Building Nigeria’s Next Generation of SME Fund Managers
Accelerate Your Journey to Sustainable SME Investing
The WIIF Accelerator is a 16-week intensive program that supports first-time and emerging SME and impact fund managers across Nigeria to build institutional readiness, strengthen fund management capacity, and access pathways to capital.
Through world-class training, tailored technical assistance, and access to strategic networks, the program equips fund managers to deploy capital into high-growth MSMEs and drive measurable impact across Nigeria’s SME ecosystem.
What You'll Gain:
World-class fund management training from industry experts
Targeted support tailored to your fund's needs
Access to LP networks and investment opportunities
Peer community of ambitious SME fund managers across Nigeria
Apply to the WIIF Accelerator by 27 April 2026
The Wholesale Impact Investment Fund
The Nigeria Wholesale Impact Investment Fund (WIIF) is a pioneering ₦1.5 trillion ($1 billion) naira-denominated, blended finance, fund-of-funds created to solve one of Nigeria’s most persistent economic challenges: the widening gap between the capital SMEs need and the capital they can access.
Created by the Impact Investors Foundation (IIF) and the National Advisory Board on Impact Investing (NABII), and managed by Kuramo Capital, WIIF represents a fundamental shift in how SME financing is approached in Nigeria. Rather than relying on fragmented, ad-hoc interventions, WIIF adopts a systematic, institutional-grade investment model designed to catalyze a resilient and scalable impact investment ecosystem.
Through a wholesale fund-of-funds strategy, WIIF will back 8 –12 SME fund managers across Nigeria’s six geopolitical zones, channeling capital into priority sectors including agribusiness, financial inclusion, healthcare, education, energy, and the creative economy, unlocking sustainable financing pathways for SMEs at scale.
Why this matters
Nigeria’s 40 million MSMEs generate nearly half of GDP and 84% of employment, yet face a US$32.2 billion financing gap, including US$23 billion for women-led enterprises alone.
Since 2021, fewer than 10% of SME-focused funds have successfully raised capital, not for lack of opportunity, but due to systemic barriers: limited track records, weak fund structures, and misaligned risk-return expectations. On the demand side, challenges such as weak governance, poor financial reporting, and limited institutional capacity continue to constrain capital deployment.
Strengthening SME fund managers is therefore a critical lever for unlocking capital at scale.
Our Theory of Change
The Insight
The highest-leverage intervention in closing Africa's SME financing gap isn't just deploying capital, it's building the institutions that deploy it well.
Our Approach
We invest in SME fund managers at their most critical growth stage, providing both capacity and capital so they can attract institutional investors, execute with excellence, and demonstrate that SME investing delivers both impact and returns.
The Outcome
A thriving ecosystem of locally-led, institutionally credible fund managers who channel billions into Nigeria's most promising SMEs, creating jobs, driving innovation, and proving that impact and profit are inseparable.
Our ABCD Framework
Our Pioneering ABCD framework underpins our impact model for the WIIF Fund, ensuring a structured and measurable approach to economic transformation and ecosystem development.
Accelerate
A dedicated accelerator providing structured training, mentoring, and technical assistance to early-stage SME fund managers, enabling them to refine strategies, build institutional capacity, and leverage Kuramo Foundation and Kuramo Capital’s resources to effectively channel investments into SMEs.
Bridge
Seed capital and working capital facilities to support track-record building, proof-of-concept investments, and pre-close operational expenses that can support fundraising from institutional investors.
Catalyze
Anchoring and supporting geographically diverse SME fund managers across Nigeria’s six geopolitical zones through the WIIF US$1B Fund of Funds. Our multi-manager, multi-asset class approach ensures capital reaches underserved regions and sectors.
Deepen
A shared-services platform providing operational and back-office support across investor relations, finance, fund and transaction advisory, ESG and impact, and compliance.
Program Overview
The WIIF Accelerator Program is a dedicated program designed to unveil the next generation of locally-led SME fund managers in Nigeria.
The program equips first-time and emerging fund managers with the institutional knowledge, practical tools, mentorship, and networks required to build sustainable funds and deploy capital into SMEs effectively.
