SENEGAL – Ecobank, a pan-African banking conglomerate has signed a one billion CFA franc (US$1.6 million) collaboration contract with “Women’s Investment Club” (WIC) Senegal to support female entrepreneurship in Senegal.
The financial partnership is a core component of the “Ellever” program, which aims to support women’s activities that encourage financial independence by making it easier for them to use modern and suitable financial instruments.
Despite the fact that Senegal has a well-developed and active entrepreneurial fabric, one of the most significant hurdles to expansion is a lack of capital.
Local and international private and institutional investors share their resources to fund micro and small women-owned firms (MSMEs) in Senegal and Côte d’Ivoire through the 11 billion CFA franc investment scheme.
The Fund invests in firms across all industries that were started by women, are registered or managed by at least 50% women, or have a management team that is mostly female.
Given the number of female entrepreneurs, Africa accounts for the largest share. In fact, in Africa, women are more likely than males to start a business. Women account for 58 percent of the continent’s self-employed.
Creating more chances for Africa’s diligent women entrepreneurs should include cooperating with the private sector to utilize synergies.
The funding would go a long way to first, encourage more females to explore entrepreneurship, and also it will help to close the significant economic gap that appears to be a huge lag in the overall growth of the continent’s economy.
The impact of investing in female businesses is multiplied. Women are more likely than males to reinvest a larger share of their earnings in their families and communities.
It is widely proven that when women manage a larger share of home resources, the family spends a reasonable sum of money on feeding and children’s education.
Healthier and more learned children are better positioned to contribute to the growing economy of the country.