About
Our Vision and Mission
Financing for Agricultural SMEs in Africa (FASA) is a multi-donor fund of funds dedicated to unlocking financing for Africa’s underserved agri-SMEs. By investing in and supporting investment fund managers, FASA channels catalytic capital into businesses that drive sustainable growth in the agricultural sector.
At its core, FASA’s mission is to bridge the financing gap for agri-SMEs by mobilizing catalytic capital to attract private and institutional investment into the sector, enhancing the capacity of fund managers to invest in impactful agri-SMEs, and fostering a supportive ecosystem that enables long-term sustainability and resilience.
Through these three interconnected pathways, FASA’s vision is to transform African agriculture by enhancing food security and nutrition, improving livelihoods, and promoting climate-smart value chains.
Why FASA
Three out of four agri-SMEs cannot access bank loans, and are too large for microfinance, creating an estimated $100 billion gap in unmet demand for financing.
FASA aims to help bridge this financing gap, recognizing the vital role that agri-SMEs play in Africa’s food systems, employment, and economic resilience. These businesses are the backbone of agricultural value chains, and their growth is essential for tackling food security, job creation, and climate adaptation :
- Agri-SMEs handle over 60% of all food production and trade on the continent
- They create 70% of formal employment in food systems
- They serve as the primary market channel for Africa’s ~61 million smallholder farmers, with 95% of farmers selling their produce to SME processors, wholesalers, or aggregators.
- They handle ~80% of total food consumption playing a pivotal role in strengthening domestic food production and ensuring food security.
- They are highly vulnerable to climate change, yet lack the resources to invest in adaptation and mitigation strategies.
Team & Partners
FASA is managed by Investisseurs & Partenaires (I&P), a pioneer in impact investing with over 20 years of experience supporting African entrepreneurs and fund managers.
Key Partners
CGIAR ImpactSF: Agricultural and climate partner, providing data-driven insights and capacity building.
Small Foundation: Supporting FASA’s learning agenda.
Donors
FASA was born from the shared ambition of multiple international donors to tackle one of Africa’s most pressing challenges: the $100 billion financing gap faced by agri-SMEs. Recognizing the sector’s vital role in food security, job creation, and climate resilience, FASA was launched with initial contributions from Norway and USAID.
Dedicated team
Wiem Abdeljaouad
Senior Advisor to the Mastercard Foundation Africa Growth Fund and co-founder of Actawa, a gender-smart seed fund in Tunisia
Mamadou NDAO
Investment Director at I&P and co-founder and CEO of Teranga Capital.
Hugues Vincent-Genod
Director of the Mastercard Foundation Africa Growth Fund program and former lead of the IPDEV2 project, sponsoring 10 African funds
Governance & Transparency
FASA operates with a robust governance framework designed to ensure transparency, accountability, and alignment with its mission.
A committee composed of external experts who provide guidance and recommendations in respect of investment and divestment opportunities.
FASA Sterring Committee
A consultative committee constituted by FASA’s contributors to ensure strategic priorities are met, facilitate networking and engagement of key strategic partners. and provide opinion on any temporary exception or deviation to FASA’s Policy, as well as on situations of conflict of interest
FASA’s main contributors are gathered in a Committee of Protectors that brings an additional layer of oversight and control to ensure FASA’s objectives are met, with a decision power.
Useful Links
Access detailed information about our policies by clicking on the links below:
Wiem Abdeljaouad
Wiem Abdeljaouad is currently a Senior Advisor to the Mastercard Foundation Africa Growth Fund. She is also the co-founder and partner of Actawa, a €10M gender-smart seed fund in Tunisia.
Actawa will back scalable start-ups positively impacting women and youth, by leveraging its GPs engineering and investment background as well as its strategic partnership with Investisseurs et Partenaires (I&P), a pioneering impact investment group in Africa.
After starting her career in the capital markets in Paris then in London, Wiem shifted towards impact investing when moving to Uganda and joining PCP, an independent fund manager providing debt and equity to start-ups and SMEs operating in the agricultural value chain in Eastern and Southern Africa. Since then, she has been supporting various international organisations and investment fund managers with screening, financial analysis, due diligence, and structuring.
Wiem holds a master’s degree in computer science and applied mathematics, and a MSc in international finance from HEC Paris.
Hugues Vincent-Genod
Hugues joined I&P in 2011 and holds the position of Director within the Mastercard Foundation Africa Growth Fund program since 2022.
Based in Accra between 2011 and 2012, he worked on the launch of the new I&P office in Ghana and the development of the West African portfolio.
From 2013 to 2021, he is in charge of the project I&P Développement 2 (IPDEV2), which consists in sponsoring 10 new African funds over 10 years. He has notably worked with Sinergi Burkina (Burkina Faso), Comoé Capital (Côte d’Ivoire) and on the launch of new impact funds.
Prior to joining I&P Hugues has realized several missions for organisations that support entrepreneurship in France and in Central Africa.
Hugues graduated from London School of Economics and Sciences Po Paris with a Double Degree in Finance and International Affairs.
Publications
• USAID and Partners: Accelerating African Entrepreneurship through Local Impact Investing, Global Entrepreneurship Network, November 2016
• Investing in Africa’s Small and Growing Businesses, May 2015
• Performing due diligence on startups in Africa: analyzing investment opportunities, VC4A, May 2015
• Attracting African Capital to Invest in African Small and Growing Businesses: A Utopia?, Business Fights Poverty, May 2015
• Unlocking Equity For Early-stage Entrepreneurs in Africa, Business Fights Poverty, November 2014
Mamadou NDAO
Mamadou Ndao joined the team in 2015, after a preliminary internship with I&P to complete his Master’s degree in Management and Finance at ESCP Europe. Based in Dakar, Mamadou followed I&P’s portfolio in Senegal (4 IPAE investees and 3 IPDEV investees) and one investee in Benin (IPAE) and looks for new investment opportunities.
In 2018 Mamadou joined the team dedicated to I&P Développement 2 (IPDEV 2). He is responsible for supporting existing funds and launching new funds sponsored by IPDEV 2.
Experience
• Investment Analyst, I&P (sept-dec 2014)
• Strategy and M&A Analyst, Bel (January-June 2014)
• Budget Controller, Natixis(November 2011 – August 2013)
Education
• ESCP Europe, Master in Management, Finance (2010 – 2014)
• IIM Ahmedabad, Post-Graduate Programme in Management, (exchange semester, 2012)