Standard Bank, has reached a significant milestone in its mission to transform the continent’s financial landscape.
As the lead sponsor of the African Women Impact Fund (AWIF), the bank has successfully provided critical grant funding to 10 women-led fund managers, a move designed to dismantle the systemic barriers facing female investment professionals in Africa.
Operating through its Foundation arm, the initiative has deployed KES 92.2 million in working capital grants to strengthen the operational and investment management capabilities of these firms.
This financial injection is specifically aimed at addressing the “perfect storm” of challenges women face in the sector, including high up-front costs, limited exposure to institutional systems, and a historical lack of support networks.
This latest phase of support builds upon a substantial commitment made last year, when Standard Bank allocated US$10 million in investment capital to the initiative. While that capital serves to help managers build a professional track record and scale their operations, the new grant funding focuses on immediate business sustainability.
Thobile Finca, Programme Manager for the AWIF at Standard Bank, noted that reaching this point followed an “extensive build-up phase,” adding that “capital allocation coupled with working capital facility is key to ensuring the emergence of African women fund managers.”
The programme is a collaborative effort aligned with the African Union’s Agenda 2063 and the UN’s Sustainable Development Goals 5 and 8.
To operationalise the vision, the African Women Leadership Network (AWLN) has partnered with Standard Bank as the promoter, RisCura Invest as the investment manager and provider of incubation services, and MiDA Advisors as a strategic advisor.
Together, they have created a robust ecosystem that spans the continent, supporting managers in regions ranging from East Africa to the Southern tip.
Among the primary beneficiaries are firms like Altree Capital, focusing on Gender and Climate in East Africa, and West Africa’s HealthCap, which targets healthtech and fintech. In Southern Africa, firms such as Raindance and Cartesian Capital are prioritizing Sustainability and ESG.
These managers are often the primary gateway for investment into underserved sectors, including women-owned and women-led enterprises that might otherwise be overlooked by traditional finance.
The impact of this support is already being felt on the ground.
Nkareng Siwale, founder and Managing Director for RainDance Asset Management, one of the first managers financed through Standard Bank Securities, emphasized how the funding has bolstered their professional standing.
“We have been able to show strength in our balance sheet which has built confidence in our stakeholders, including asset allocators and regulatory bodies,” Ms Siwale said.
QAQShe noted that this support has provided a “firm foundation for long-term growth,” effectively positioning these firms to bridge the funding gap for women across the continent.
