Female SMEs in four African countries to get support from We-Fi
By Jeph Ajobaju, Chief Copy Editor
Female Small and Medium-Sized Enterprises (SMEs) in Nigeria, Cameroon, Egypt, Kenya, and Mozambique are to be supported with $15 million by the Women Enterprises Finance Initiative (We-Fi).
The funding will be disbursed through the Africa Digital Financial Inclusion Facility (ADFI) of the African Development Bank (AfDB).
The sum is part of $54.8 million We-Fi budgeted in its fourth round of funding to benefit almost 69,000 women entrepreneurs in developing economies with access to digital technology and finance.
The fund will enable ADFI design and implement programmes to improve digital access to finance for women entrepreneurs, reducing a $42 billion financing gap, and improving their operational efficiency to build back better post-pandemic.
“We-Fi’s fourth round of allocations comes at a crucial time,” said Parliamentary State Secretary of Germany’s Ministry for Economic Cooperation and Development, Bärbel Kofler.
“Women’s economic empowerment is under pressure due to conflict and insecurity, rising prices, and the continuous fallout from the COVID-19 pandemic around the world.
“I am pleased to see our Implementing Partners preparing such strong proposals to support women-led businesses. Access to technology and financing will be key to unlock the potential of women entrepreneurs.”
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Economic empowerment and resilience
“Digital financial solutions are key to improving the quality of life of people in Africa and to reducing the gender access-to-finance gap,” added Stefan Nalletamby,
Financial Sector Development Department Director at African Development Bank Group, per The Nation
“The funding, which is complementary to the Affirmative Finance Action for Women in Africa Initiative (AFAWA), will be used not only to broaden access to finance for women small and medium businesses but also to provide an avenue for their increased economic empowerment and resilience.”
Three other multilateral development banks that received allocations in this fourth round are the Islamic Development Bank, the Inter-American Development Bank Group, and the World Bank Group.
