Sub-Saharan Africa

Mastercard Foundation Africa Growth Fund

2022 - 2030

The Mastercard Foundation Africa Growth Fund is a bold initiative—a USD$200 million Fund of Funds—that works through African investment funds to support early-stage, growth-oriented small and medium-sized enterprises (SMEs) on the continent.



The Mastercard Foundation Africa Growth Fund’s goal is to provide dignified and fulfilling work for young people, particularly young women.

The Fund of Funds is catalytic, helping to bring in additional capital for African entrepreneurs, particularly female entrepreneurs. It strengthens and de-risks African investment funds committed to advancing gender equity in entrepreneurship.


The Fund-of-Funds initiative will help advance the Mastercard Foundation’s Young Africa Works strategy, which aims to enable 30 million young people in Africa, particularly young women, to access dignified and fulfilling work by 2030.

Context & Opportunity

Funds that are owned and led by African entrepreneurs and located on the African continent are often considered high-risk. At the same time, African SMEs struggle to access the financing they need to scale, inhibiting their potential to drive economic growth and employment on the continent.

The Mastercard Foundation Africa Growth Fund tackles both challenges by investing in and strengthening African investment funds. This approach, in turn, supports African SMEs.

Accelerating Entrepreneurship Across Africa: Three Trailblazing Investment Vehicles Join the Mastercard Foundation Africa Growth Fund

Panelists discuss the Mastercard Foundation Africa Growth Fund at SuperReturn Africa.
The Mastercard Foundation Africa Growth Fund hosts a panel discussion at SuperReturn Africa in Cape Town, South Africa

This week marked a key milestone for the Mastercard Foundation Africa Growth Fund (the Fund) as it announced the growth of its investment portfolio from two funds to five at SuperReturn Africa in Cape Town. The Fund’s new investments in Chui VenturesVestedWorld, and SME Impact Fund aim to catalyze economic transformation across the continent through African-owned and operated investment vehicles.

“We are excited to welcome Chui Ventures, Vested World, and SME Impact Fund to our expanding family of investment vehicles. These strategic partnerships represent our ongoing commitment to fostering sustainable development in Africa through impactful investments.”
– Samuel Akyianu, Managing Director, Mastercard Foundation Africa Growth Fund


Working together to achieve substantive impact

Business Development
Services Provider
Gender Equity Diversity and Inclusion Partner
Communications and Public Engagement Partner

The Mastercard Foundation Africa Growth Fund is an initiative of the Mastercard Foundation and a consortium of partners. Led by the Mennonite Economic Development Associates (MEDA), The Mastercard Foundation Africa Growth Fund and other partners include Investisseurs & Partenaires (I&P), ESPartners (ESP), Genesis Analytics, Criterion Institute, and Africa Communications Media Group (ACG).

How to Apply

Please complete the online form to apply to the Mastercard Foundation Africa Growth Fund.

Please note that we will not respond to incomplete applications nor to applications made by organisations other than investment vehicles. The MFAGF invests in funds/investment vehicles, and does not invest in SMEs, therefore SME applications will not be considered.

Call for Expression of Interest: Business Development Service Providers

To execute this vision, our partner Entrepreneurial Solutions Partners (ESP) is currently seeking the expertise of inclusive and innovative BDS providers based in Uganda, Rwanda, Kenya, Ethiopia, Senegal, Ghana, Nigeria.