Addressing Africa’s Urgent Employment Gap

Daniel Yu, co-founder of the B2B e-commerce platform Wasoko, has announced a new philanthropic initiative: the Africa Jobs Fund (AJF). This $100 million fund aims to support companies creating high-productivity jobs across the continent over the next five years.

The launch addresses a critical challenge as Africa’s population grows faster than formal job creation can keep pace. With 439 million people living below the extreme poverty line and only about three million new formal jobs created annually, there’s a widening gap that AJF seeks to bridge.

Strategic Focus Areas

The fund will prioritize two key sectors:

• Export Manufacturing: Supporting businesses overcoming barriers to global competitiveness through worker training, supply chain development, and operational improvements
• International Labour Mobility: Formalizing migration pathways and providing access to overseas employment opportunities for African workers

Potential Impact

AJF estimates that its investments could increase earnings by over $50 billion and help at least 250,000 low-income people double their lifetime income. By backing companies that create meaningful job opportunities, the fund aims to address poverty directly through economic empowerment.

Experienced Leadership

The Africa Jobs Fund is led by Yu alongside Ben Hyman (Talent Safari) as Operating Partner, with senior advisors including Iyinoluwa Aboyeji (Flutterwave co-founder) and Samantha Power (former USAID head).

This initiative builds on Yu’s track record of scaling businesses across African markets and reflects a growing focus on addressing systemic challenges through targeted investments. The fund operates under Renaissance Philanthropy, known for supporting high-impact development initiatives.