The Africa Women Innovation and Entrepreneurship Forum has partnered with the African Guarantee Fund and FSDH Merchant Bank Limited to bridge the $49bn financing gap experienced by female entrepreneurs on the continent.
In a statement on Monday, AWIEF said the partnership will enable it to implement its flagship AWIEF Growth Accelerator programme in Nigeria, which is currently open for applications.
Limited access to finance remains a significant barrier for women entrepreneurs in Africa, with a staggering financing gap estimated at $49bn.
Part of the statement read, “To address this challenge, the Growth Accelerator Programme leverages the African Development Bank’s Affirmative Finance Action for Women in Africa initiative, which aims to unlock up to $3 bn in financing for women-owned/led small and medium-sized enterprises across the continent.
“AGF, a leading non-bank financial institution whose objective is to promote economic development, increase employment, and reduce poverty in Africa, serves as the implementing partner for AFAWA. AGF’s commitment extends into providing technical assistance to partner financial institutions, enhancing their capacity to serve women-owned businesses effectively. By addressing both supply and demand-side constraints, AGF and AFAWA work in tandem to create a more equitable landscape for women entrepreneurs in Africa. FSDH Merchant Bank Limited’s partnership with AGF is backed by AFAWA to enable the Partner Financial Institution to provide loans to WSMEs in Nigeria,”
The partners said that the collaboration was created with the aim of increasing access to finance for WSMEs who are driving solutions in different catalytic sectors in Nigeria.
“This will be achieved by making the WSMEs credit and investment-ready and eligible to access business loans and financing from FSDH Merchant Bank Limited. The programme will provide a stream of businesses that are adequately prepared to meet the FSDH Merchant Bank’s credit requirements,” the statement added.
