Incofin Foundation, a private foundation established in 2021 by Incofin Investment Management with the purpose of scaling social and environmental impact that complements the return of its investments, has recently launched a project funded by the Inter-American Development Bank’s innovation branch (IDB Lab), and supported by the GSMA, a global organization unifying the mobile ecosystem to discover, develop, and deliver innovation foundational to positive business environments and societal change.

The project “Innovation in Agtech and Digital Agriculture for Small Farmers” aims to improve smallholder farmers’ profitability, access to finance and markets, and climate resilience by catalyzing the capacity, investment readiness, and uptake of agtech solutions in six countries of Latin America: Bolivia, Colombia, El Salvador, Honduras, Paraguay and Peru. The project will launch an Innovation Call to identify 14 agtech solutions championed by agtech services providers or start-ups, financial services providers, agricultural cooperatives, and agribusinesses. GSMA’s experience in running innovation calls in the agtech field will constitute a valuable support for Incofin Foundation to select promising agtech solutions capable of providing high-quality services to smallholder farmers. The selected agtechs or projects will receive technical assistance grants and potential financing for piloting, rolling out, or scaling up services helping to amplify the potential of 30,000 smallholder farmers in increasing their profitability, climate-resilience, and gender equality.

This project with the Inter-American Development Bank, GSMA and their impact investor networks represents a strategic opportunity to engage with digital agriculture stakeholders in Latin America and promote technology as a tool to increase impact for smallholder farmers. Through this initiative, Incofin Foundation will seek to incorporate new pathways to address the challenges that the agrifood sector faces today for a better and more sustainable future.

We are thrilled to announce that Incofin has been honoured with the prestigious title of Belgian Asset Management Company of the Year for the third consecutive year in 2023, as awarded by Global Banking & Finance Review. This remarkable achievement signifies our unwavering commitment to the impact investing space.

Incofin’s third consecutive win underscores the increasing recognition within the global financial community of the profound impact we’ve made in the impact investing space. With over two decades of dedication to the development of the impact investing sector, Incofin has built a proven track record in the financial inclusion and agri-food domains worldwide. In 2023, we proudly introduced the Water Access Acceleration Fund, marking our entry into the drinking water sector.

We extend our thanks to Global Banking & Finance Review, partners, clients, and the Incofin family for their support. This three-peat victory is a testament to our ongoing commitment to driving meaningful change in impact investing. Stay tuned as we continue our journey toward a more inclusive and sustainable future.


Today (Oct 16th, 2023), being the ‘World Food Day’ and the theme of this year is “Water is life, Water is food. Leave no one behind”, Incofin’s Water Access Acceleration Fund (W2AF) announces its first investment of in Rite Water Solutions (India) Pvt. Ltd. for EUR 7.5 m. 

With this, W2AF marches into the next step of success and impacting the world by providing access to safe and affordable drinking water to millions through its investment. The fund’s overarching goal is to bring safe drinking water to 30 million people in water-scarce areas by 2030.

W2AF is an impact-first blended fund that invests in safe drinking water enterprises, primarily in Africa and Asia. W2AF’s investors include Danone, BNP Paribas, U.S. International Development Finance Corporation (DFC), the Danish development finance institution IFU, Norfund, Aqua for All, and the U.S. Agency for International Development.

Incofin is a leading global impact investment firm headquartered in Belgium with EUR 1.4 billion Assets under Management. Incofin has a vintage of 22 years globally and primarily focuses on sectors being agri-food, financial services, water. It has made investment across 65 countries and has 100+ global team members based out of 7 global offices.

Rite Water is India’s rural affordable drinking water and tech backed company providing comprehensive, cost effective and sustainable solutions for safe drinking water to habitations across India where water sources are chemically & biologically contaminated. With this investment in Rite Water, Incofin’s W2AF is steadfast in common ambition to provide 50 million litres of drinking water everyday by 2028 through this investment.


We like to share examples on how financial inclusion can advance climate-smart solutions and drive inclusive progress. A series of impactful projects of all shapes and sizes in emerging countries that address climate change, and help people adapt to and be more resilient to climate hazards. We at Incofin hope these stories of entrepreneurs, of financial institutions, of cooperatives, of impact organisations around the world can inspire how impact investors can contribute to a sustainable transition to a climate resilient economy.

Climate change is now. We must ensure that the most susceptible to the impacts of climate change – who are often already among the most vulnerable – are not left behind. Climate change is as much an environmental challenge as it is one of livelihood and social justice. Low-income communities (not the least women in those communities) are on the frontline of the dire effects of climate change. With the proper financial and technical solutions they are able to adapt, build resilience and mitigate climate change. Financial inclusion is well positioned to play a key role in empowering low-income vulnerable populations to adapt to climate change.

It brings us this time to Banco Pichincha in Ecuador, and especially to Maria. Enjoy her story.


Watch here the example of Mufin Green in India:


Incofin invests EUR 2 million in PEBCo-Bethesda in Benin. The funding comes from the Agricultural Liquidity Fund (ALF) and is a testament to Incofin’s dedication to advancing sustainable agriculture and climate resilience through financial inclusion. This resonates deeply with Benin, a country where agriculture sustains livelihoods and contributes 30% to GDP.

