Press Release: Inkomoko Partners with TED’s Audacious Project to Empower 335,000 Displaced Entrepreneurs in Africa

The Inspirer.

Kigali, Rwanda – October 9, 2024 — Inkomoko, an organization dedicated to supporting refugee economic development in Africa, has been selected to join TED’s prestigious Audacious Project for 2024. The partnership will help Inkomoko scale its efforts to support displaced entrepreneurs across the continent, providing advisory services and direct financing to small businesses run by refugees.

The Audacious Project, housed at TED, connects philanthropic funders with organizations tackling some of the world’s most critical challenges. Inkomoko’s inclusion highlights its innovative approach to addressing the global refugee crisis through sustainable economic solutions. With the backing of The Audacious Project, Inkomoko plans to expand its operations sixfold over the next six years, reaching 3.4 million people affected by forced displacement in East Africa. The goal is to help these individuals achieve financial independence and rebuild their lives through entrepreneurship.

Since its founding in 2012, Inkomoko has supported 90,000 entrepreneurs in 30 communities across five countries, including Rwanda, Kenya, Ethiopia, South Sudan, and Chad. The organization offers business training, capital investment, and market linkages to both refugee and host community entrepreneurs. By focusing on direct financial investment rather than traditional humanitarian aid, Inkomoko aims to create long-term, sustainable economic growth in displacement-affected regions.

Currently, Inkomoko is Africa’s largest lender to refugees, providing capital with flexible repayment terms and interest rates that are less than half the market rate. The organization has disbursed nearly $40 million in funding, and its capacity-building services help ensure a high repayment rate of 96%, demonstrating the reliability of displaced entrepreneurs.

“We are honored to partner with The Audacious Project to expand opportunities for forcibly displaced people in Africa,” said Julienne Oyler, CEO and co-founder of Inkomoko. “This collaboration will showcase the economic potential of refugee markets, encouraging more investors and private sector actors to join this important cause.”

Inkomoko’s Chief Program Officer, Mary Mwangi, highlighted the organization’s commitment to expanding its partnerships and support for marginalized groups. “Our selection as an Audacious project reinforces the importance of supporting local entrepreneurs, especially women, refugees, and youth. As we grow, we aim to strengthen our collaboration with governments and the private sector to broaden access to business development and financing.”

Anne Marie Burgoyne, Managing Director at Emerson Collective and an Inkomoko partner, praised the organization’s approach. “Inkomoko’s mission goes beyond helping entrepreneurs—it ensures that displaced people can live with dignity and make meaningful contributions to their communities. Being part of The Audacious Project is a testament to their innovative approach.”

Since its inception in 2018, The Audacious Project has raised more than $5.9 billion for visionary changemakers addressing global challenges. With this partnership, Inkomoko is poised to significantly expand its impact on refugee communities across Africa.

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