The Kuramo Foundation for Sustainable Development launched the WIIF SME Fund Accelerator in Lagos on October 30. It onboarded 22 first-time and emerging fund managers. The program supports the Wholesale Impact Investment Fund, a naira-denominated vehicle targeting US$1 billion for Nigerian small businesses.
Funding so far
The fund operates as a fund of funds, deploying capital through intermediary vehicles. It is working toward a US$100 million first close. The Federal Ministry of Finance committed US$50 million in June 2025.
Program focus
The accelerator runs for 12 weeks and ends in December. It covers investment theses, financial modeling, fundraising, pipeline development, legal structuring, and exit strategies. The program pairs managers with mentors and offers shared services like legal support and fund administration.
Selection and goals
Managers were chosen for differentiated strategies, clear fund theses, and viable structures. The cohort includes managers in the creative economy, an Islamic financial products fund, and healthcare financing. WIIF plans to back 10 to 12 managers across Nigeria.
Kuramo will measure success by whether at least two funds from the cohort receive WIIF backing or raise outside capital. A 10% hit rate would be a strong outcome. WIIF is also courting domestic pension funds and local development finance institutions as early backers.
Read more: techcabal.com