In a significant move to bolster female entrepreneurship across Africa, the International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with nine African banks to expand the Goldman Sachs 10,000 Women initiative.
IFC Launched in 2008, this program aims to provide women entrepreneurs worldwide with access to capital and business education.
The nine participating financial institutions are:
- Stanbic Bank Kenya
- Ecobank Kenya
- Ecobank Côte d’Ivoire
- Equity Bank Group
- Stanbic IBTC Nigeria
- Banco Millennium Atlântico – Angola
- Baobab Group
- Zenith Bank
- Orange Bank
These banks have committed to leveraging the business education and skills tools provided by the 10,000 Women initiative to create more opportunities for women entrepreneurs across the continent.
Charlotte Keenan, Managing Director at Goldman Sachs, expressed enthusiasm about the partnership, stating, “We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders.”
Since its inception, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion, highlighted the significance of this expansion, noting that it marks “a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals.”
This partnership complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
The inclusion of prominent banks such as Stanbic IBTC Nigeria and Zenith Bank is particularly noteworthy for Nigeria, where female entrepreneurs play a crucial role in the economy. By participating in this initiative, these banks are poised to provide Nigerian women entrepreneurs with enhanced access to business education and financial resources, fostering economic growth and innovation within the country.
The 10,000 Women initiative has a track record of success. For instance, in South Africa, the program partnered with local institutions to support women-owned businesses, contributing to job creation and economic development.
Moreover, the program’s expansion into Francophone Africa earlier this year, with the launch of a French language version of the online curriculum, has made business education more accessible to women entrepreneurs in French-speaking countries.
By joining the 10,000 Women initiative, the nine African banks are not only enhancing their support for women entrepreneurs but also contributing to a broader movement aimed at closing the gender gap in access to finance and education. This collaboration is expected to lead to the creation of more resilient and sustainable businesses, driving economic growth and development across the continent.
In conclusion, the partnership between IFC, Goldman Sachs, and the nine African banks represents a significant milestone in the journey toward empowering women entrepreneurs in Africa. By providing access to essential business education and capital, this initiative is set to unlock the potential of countless women, fostering innovation, economic growth, and inclusive development across the continent.
