FUND IMPACT AND PROGRESS TO DATE
Up to the end of 2020, the Fund has committed around US$ 45 million to 38 projects in 15 Sub-Saharan African countries. This support has now enabled the development and launch of over 204 financial products including savings, credit, insurance, and transaction services used by over 4.7 million customers (far exceeding an internal target of 1 million people at the Fund onset) to improve their livelihoods. Of these, 33% are women living in rural areas while 34% are under the age of 35.
The disbursed funds have so far successfully leveraged US$ 90.8 million from participants which has furthered the transformative effect on financial inclusion. This means that for every dollar disbursed by the Fund, an additional US$ 2.7 has been invested by the businesses themselves. So far, over 3.1 million people have received some form of capacity-building support through the participant businesses, and 5,062 direct jobs have been created within the portfolio. Of the direct jobs created 64% were for individuals under the age of 35 while 34% were for women.
In 2020 alone,
the number of rural customers reached grew by 1.35 million,
financial products and services launched by participants grew by 31,
beneficiaries of capacity building increased by 710,000 and
direct jobs created grew by 1,949 across the portfolio.
The total number of customers in 2020 comprised of 460,947 women which represented one third of the total new customers. These statistics will support further upcoming learning themes by the Fund such as the impact of Fund-supported interventions on women.
Participants reached 631,597 new youth customers, which represents a larger share of new customers than in 2019 (+20%). To date, people below the age of 35 make up 34% of new beneficiaries.
These overall figures indicate that the Fund is performing well above original internal targets set in terms of outreach and despite the recent challenges facing several participants in the last year or more.
*This summary relies on data as received up to Dec 2020 from Fund participants and is subject to change.