Africa Growth Fund

A premier, $200 million USD impact investing initiative designed to support substantial long-term economic growth

The Mastercard Foundation partnered with Mennonite Economic Development Associates (MEDA), I&P (Investisseurs & Partenaires), and ESP (Entrepreneurial Solutions Partners) to launch the Mastercard Foundation Africa Growth Fund. The catalytic Fund-of-Funds initiative will help close the financing and support gap on the impact investing space in Africa to enable dignified and fulling work opportunities for youth, particularly young women. It will achieve this by introducing additional capital for African entrepreneurs, particularly females, by strengthening and de-risking African investment vehicles committed to advancing gender equity in entrepreneurship.

The Mission

To close the financing and support gap in the impact investing space in Africa. This will be achieved by elevating and diversifying the reach of African-owned and African-led Investment Vehicles that fund growth-oriented small- and medium-sized enterprises in sub-Saharan Africa, with the objective of creating employment opportunities for youth, particularly young women.

The Vision

To create additional work opportunities in sub-Saharan Africa for young people, particularly for young women, and to significantly contribute to shaping the engagement of the African impact investing ecosystem.

Learn more about the Mastercard Foundation Africa Growth Fund


Africa Growth Fund's First Investment Vehicle

We are pleased to announce the Fund’s first investment vehicle, Aruwa Capital Management, to support early-stage, growth-oriented, small- and medium-sized enterprises (SMEs). Aruwa Capital Management, a Lagos-based, female-founded and led early-stage growth equity and gender lens investment fund, closed an investment of $2.2 million focused on investing in SMEs in Sub-Saharan Africa. The Investment Fund Aruwa Captial will invest in women-focused small and growing businesses in Nigeria and Ghana, targeting critical sectors such as healthcare, fintech, renewable energy, and essential goods.

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