Transformational Business Conference and Awards 2021

The Financial Times and the International Finance Corporation (IFC), a member of the World Bank Group, gathered top investors, innovators, social entrepreneurs and other thought leaders for a major online event that combined the announcement of the winners of the 2021 FT/IFC Transformational Business Awards with high-level debate on the challenges facing the developing world as it rebuilds in the wake of the pandemic.

WINNER: KOKO bioethanol cooking fuel ATM network - Kenya

Most homes in sub-Saharan Africa rely on charcoal for cooking. KOKO Networks’ solution reduces carbon emissions while protecting Africa's forests. KOKO's low-cost two-burner stove runs on liquid bioethanol, a by-product of the local sugar industry. In local shops, 700 KOKO ATMs dispense fuel through cashless transactions into ‘Smart Canisters’ that come with the stove. This zero-emissions solution is 50% cheaper than charcoal. 230,000 Nairobi households have switched to cooking with KOKO since late 2019, saving 5 tonnes of CO2 emissions per household per year. By 2025, KOKO expects to serve 2 million households. 


 

SPECIAL COMMENDATION: SunCulture solar-powered water pump and irrigation solutions - Kenya, Uganda, Ethiopia, Togo, Côte d'Ivoire, Senegal, Zambia 

Water is a precious resource in Africa, with 96% of smallholder farmers relying on rain to meet their agricultural needs. The problem is exacerbated by climate change, and smallholder farmers are now Africa’s biggest demographic living in poverty. SunCulture is working to change this by offering an IoT-enabled, solar-powered water pump and irrigation system that is available on a Pay-As-You-Grow financing plan. Its Rainmaker2 technology makes irrigation simpler and cheaper, while increasing yields and reducing water usage by 80%. SunCulture has sold tens of thousands of pumps to farmers across sub-Saharan Africa. In a recent survey, 81% of customers in Kenya alone said their revenues had increased as a result. 


 

WINNER: EcoEnterprises gender-smart venture fund for nature (EcoEnterprises Fund III) - Latin America

The initial EcoEnterprises Fund in 1998 was the first female-owned and led impact fund. Its third fund builds on its successful approach of focusing on women-led solutions to nature conservation and biodiversity challenges, working directly with investee companies in underprivileged communities in the Amazon and other areas of Latin America, in sectors such as regenerative agriculture, alternative forest products, circular economy and other emerging opportunities. The fund, invested by 33 private and institutional shareholders, has already provided nearly $60 million in capital, which has been committed by EcoEntreprises under the 2X Challenge, a broad initiative launched by DFIs in the G7 countries to raise billions of dollars for gender-lens investment.


 

SPECIAL COMMENDATION: BRAC Bank’s TARA women banking services – Bangladesh

Around 64% of the 81 million adult women in Bangladesh do not have a bank account. To boost female empowerment and enhance financial inclusion, BRAC Bank launched TARA, the first women-focused suite of banking services in Bangladesh. It includes savings accounts with a higher than average interest rate, current accounts for women entrepreneurs, savings solutions, business and retail loans with preferential rates, discounted processing fees, and dedicated customer services. TARA has so far provided $60 million in financing for female-led businesses, credit card services to over 16,000 women, and more than 150,000 accounts that hold almost $450 million in savings. TARA also includes training programmes, workshops, radio shows, webinars and social media content.


 

WINNER: Camco-managed Renewable Energy Performance Platform (REPP) - Sub-Saharan Africa

The Renewable Energy Performance Platform (REPP) – managed by Camco Clean Energy -- aims to create a self-sustaining market for investment in small-scale renewable energy in Sub-Saharan Africa. REPP ensures risk-adjusted returns by creating a high volume of projects and adapting recognisable financing mechanisms to unfamiliar country and asset class contexts. Its innovative design allows it to take higher risks than other climate funds, enabling investment in innovative forms of energy in countries traditionally seen as unrewarding. To date, REPP has created 31 high-risk deals, crowded $113 million of private investment into de-risked projects, reduced CO2 emissions by 32,000 tonnes, and provided electricity to 700,000 people across 16 countries.


 

WINNER: LeapFrog Investments - Asia, Africa

LeapFrog invests in high-growth healthcare and financial services companies that provide products and services to low-income consumers across Africa and Asia. Companies LeapFrog has helped build include Goodlife, the largest healthcare provider in East Africa; ARM Pensions, the largest independent pension provider in Nigeria, and BIMA, the largest mobile micro-insurer in the world. LeapFrog companies reach 221 million people across 35 countries, growing on average 26% a year and generating over $2 billion in annual revenue. In the past year alone, they have paid out $533 million in insurance claims and $289 million in pensions to low-income people, disbursed $16.4 billion in loans and provided 23 million high quality pharmaceutical products.


 

KOKO bioethanol cooking fuel ATM network - Kenya

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