Mastercard Foundation Africa Growth Fund publishes new book on job creation through services
The Mastercard Foundation Africa Growth Fund has released a new publication highlighting how non-financial support services rather than capital alone determine whether investments translate into sustainable job creation, particularly for young women across Africa.
The Mastercard Foundation Africa Growth Fund has released a new publication highlighting how non-financial support services rather than capital alone determine whether investments translate into sustainable job creation, particularly for young women across Africa.
Titled Investing for Impact: Designing and Delivering Services to Facilitate Job Creation, the Learning Book distils four years of insights from the Fund’s operations across multiple African markets. The report argues that while access to capital remains essential, the structure, timing, and delivery of support services ultimately shape employment outcomes.
Since inception, the Fund has deployed a blended model combining $150 million in investment capital with a $25 million service facility. As of January 2026, this approach has contributed to the creation of over 10,799 direct jobs 41 percent held by women and 43 percent by young people alongside more than 400,000 indirect jobs. The Fund is targeting 15,000 direct jobs by 2027.
According to the publication, the effectiveness of investment is less about the size of capital deployed and more about how accompanying services are designed and governed. It emphasises that critical factors such as who designs the services, whose expertise is prioritised, and how risks are shared play a decisive role in determining outcomes.
The report draws on extensive field experience spanning Nigeria, Kenya, Uganda, and other African markets. It incorporates data from 122 service providers, 133 service interventions, 17 investment vehicles, and 64 portfolio companies. Through these engagements, the Fund examined how service delivery models interact with investment timelines and business realities.
A key finding is the importance of adopting a strengths-based approach when assessing business needs. Rather than focusing solely on gaps, the Fund found that recognising existing capabilities within enterprises leads to more effective and sustainable interventions. The study also highlights the role of trust, alignment, and timing in ensuring that services are both accessible and impactful.
Gender inclusion emerged as a major area of transformation. Through engagements such as the gender-lens investing retreat facilitated by Criterion Institute, 92 percent of participating investment vehicles reported a significant shift in how they approached gender considerations. Many moved from treating gender as a compliance requirement to integrating it as a core investment lens that strengthens decision-making.
The publication also underscores the central role of African service providers. About 90 percent of all service interventions were delivered by local firms through a network coordinated by Entrepreneurial Solutions Partners. Strengthening this ecosystem by formalising providers, enhancing administrative capacity, and recognising them as knowledge leaders was identified as critical to long-term economic development.
Beyond growth, the Fund observed that many businesses require support to build resilience in volatile economic environments. Services focused on stabilisation such as operational restructuring and financial management proved just as valuable as those aimed at scaling. This insight raises broader questions about how investment support should be structured in emerging markets.
The Learning Book forms part of a four-part series documenting the Fund’s experience. While the first publication examined capital deployment strategies, upcoming editions will explore ecosystem engagement and approaches to transforming local economies to create meaningful employment for young women.
The Mastercard Foundation-backed initiative aims to catalyse inclusive growth by supporting African-led investment vehicles and small businesses across sub-Saharan Africa. Through its gender-lens investing approach, the Fund seeks to deepen economic participation, strengthen local investment ecosystems, and promote sustainable development outcomes across the continent.
