The Mastercard Foundation Africa Growth Fund is a $200 million (USD) impact investing initiative by the Mastercard Foundation. It works through African investment vehicles to support early-stage, growth-oriented SMEs on the continent, with the goal of enabling dignified and fulfilling work for young people, particularly young women. The Mastercard Foundation Africa Growth Fund is catalytic, helping to crowd in additional capital for African entrepreneurs, particularly female entrepreneurs, by strengthening and de-risking African investment vehicles that are committed to advancing gender equity in entrepreneurship.

It is implemented by Mennonite Economic Development Associates (MEDA) with a consortium of partners, including Investisseurs & Partenaires (I&P), Genesis Analytics, Entrepreneurial Solutions Partners (ESP), Criterion Institute, and Africa Communications Group-MARCO (ACG).