With more than 70% of its population relying on agriculture, the importance in Benin of agriculture cannot be overstated. Established in 1996, microfinance institution PEBCo Bethesda Benin has emerged as a catalyst for change, with a core mission to empower low-income communities, particularly women, in this agrarian landscape.

It facilitates farmers to purchase seeds and other inputs and supports the necessary investments to ensure revenue generation. This approach not only enhances the financial prospects of individuals but also contributes to the broader economic development of the populations it serves.


Comprehensive financial services

PEBCo’s efforts encompass a range of financial and non-financial services, including savings, agricultural loans, education loans and green loans for the acquisition of solar panels, among others.


Confronting climate challenges

However, Benin, like many other countries, grapples with the adverse effects of climate change. In recent years, unpredictable and erratic weather patterns, marked by floods and droughts, have cast a long shadow over the agricultural sector in Benin. It has not only imperiled food security but also jeopardized the livelihoods of countless individuals.

PEBCo has enlisted the expertise of an agricultural specialist to assist the MFI and its client sin adapting to and mitigating climate risks. This proactive approach underscores its commitment to safeguarding the interests of its borrowers and promoting sustainable farming practices.

Incofin, committed to inclusive progress and sustainable agriculture

Incofin’s debt investment of EUR 2 million in PEBCo originates from the Agricultural Liquidity Fund. The fund seeks to support actors in the sustainable agrifood value chain. This investment reaffirms Incofin’s commitment to fostering agriculture in Africa and the belief in PEBCo’s pivotal role in this endeavor.


Incofin just sold its 28% equity stake that its Rural Impulse Fund (RIF II) had in Unguka Bank to LOC Holdings, one of the leading global financial platforms for micro, small and medium entrepreneurs (MSMEs).

RIF II sold its entire 28% participation in Unguka Bank in Rwanda. Since its investment in 2012, RIF II has helped the company more than double its total assets from USD 14 million to USD 29 million, growing into the largest microfinance bank in Rwanda, serving 1,685 clients.

Geert Peetermans, Co-CEO of Incofin commented: From the time we entered over a decade ago as first foreign institutional investor in the then early-stage microfinance bank Unguka, its team has consistently built out tailored services and deepened outreach among Rwanda’s rural MSMEs. We are today passing on the baton to a new strategic investor, with confidence that Unguka Bank and its spirited team have a great future ahead offering responsible financial services.”

In addition to financing, Incofin has provided technical assistance to the bank to develop an agricultural lending strategy, related products and methodologies as well as to migrate to a new, more efficient core banking management system. This was in line with the RIF II-mission to promote socio-economic development in rural areas.

Besides its lending activities (for purposes such as job creation, housing and agricultural development), Unguka Bank has made significant contributions to social protection. Through an annual budget allocation, the bank for example supports vulnerable populations by covering school fees for children and constructing shelters.

Reflecting on the journey with Incofin, Justin Kagishiro, CEO of Unguka Bank, said: “Unguka Bank is grateful to RIF II for the exciting journey we have been on together since 2012 and for the impact we have made on our customers. We see Incofin not only as a financial investor but also as a trusted partner to extend our reach.”

Commenting on the significance of the investment in Unguka Bank, Deputy Chairman of LOLC Holdings Ishara Nanayakkara said: The African region possesses immense growth potential, characterized by higher GDP growth. Leveraging on our position as a leading global player in the MSME market, we are eager to address the requirements of this population segment and empower them to enhance their standard of living. By implementing our successful MSME model within Unguka Bank, we aim to offer accessible financial products and services that effectively meet the diverse financial needs of entrepreneurs. As LOLC remains committed to the UN Sustainable Development Goals, we actively contribute to economic development as a responsible lender, promoting financial inclusion while upholding robust client protection principles.”


About Rural Impulse Fund II

Rural Impulse Fund II is a EUR 120 million (USD 173 million) fund that was launched in 2010. The fund aims to contribute to the alleviation of poverty in rural areas by investing in microfinance institutions that have a strong presence in these rural regions.


LOLC Holdings

The LOLC Group is one of the most strategically diversified financial services conglomerates with presence in 23 countries across Asia, Africa and Australia. This extensive coverage enables LOLC to reach a population of over 1.3 billion globally, effectively catering to the needs of the underserved populations in each of its markets. LOLC is engaged in financial services, leisure, plantations, construction, mining, manufacturing and trading, digital empowerment, research & innovation and other strategic investments. As a leading player in the international MSME sector, the Group has been a catalyst in facilitating financial inclusion, whilst striving to maximise environmental benefits through green operations and processes, in line with its triple bottom line focus.


About Unguka Bank

Unguka Bank Plc ( is a Microfinance Bank which started as a Microfinance Institution and licenced by National Bank of Rwanda since 2005. Unguka Bank is licenced to take deposits from clients and grant loans, as well as other related financial services. Its 14 branches and 1 outlet are opened in the Capital City of Kigali and other 3 Provinces (North, South and West) of Rwanda; it is yet to open a Branch in Eastern Province. The Bank has been serving the population, both in rural and urban areas, women and men, as well as MSMEs operating in various economic sectors.