As the Commonwealth of Learning (COL) was in the last year of its 2015–2021 strategic plan, COL sought to evaluate the impact of its interventions in open and innovative schooling (OIS) in the period 2018–2021 through an external review. An online quantitative study was carried out in Belize, Malawi, Mozambique, Trinidad and Tobago, and Zambia, followed by a contextual cost–benefit analysis, and a social return on investment (SROI) analysis. Overall, COL’s contribution to the OIS programme in terms of Phase 1 and Phase 2 activities is perceived to have significantly contributed to the success noted so far in the five countries under study. The SROI ratios for all countries were positive, indicating that the social returns on this intervention are desirable, justifying a case for continued support of such OIS initiatives.