Visa Foundation Grants $2M to Bridge $49B Financing Gap for African Women Entrepreneurs
Women entrepreneurs in Africa, representing 58% of the self-employed population and contributing nearly 20% to the continent's GDP, face a significant financing gap of $49 billion. To bridge this gap, the African Guarantee Fund (AGF) and the Visa Foundation have joined forces to offer a $2 million grant for women-led and women-owned small and medium-sized enterprises (WSMEs) in Africa.
The grant will support the Affirmative Finance Action for Women in Africa (AFAWA) Guarantee for Growth programme. This initiative encourages partner financial institutions to increase lending to women entrepreneurs in Africa by providing loan guarantees and technical assistance. AGF, through AFAWA, has already facilitated nearly $1 billion in loans to over 14,000 women-led businesses across Africa. The Visa Foundation's grant is expected to expand these efforts, creating jobs and enhancing business resilience in Africa.
The partnership aligns with the Visa Foundation's mission to foster financial inclusion and support entrepreneurs in Africa. AGF CEO, Jules Ngankam, stated that the collaboration aims to drive broader economic and social transformation by supporting women entrepreneurs in Africa who reinvest in their families and communities.
The $2 million grant from the Visa Foundation to the African Guarantee Fund will strengthen the AFAWA Guarantee for Growth program, addressing systemic challenges and unlocking private capital for women-owned businesses in Africa. This initiative aims to create jobs and boost business resilience, ultimately driving economic and social transformation across the continent.
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