Standard Bank, the largest bank in Africa by assets, has committed $10 million to the African Women Impact Fund (AWIF). This investment is designed to support and empower women fund managers across the continent.
According to Luvuyo Masinda, Chief Executive of Corporate and Investment Banking at Standard Bank, the bank is committed to driving sustainable growth in Africa. “Our focus is on driving sustainable growth across Africa by mobilising capital for women-owned businesses,” he stated. Masinda emphasized that by strengthening the role of women as both fund managers and decision-makers, the initiative will help expand access to finance, unlock new opportunities, and stimulate economic growth.
Lindeka Dzedze, Standard Bank’s Executive Head of Strategic Partnerships Global Markets and Chair of the AWIF, highlighted the importance of a gender-focused approach to investing. “This is the reason we must be intentional about gender-focused investing and ensure that women are well represented in decision-making roles within the investment management industry,” she said.
The AWIF is a collaborative, pan-African initiative founded by the UN Economic Commission for Africa, UN Women, and the African Union Commission. It operates under the stewardship of the African Women Leadership Network (AWLN). To make the program operational, AWLN has partnered with several key organizations:
- Standard Bank Group: Serving as the lead sponsor and promoter.
- RisCura Invest: Acting as the investment manager and providing incubation services for fund managers.
- MiDA Advisors: Providing strategic advisory services.
A report by the International Finance Corporation (IFC), titled “Gender and Investing: Women Fund Managers and Capital Allocation Trends,” reveals a crucial insight: female fund managers are two times more likely to invest in businesses led by women. This demonstrates how supporting women in investment management can create a positive ripple effect, accelerating financial inclusion for women across the continent.
The AWIF provides a sustainable platform that not only empowers women as fund managers but also creates opportunities to invest in women-owned and women-led enterprises through a market-based approach. This strategy enables the private sector to play a more significant role in achieving inclusive and sustainable growth in developing nations.
