The Fund portfolio is now complete in terms of selection and approximately 90% of financial support available through the Fund has been disbursed to the projects to date.
Based on the diverse business models, it is clear that some projects are further along than others in terms of generating development impact.
This report is based on data up to 30 June 2022 from the portfolio of Fund participants. Throughout the program period, FRP grants have been used to promote innovation, scale up existing solutions, accelerate successes and support businesses during COVID. The funding rounds have been the initial innovation, scaling and rolling competitions, Strategic investments, COVID-19 Recovery and Resilience and the Technical Assistance rounds. Overall, the Fund has reached over 5 million African customers by providing saving, credit, insurance and transaction products.
Fund participants had cumulatively reached 5.3 million customers up to 30 June 2022. Of these, 41% were customers under 35 and 35% were women living in rural areas. Over 4,931 direct jobs have been created, with 2.9 million people receiving capacity building from participant businesses to use the over 171 financial products and services launched with Fund support over its lifetime. These results significantly exceed initial expectations of the Fund performance when conceptualized some seven years ago.
Despite the ongoing effects of the pandemic as well as climate related and political shocks, overall, the Fund has helped 5.3 million African customers get access to financial services. Close to 5,000 jobs within the participating businesses have been created, with 38% of those jobs have been occupied by women and 78% for people under the age of 35.
A total of 171 products have been launched or scaled up by FRP participants, overcoming the target of 119 by 43%. In line with the distribution of projects and customers, most of these products were developed in East Africa and were different forms of credit.
By June 2022, the Fund has enabled the creation of close to 5,000 jobs within the participating businesses. 38% of those jobs have been occupied by women and 78% for people under the age of 35. It is important to note that the COVID-19 Recovery and Resilience funding window helped to support job retention (and, in some cases, job creation) even during the pandemic crisis.