for 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.
• Judges’ Award: Sahel Capital
• Judges’ Award: 60 Decibels

“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,” said Judge Jacklyne Iminza-Anyamba, COO of the East Africa Venture Capital Association.

“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,” Iminza-Anyamba continued.

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.

“The winners this year truly spotlight the continent’s ability to attract and deploy impact capital effectively as part of achieving sustainable and inclusive economic growth,” concluded Theobald.