NAIROBI, Kenya, Oct 10 – Inkomoko, a leading impact organization addressing refugee economic development across Africa, has been named in the 2024 Audacious Project cohort for their innovative approach in humanitarian assistance.
As the global refugee crisis continues to grow, Inkomoko offers a sustainable solution by investing in refugee entrepreneurs with advisory support and direct financing of refugee-run small businesses..
The Audacious Project convenes funders to scale bold solutions to the world’s most urgent challenges.
Inkomoko has been selected for its impact and vision to develop thriving economic markets in displacement-affected communities.
Funding through The Audacious Project will accelerate Inkomoko’s growth over the next six years.
This scaling its previous reach nearly 6x, enabling 3.4M people affected by forced displacement in East Africa to live dignified and financially independent lives.
Inkomoko already provides training, capital, and market linkages to refugee and host community entrepreneurs across 30 communities in 5 countries.
Founded in 2012, Inkomoko has supported 90,000 entrepreneurs to grow their businesses, improve their livelihoods, and create jobs for others in their communities as a pathway out of poverty.
Inkomoko believes that humanitarian aid is critical to emergency response, and that direct financial investment in displaced persons is the most effective and sustainable model for the future.
Forcibly displaced people are asking for the chance to rebuild their lives with the tools of economic development, and with the right support, refugees can contribute meaningfully to local and regional economies.
Today, Inkomoko is the largest lender to refugees in Africa, offering flexible repayment schedules and interest rates less than half the market rate.
Inkomoko has disbursed nearly $40M in capital, all of the investments de-risked by their capacity-building services.
With a 96% repayment rate, Inkomoko is proving that displaced entrepreneurs are just as investable as any other business.
“We are deeply honored to partner with The Audacious Project to scale opportunities for forcibly displaced persons in Africa,” said Julienne Oyler, CEO and co-founder of Inkomoko.
“Together, we will demonstrate the economic viability of displaced markets, ultimately attracting more investors and private sector companies to join this cause, bringing additional opportunities to marginalized communities in the future.”
“Inkomoko’s selection as an Audacious project highlights the importance of supporting local entrepreneurs as they navigate the challenges and opportunities within their communities,” said Inkomoko Chief Program Officer, Mary Mwangi.
Managing Director Emerson Collective, an Inkomoko partner and a funder of The Audacious Project,Anne Marie Burgoyne said selection into this year’s Audacious cohort is a testament to Inkomoko’s innovative approach.
“Inkomoko’s mission has always been about more than just supporting entrepreneurs. It’s about ensuring that everyone, including overlooked forcibly displaced people, has the opportunity to live with dignity and contribute meaningfully to their families and communities,” said Burgoyne.
Since 2018, The Audacious Project has catalysed more than $5.9 billion to changemakers with bold visions for addressing some of the world’s most pressing challenges.
Source: capitalfm
