Our 2026 Impact Report: the people behind the numbers

The numbers tell one story. In 2025, our investees reached 12.5 million borrowers, of whom 46% live in rural areas. We reached over 540,000 smallholder farmers and delivered 6.7 billion liters of clean drinking water to 11.7 million low-income people. Since inception, Incofin has now deployed over USD 5 billion across 80 countries.

But a report built only on aggregate numbers would be a report we wouldn’t want to write.

This year’s edition is built around the people behind the work. Federica Malfa, our Senior Investment Manager for Africa, on why gender due diligence is not a compliance exercise – and how one investee moved from zero to three women on its board within a year. Rahul Rai, our Partner in Delhi, on what it means to be the first institutional investor to take a board seat in a farmer-producer company in India, as we watched Sahyadri Farms grow from USD 95 million to nearly USD 270 million in revenue. CDIP in Bangladesh, where 246 branches stayed standing through floods because clients had savings before they had loans. And our exit from Bank Arvand in Tajikistan – patient capital, a loan portfolio that grew five-fold, and a buyer chosen on a scorecard, not a price.

Alongside these, the report carries the work of Equation Coffee in Colombia, TBC Leasing in Georgia, Sarvodaya in Sri Lanka, Superzop in India, Danper in Peru, The Village Nut in Kenya, Spouts in Uganda and Rwanda, and Detech Coffee in Vietnam – each a different answer to a different question.

There is also the launch of CompensACTION, the new pilot with CGIAR and KfW-BMZ for payment-for-ecosystem-services. The recognition of Loïc De Cannière, our co-founder, with Belgium’s highest royal distinction. And Yvonne Bakkum stepping in as our new Chair of the Supervisory Board.

This report is the product of a deep collaboration across our team. The summary will give you the headline. The full report will give you the story.