WAI impact story

Women changing the way we invest in Africa

Founded in 2017, Women in Africa Investments (WAI) has expanded into a network of 220 investment professionals working toward a more equitable distribution of capital in Africa.

In 2022, Small Foundation supported the publication of WAI’s Impact Report, which demonstrated the value of WAI as reported by members:

•  66% agreed WAI reduced the time and cost of growing their network.

• 60% agreed joining the network reduced their feelings of isolation and boosted their morale.

• 53% used WAI to build relationships outside of their fundraising conversations.

WAI 2022 Impact Report cover image

The report also captured the diverse membership, from development finance institutions to venture capital funds, philanthropic investors, and ecosystem builders.

Since publishing the report, WAI has developed new initiatives including:

• Collaborative for Frontier Finance / Early Stage Capital Provider Network (ESCP): WAI founder Elizabeth Howard engaged four Ghanaian emerging fund managers – members of the WAI and ESCP networks – to design a regulatory framework for investments-based crowdfunding in Ghana.

• The Rallying Cry: Elizabeth Howard and The Rallying Cry Founder Carey Bohjanen collaborated to facilitate discussions on framing investment issues through the dual lens of gender and climate.

• AWI – WAI Partnership: The AWI Foundation is building a warehousing facility for female first-time fund managers, supported by Small Foundation and GiZ. One aspect of the design is participation by individual local investors. This work is connected to Elizabeth Howard’s policy work with African regulatory authorities.