Visa in collaboration with Standard Bank and the United Nations Economic Commission will be giving grants to women fund managers in South, East and West Africa.
According to Nairametrics, the grant to be given to the African Women Impact Fund will target 55 women who responded to the African Women Impact Fund’s call to action and have been a part of their programme since 2020.
The grant which is an extension of the ‘She’s Next’ programme is slated to help fund the working capital needs of women fund managers.
She’s Next is a global advocacy program for businesses owned by women which have expanded to Sub-Saharan Africa to support, and strengthen African women business owners as they build, sustain and advocate their businesses.
The grant is also aimed at bridging the gender gaps in business as reports show that African women account for only 7% of Private Equity and Venture Capital in emerging markets.
This is further reflected in the less than 1.3% of the $69.1 trillion global financial assets that are managed by women and people of colour.
Women fund managers in Africa are challenged in building sustainable businesses, and due to systemic barriers and investor bias, research has revealed slow-moving progress in the visibility and inclusion of women in owning businesses.
Changing the status quo, the Senior Vice President & Head of Sub-Saharan Africa at Visa, Aida Diarra, said, ‘’The aim of She’s Next is to help women-owned businesses thrive and our ambition with this grant is to enable access in a space where women-owned firms are under-represented. Through this programme, we aim to ensure that women are not only recipients but become decision-makers where institutional funding for businesses is concerned.”