On August 8, 2022, Visa announced a grant for women in collaboration with Standard Bank and the United Nations Economic Commission for Africa (UNECA). Visa has geared the grant towards the African Women Impact Fund (AWIF) which is an extension of the She’s Next Program for sub-Saharan Africa.
Women are underrepresented in the world’s economic sector. Venture capitalists are usually biased when it gets to female-owned financial businesses as only about 7% of venture capital reaches women-led businesses. This Visa grant is a sure way to encourage more women to step into the financial space and close the gender gap.
In a statement by Senior Vice President & Head of Sub-Saharan Africa at Visa, Aida Diarra explained the goal of this program. She stated that the aim of She’s Next is to help women-owned businesses thrive. She further stated that “our ambition with this grant is to enable access in a space where women-owned firms are under-represented.
“Through this program, we aim to ensure that women are not only recipients but become decision-makers where institutional funding for businesses is concerned”
Currently, about 55 women have been part of the AWIF program since 2020. The visa grant will be channeled towards them to advance their businesses. The aim is to allow the women fund managers to concentrate on other critical areas to drive business growth. This will help their businesses perform better instead of looking for ways to offset debts, pay back loans and source more funds.
Focus Areas for the Visa Grant
- Portfolio management capability involves portfolio structuring, risk management, and administration.
- Investment research capability, including identifying investment opportunities, due diligence, operations monitoring, continuous investment, and mandate alignment
- Operational support: Human resources management, Operations, and back-office support, systems implementation, and vendor management
Standard Bank has partnered with Visa to provide this grant to women in business. This is an effort to promote inclusivity and encourage more women to venture into small and medium businesses in Africa. Speaking for Standard Bank Group, Lindeka Dzedze who is the Global Markets Head of Strategic Partnerships for the bank emphasized the aim of the partnership.
“We are elated to have Visa partner with Standard Bank and grateful for their meaningful contribution to the African Women Impact Fund. Standard Bank 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 Lindeka.
In the wake of these events, female entrepreneurs need to embrace similar programs that care about the growth of women-owned businesses. It may not be too late to key into the She’s Next Program by Visa.
Look out for more opportunities here.
