Inkomoko has availed Rwf189 billion for direct private sector investment to mainly support youth and women in micro and small businesses operating in refugee hosting communities in six African countries. ALSO READ: Our journey supporting Rwandan businesses has been very rewarding – Inkomoko founder The development was announced on December 13, during the second Global Refugee Forum which took place in Geneva, where governments, organisations, and private donors made pledges to support and address the challenges related to refugees. Inkomoko’s investment seeks to directly impact 90,000 refugee and host community businesses across Ethiopia, Kenya, South Sudan, and Rwanda where it is headquartered, and has been operating for the past 11 years. With a special focus on inclusivity, 60 per cent of the supported businesses are led by women and 50 per cent by youth, ensuring equal opportunities for those often excluded from traditional finance. Aretha Mutumwinka Rwagasore, Managing Director of Inkomoko Rwanda, said Inkomoko’s goal is to enable 600,000 people to lift themselves out of poverty by 2027 through growing sustainable businesses. “As the largest lender 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.” Since the inaugural forum in 2019, Inkomoko has provided support to 35,000 refugees and host community entrepreneurs with business development support services and low-cost loans in East Africa. Its track record of investing in marginalised communities shows a repayment rate of 97 per cent, demonstrating that investing in refugee communities is a sustainable approach to economic development. ALSO READ: BK Foundation in collaboration with Inkomoko launch the 7th Edition of BK Urumuri Initiative In Rwanda, Inkomoko has different initiatives that support SMEs including the annual BK Urumuri Initiative in collaboration with Bank of Kigali, a competition designed to support 25 innovative sustainable businesses in Rwanda.
