Inkomoko operates in refugee camps across East Africa. Courtesy Photo.
In a significant nod to country’s emerging entrepreneurial ecosystem, the Financial Times has named Inkomoko, a Rwanda-based social enterprise, as the 8th fastest-growing private company in Africa — the only Rwandan company to make the list and the highest-ranked in East Africa.
The recognition places Inkomoko at the forefront of a new wave of African organizations proving that sustainable, inclusive economic development is not only possible, but thriving.
Founded in 2012, Inkomoko has grown from a small business advisory service in Rwanda to a regional powerhouse operating in Rwanda, Kenya, Ethiopia, South Sudan, and most recently, Chad. The organization provides business development services, access to capital, and market linkages to micro and small enterprises — with a special focus on refugees and underserved entrepreneurs.
“This isn’t just our growth story — it’s our clients’ and the communities we serve,” said Emmanuel Mugabo, Managing Director for Inkomoko in Rwanda. “Every business we support is a reminder that talent is everywhere, but what is missing is access — and that’s something we can fix together with partners, investors, and policymakers.”
A model for inclusive economic growth
Inkomoko was recognised for its commitment to working in refugee settlements and host communities — places often overlooked by mainstream financial institutions. The approach used by Inkomoko challenges the conventional notions of aid, demonstrating that with the right tools, displaced populations can become dynamic contributors to local economies.
In just over a decade, Inkomoko has invested over $35 million in small and micro businesses, supporting more than 100,000 entrepreneurs, impacted over 1.2 million people in refugee camps across East and Central Africa.
The enterprise provides business training, low-interest financing, and mentorship tailored to the needs of small-scale entrepreneurs, whether they are market vendors in refugee camps or youth-led startups in urban centers.
Inkomoko’s model is also data-driven: their localized teams gather insights that inform more responsive program design, ensuring that support evolves with changing economic realities.
With Africa’s population projected to double by 2050 and an increasing number of people displaced by conflict, climate change, and economic instability, the need for inclusive models like Inkomoko’s has never been more urgent.
Inkomoko, which was founded in Rwanda, was named among the fastest growing African companies by the Financial Times.
Looking forward, Inkomoko has set an ambitious target: by 2030, it aims to invest $150 million in 550,000 micro and small businesses, further deepening its footprint across the region. The organization is actively seeking partners and investors who share a vision for scalable, impact-driven economic development.
“This recognition from the Financial Times is an honor,” Mugabo said. “But the real measure of our success will be how many others join us in this work.”
Global validation for East African innovation
The Financial Times’ Africa Fastest Growing Companies 2024 list ranks private companies based on revenue growth, and it spotlights organizations that are not only profitable but also shaping Africa’s economic future.
Inkomoko’s inclusion — especially as the top-ranking firm in East Africa — is a milestone for Rwanda’s entrepreneurial sector. It showcases how mission-driven businesses from smaller economies can compete on a continental scale, especially when they offer solutions that are locally grounded, socially relevant, and economically viable.
While many African growth stories are concentrated in fintech, logistics, or natural resources, Inkomoko’s approach proves that investing in people — especially those on the margins — can yield powerful returns.
Inkomoko’s impact is particularly visible in refugee camps like Kakuma (Kenya) and Mahama (Rwanda), where traditional aid systems are being complemented by entrepreneurial solutions. The organisation which started in Rwanda employes more than 700 staff working across five countries, making Inkomoko one of the region’s largest and fastest-growing social impact employers.
Founded in 2012, Inkomoko is a social impact enterprise that supports refugees and host community entrepreneurs across East and Central Africa. The organization offers business training, access to capital, and market opportunities to underserved entrepreneurs. With operations in Rwanda, Kenya, Ethiopia, South Sudan, and Chad, Inkomoko continues to build inclusive economies that create lasting impact.
The full list of Africa’s fastest-growing companies is published annually by the Financial Times in collaboration with data firm Statista.
