WIC Capital has secured a $1 million loan from FSDAi Nyala Facility to boost support for women-led businesses in Francophone Africa, particularly in Senegal, where 31% of entrepreneurs are women.
Despite their significant role in Small and Medium Enterprises (SMEs), only 3.3% of women entrepreneurs in Senegal successfully access loans from traditional institutions.
Managing Director of WIC Capital, Evelyne Simpa, underscores the urgent requirement for sufficient funding for women-led SMEs, emphasizing the additional challenges they encounter, including restricted access to networks and essential training opportunities crucial for business expansion.
She states, “In addressing these challenges, our focus is on empowering women entrepreneurs by providing not just financial support but also creating avenues for network building and training opportunities vital for sustained business growth.”
Founded in 2016, WIC aims to empower women entrepreneurs in Francophone Africa.
With 96 backers in Senegal and 25 in Côte d’Ivoire, WIC Capital uses an equity and quasi-equity approach, investing in companies led or founded by women.
Notable past investments include E-COVER, Mburu bakery chain, Les Ateliers de Corinne cooking school, and Sarayaa.
The recent $1 million loan enhances WIC Capital’s ability to contribute to the growth of women-led businesses in the region.
