How will businesses deploy their impact funding in 2026?
This is a question we are constantly reviewing as we engage with strategic partners on how to deploy impact investment funding in South Africa more effectively. Specifically, we work with organisations looking to allocate Enterprise and Supplier Development (ESD), Socio-Economic Development (SED) and Corporate Social Investment (CSI) funding in ways that deliver measurable, sustainable impact.
By aligning transformation objectives with commercial outcomes, our focus is on ensuring that impact capital is deployed efficiently, transparently and in line with evolving B-BBEE regulations, investor expectations and stakeholder scrutiny.
So as we look ahead to 2026, South Africa’s impact investing and transformation ecosystem is approaching a pivotal moment. The anticipated review of the form and function of Broad-Based Black Economic Empowerment (B-BBEE) has reignited debate around effectiveness, accountability and long-term economic inclusion.
In short, this monthly trends blog examines the key developments we are tracking across ESD, SED, CSI and impact investing, highlighting the shifts businesses should be considering as they refine their impact investment strategies for the year ahead.
Impact Investment Trends We Are Tracking – December 2025
What are our digital channels telling us about ESD and impact funding?
Reviewing insights from our digital channels, there were no broad-based keyword spikes pointing to a single dominant theme for December.
However, one search term stood out with higher-than-usual volumes:
- “Khanyisa Impact Investment Fund” / “Khanyisa Impact Fund”
This Stanlib-managed impact fund focused on infrastructure investment, reinforcing a theme we expect to dominate the impact landscape in 2026.
Infrastructure investment gains momentum
Going into 2026 infrastructure-led growth is a defining theme.
South Africa recently raised R11.8 billion in its first infrastructure bond sale, attracting bids worth more than double the amount sought. This strong appetite signals renewed confidence in infrastructure as a lever for economic growth, job creation and long-term development.
You can read more here on Moneyweb.
For impact investors and ESD contributors, this reinforces infrastructure as a high-impact, scalable deployment area aligned with both commercial and developmental objectives.
A strategic review of B-BBEE is on the horizon
2025 saw B-BBEE legislation come under sustained scrutiny from business, investors and policymakers.
Debate has intensified around:
- The effectiveness of B-BBEE outcomes
- The frictional cost of compliance
- Alignment with Employment Equity legislation
Arguably the most significant ESD-related development of 2025 was Minister Parks Tau’s proposal to introduce a Transformation Fund, aimed at centralising ESD contributions under the DTIC.
While the market awaits clarity, the Minister has indicated that a strategic review of B-BBEE is expected to be tabled in the first quarter of 2026. This review has the potential to reshape how impact funding is structured, measured and governed.
Starlink, EEIPs and a test case for transformation policy
Another major development in the Enterprise and Supplier Development (ESD) landscape is Communications Minister Solly Malatsi’s directive to ICASA to amend licensing rules, allowing Starlink to operate locally using an Equity Equivalent Investment Programme (EEIP) instead of the standard 30% local ownership requirement.
The move has sparked political debate, particularly from ANC stakeholders who argue that it undermines B-BBEE ownership principles. However, the decision is unlikely to have been taken without engagement with the DTIC and Minister Parks Tau.
This creates a real-world policy test:
- Maintain strict ownership requirements benefiting a limited shareholder base
- Or enable high-speed internet access for approximately 5,000 schools, many in rural communities
For impact investors, this highlights the growing relevance of EEIPs as a flexible mechanism for delivering large-scale socio-economic outcomes.
Internet access, infrastructure and impact outcomes
Supporting this narrative, the Bureau of Economic Research (BER) recently released compelling research on internet access in South Africa, focusing on fibre-to-the-home (FTTH).
The research, supported by Nokia, Heineken and Kazang, found:
“Only 2.7 million of South Africa’s roughly 18 million households have a fibre-to-the-home connection.”
Most households outside fibre networks rely on mobile data, making online learning, remote work and digital entrepreneurship prohibitively expensive.
As infrastructure investment becomes a central focus in 2026, impact strategies will increasingly revolve around unlocking incentives to accelerate fibre and digital infrastructure rollout.
Impact investing and funding the “missing middle”
Across our network, one of the most active discussions relates to how businesses can make their B-BBEE spend go further, while reducing reliance on grant funding as the sole sustainability mechanism.
We recently supported Nadia Rawjee from Uzenzele in this BizCommunity article, which explored a critical question:
Nadia also expanded on this thinking during a Business Day TV interview.
This approach speaks directly to impact investing models that blend commercial capital, developmental outcomes and long-term sustainability — particularly for South Africa’s missing middle of businesses.
Are you looking for a strategic partner on your ESD plans in 2026?
As the national conversation around B-BBEE, transformation and inclusive growth evolves, businesses will be under increasing pressure to demonstrate that their ESD, SED and CSI initiatives deliver real, measurable outcomes.
Decusatio Impact Investment Solutions partners with organisations to design, implement and manage impact investment and transformation strategies that align regulatory compliance with sustainable socio-economic impact.
If your organisation is reviewing its impact funding strategy for 2026, we welcome you to connect with us and explore the opportunities in how we can support you in maximising both value and long-term impact.
