WIC Capital has successfully obtained a $1 million loan from FSDAi Nyala Facility, aiming to bolster its efforts in supporting women-led businesses across Francophone Africa. FSDAi Nyala Facility is a partnership with the Collaborative for Frontier Finance (CFF) and the Facility Manager, Nyala Venture, a Joint Venture of Cardano Development and Total Impact Capital Europe. It is a highly flexible investment vehicle testing novel capital allocation models serving small and growing businesses in sub–Saharan Africa
The funding is a significant step toward addressing the financial challenges faced by women entrepreneurs in the region, particularly in Senegal, where women comprise 31% of entrepreneurs, primarily engaged in small and medium-scale enterprises (SMEs).
Despite their substantial contribution to the entrepreneurial landscape, these women encounter difficulties in securing loans from traditional financial institutions, with only approximately 3.3% successfully accessing financial assistance, according to research conducted by the Women’s Investment Club (WIC).
Evelyne Simpa, Managing Director of WIC Capital, highlights the pressing need for adequate financing for women-led SMEs and emphasizes the additional barriers they face, such as limited access to networks and training opportunities vital for business growth.
Established in 2016 by Thiaba Camara Sy, a former director at Deloitte Senegal, along with three other Senegalese female entrepreneurs, WIC operates with the motto “by women and for women.” The initial goal was to provide financial support to women entrepreneurs in Francophone Africa, starting with Senegal and Côte d’Ivoire. The subsequent launch of the investment fund, WIC Capital, in March 2019, marked a significant step toward realizing this mission.
With the backing of 96 women in Senegal and 25 in Côte d’Ivoire, WIC Capital adopts an investment approach that combines equity and quasi-equity. The fund directs its investments toward companies across various sectors, provided they are founded or led by women, holding a minimum ownership or leadership share of 50% by women or featuring a predominantly female managerial team.
WIC Capital’s previous investments include ventures such as the recycling plant E-COVER, local bakery chain Mburu, the cooking school Les Ateliers de Corinne, and Sarayaa. The recent $1 million loan from FSDAi Nyala Facility further positions WIC Capital to continue making meaningful contributions to the growth and empowerment of women-led businesses in Francophone Africa.
