GroFin has won the prestigious SME Social Impact Finance Africa award by London-based financial publication CFI.co (Capital Finance International).
The development financier was conferred the award following voting from prominent CFI.co readers, subscribers and contributors such as the World Bank Group (including the IFC), various UN organisations and EU bodies.
The CFI.co judging panel agrees with GroFin that SMEs are the engines of economic growth and, as such, contribute significantly towards improved living conditions in low and middle-income countries.
“Shying away from quick-fix financial solutions, GroFin helps entrepreneurs gain insights into markets, explore opportunities, and design strategic plans to sustain growth. Taking such a long-term view has allowed GroFin to nurture businesses towards entrepreneurial success,” stated the judging panel.
It may be noted that, as at close of Dec 2016, GroFin has achieved impact at scale with 600 small business investments, 8,050 entrepreneurs supported, US$ 700 million per annum of economic value added, 95,130 jobs sustained and 480,000 family members supported by its investees per annum.
Each year, CFI.co seeks out individuals and organisations that contribute significantly to the convergence of economies and truly add value for all stakeholders. The CFI.co award selection panel lends the critical eye of a collective 170 years of business journalism, corporate leadership and academia to the exhaustive information gathered by its research team.
As a print journal and online resource reporting on business, economics and finance, CFI.co recognises that the traditional distinction between emerging and developed markets is increasingly blurring and that best practice is to be found throughout the world.