The 2024 Africa Impact Investment Awards, held in Nairobi, Kenya, celebrated the contributions made to the burgeoning impact investment sector across Africa by showcasing exemplary achievements in driving sustainable and inclusive growth.

It is exciting to see the power of catalytic capital across the continent and the increased cooperation to facilitate access to capital for emerging entrepreneurs, as the ecosystem made strides over the past year, said developing country research-led consulting firm Krutham executive chairperson Dr Stuart Theobald.

Africa's impact investment market has seen considerable growth, with investments having increased to about $65.2-billion in 2022 from $38-billion in 2015.

Despite this progress, challenges remain, including poor visibility and credibility of interventions, regulatory uncertainties and underdeveloped practices for monitoring and evaluation.

“The continent presents numerous opportunities, particularly in high-impact sectors such as education, healthcare, agriculture and renewable energy. However, the cadence and scale of investment could still be increased significantly,” Theobald emphasised.

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 spotlight the continent’s ability to attract and deploy impact capital effectively as part of achieving sustainable and inclusive economic growth. They exemplify the commitment to positive change that defines the sector,” said Theobald.

Private equity impact investment company Phatisa Fund Manager was recognised as Impact Funder of the Year for its work in mobilising and deploying capital to drive sustainable development across Africa.

Further, Inspired Evolution’s Evolution III fund was named Impact Fund of the Year for its strategic investments in the renewable-energy and resource efficiency sectors, significantly contributing to reducing carbon emissions and promoting sustainable energy solutions across the continent.

Electricity aggregator and onseller Africa GreenCo was honoured as Impact Intermediary of the Year for its exciting approach to mitigating risks and improving creditworthiness in the renewable-energy sector. By acting as an intermediary, Africa GreenCo has facilitated increased private-sector investment in clean-energy projects.

Meanwhile, Villgro Africa received the award for Financial Structure of the Year with its financial structures supporting early-stage social enterprises that enable impactful businesses to scale effectively and address critical social challenges in healthcare, agriculture and other sectors.

Additionally, eBee Africa was named Social Enterprise of the Year for its work in providing affordable and sustainable electric mobility solutions, significantly improving access to clean transportation in underserved communities, Theobald said.

In the individual category, Amma Lartey was recognised 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, the organisers said.

Industry organisation East Africa Venture Capital Association COO and awards judge Jacklyne Iminza-Anyamba said the panel was impressed with the quality of nominations received.

“It is encouraging for the future of the ecosystem when considering how competitive the process was this year, and the diversity of ways in which each entrant is solving problems and building differently and impactfully for Africa.

“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,” she said.