Nairobi — Visa has announced a grant from the United Nations Economic Commission for Africa in collaboration with Standard Bank providing funding to the Africa Women Impact Fund, which will fund the working capital requirements of female fund managers in the South, East, and West Africa.
In a statement, Visa says the award is an expansion of the She's next program for women-owned businesses and is intended for 55 women who participated in AWIF's program after responding to their call to action.
"Through this programme we aim to ensure that women are not only recipients but become decision-makers where institutional funding for businesses is concerned" said Aida Diarra, Senior Vice President & Head of Sub-Saharan Africa at Visa.
Women fund managers in Africa continue to face numerous challenges in building sustainable businesses. Research shows slow-moving progress in the visibility and inclusion of women fund managers due to systematic barriers and investor bias.
Sub-Saharan Africa has been included in the global advocacy initiative, which aims to further support and celebrate African women entrepreneurs as they establish, grow, and progress their companies.
The financing from Visa will go toward initiatives that help business owners develop their technical expertise, make themselves more appealing to larger institutional investors, and manage profitable enterprises that will go on to invest in other companies, including small and medium-sized ones.
"The funding will ensure that these business owners are able to focus on growing their enterprises without the burden of managing short-term debt and other operational costs related to building a successful business" added Diarra.
In conclusion, Lindeka Dzedze Head of Strategic Partnerships at Standard Bank Group, says their partnership with visa in their contribution to AWIF sees gender equity not only as a fundamental human right but also as a business imperative.
"The group believes that the economic empowerment of women is essential to raising Africa's economic output and creating sustainable jobs, especially within the small enterprises that drive growth on the continent," said Dzedze.