Participants benefit from structured learning, tailored technical assistance, and access to the combined resources and expertise of the Kuramo Foundation, Kuramo Capital, and the Impact Investors Foundation – giving you the skills, systems, and relationships that institutional investors demand.
Core Focus Areas
Our Curriculum
The WIIF Accelerator is a structured 16-week program with clear milestones and deliverables, covering the full fund and investment lifecycle:
Fund Formation
Legal and operation foundation for fund management
Fund Structure and Regulations
Legal and Compliance
Team and Governance Structure
Fundraising and Business Development
Attracting institutionalcapital for your fund
Fundraising Strategy and Limited Partner Engagement
Investment Thesis Development & Refinement
Risk and Resilience
Investment and Portfolio Management
Executing with excellence
Investment Processes
Alternative financing models for SMEs
Finance and Portfolio Management
ESG and Impact Investing
Fund Operations,Realization and Liquidation
Delivering returns to LPs
Value Creation, Exits and DPI Optimization
Validation and LaunchReadiness
Showcasing your fund to the market
Pilot Investment Prototypes
Mock Investment Pitches
Demo Day and Graduation
Program Roadmap & Timeline
The WIIF Accelerator provides structured training that follows a seamless program journey:
Program Format
Application Process
Five simple steps to join our next cohort
01
Complete the Application Form
Complete the online application form with details about your fund, team, investment thesis, and impact goals.
02
Application Review
Ourselection committee evaluates applications based on the criteria below. Reviewtypically takes 2-3 weeks.
03
Final Interview Stage
Shortlisted fund managers will be invited for avirtual interview and fund pitch session with our panel of interviewers.
04
Notification and Selection
Successful applicants receive their acceptanceletter and onboarding materials to begin the program.
Selection Criteria
What we look for in successful applicants
Eligibility Requirements
African-owned and African-led SME or impact-focused fund
First-time or early-stage fund manager actively raising or close to first close
Nigeria-focused: Fund operational or intended to operate in Nigeria, benefiting one or more of the six geopolitical zones
Fund manager based in one of Nigeria's six geopolitical zones
Sector alignment: Fund invests in one or more priority sectors: agriculture, healthcare, digital financial services, creative economy, renewable energy, education, or climate
Preference will be given to:
Funds investing in Nigerian SMEs with strong job creation potential
Funds that focus on our key sector areas, especially climate resilience
Funds whose investments directly benefit Nigerian women-owned SMEs (WSMEs)
Funds investing in sectors with disproportionate impact on climate, women, and youth
Funds with at least 30% female ownership
Frequently Asked Questions
Yes. There is no cost to participate. The program will also cover the cost of some associated travel and accommodation for program-related activities.
A fund manager is anindividual or team responsible for managing an investment fund and making strategic investment decisions. We prioritize first-time managers actively raising their first institutional fund, with strong preference forgender-diverse teams (minimum 30% female ownership or board representation).
No. We welcome managers atthe fundraising stage. However, you should have a clear investment thesis,target fund size, and be actively preparing to close your first fund.
No. The Accelerator is a capacity-building program, not an automatic funding commitment. However, funds will be considered for WIIF's pipeline and may access pipeline consideration through the Bridge and Catalyze programs.
Only if your fund is led by Nigerians from one of the six geopolitical zones and your investments will directly benefit Nigerian SMEs.
Approximately 4 hours per week,with two virtual sessions every week.
Yes. We encourageapplications from fund management teams. Please designate one primary contact for the application.
You join our alumni network with ongoing access to deal flow, co-investment opportunities, LP engagement, and continued technical support. Top performers may qualify for WIIF's seed capital and working capital facilities.
Our Partners
Implementing Partner
The Kuramo Foundation for Sustainable Development leads the design, delivery, and management of the WIIF Accelerator, leveraging years of experience in delivering targeted capacity building and technical assistance support to fund managers across Africa.
Program Sponsors and Strategic Partners
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Ecosystem Partners
Apply to the Program
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