Africa Doesn’t Need a New Idea , It Needs to Own This One.

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Impact investing isn’t a Western import. It’s the modern face of something Africa has practiced for centuries : and that is building wealth that serves the community.

From Ujamaa in Tanzania, to Ubuntu in Southern Africa, to Harambee in Kenya, our cultures have always linked prosperity to shared wellbeing. Yet when the term “impact investing” is mentioned, many African investors still hear “charity” and quietly step back.

I believe this mindset is costing us the chance to shape Africa’s next century of growth.

The Myths Holding Us Back

1. “Impact means giving money away.”

For some high-net-worth individuals (HNWIs), “impact” is synonymous with CSR or donations, not a viable core investment strategy.

But look closer. Organisations like HEVA Fund are demonstrating how capital can be structured to serve both cultural growth and investor returns funding creative entrepreneurs, building market infrastructure and proving that Africa’s creative economy can be bankable.

This is investment in talent, markets, and systems ..not just handouts.

2. “Social returns mean lower financial returns.”

Here’s proof it’s not true. The VEMA Fund (Volition Entertainment Media & Arts), a private equity-backed creative fund, invested US$250,000 in the production of The Black Book,Netflix’s highest-grossing African film to date and earned back the principal plus a 50% return.

That success led to the launch of VEMA II, a $20 million creative media fund, showing that narrative-driven investments can be profitable in Africa.

3. “Impact investing is a foreign agenda.”

Yes, much of the capital has flowed from outside the continent. But the values behind it community, stewardship, legacy are African to the core. If we don’t lead, we risk letting others define the priorities and profit from our transformation.

Proof It Works

1.VEMA-backed :-The Black Book delivered a full return on capital plus 50% profit demonstrating that African creative storytelling can be both culturally authentic and commercially successful.

2.EcoPost :-Transforming waste plastics into durable construction products, EcoPost creates jobs especially for women while turning trash into value. This is impact investing in action: economically viable, socially meaningful, and environmentally responsible.

The Risk of Waiting

If African HNWIs sit out, the capital shaping our industries will continue to come from abroad along with its external definitions of success. Profits will be repatriated. Local innovation will bend to outside priorities.

We’ll have monuments, but not legacies.

I believe ,

Africa’s wealth holders have a choice: Keep wealth in “safe” assets that do little to solve our urgent problems. Or put a portion into enterprises that can define Africa’s place in the 21st century.

We have the talent. We have billion-dollar problems ready to be solved. What’s missing is conviction that our capital can and should lead the way.

So here’s my question to fellow investors, leaders and changemakers: If not us, who? If not now, when?

Pam Mutembei is a finance, impact and corporate leader with over 20 years of experience driving purpose-led growth across Africa. She pioneers innovative financing solutions for enterprises, unlocking jobs, market access and sustainable economic growth. Founder of This Girl Boss Hustle, she has empowered over 500 women entrepreneurs, advancing gender equality and economic opportunity. She chairs the Audit Committee of a Kenyan government parastatal, serves on advisory boards and is an active voice in Women on Boards and Women in Africa Investments. Recognized with awards including Champion of Change in the Workplace and Rising Star semi-finalist, Pam is a sought-after speaker and advisor on inclusive finance, SME growth and women’s leadership leveraging her global networks across government, business and society to shape an equitable, innovative and prosperous future for the continent.