April 28

We-Fi announces New Round of Funding for Women Entrepreneurs; $15 Million to the Africa Digital Financial Inclusion Facility to Improve Access to Finance for Women-owned Small Businesses

The Women Entrepreneurs Finance Initiative (We-Fi)  has announced a new round of funding under which the African Development Bank’s ( Africa Digital Financial Inclusion Facility (ADFI) will receive $15 million to develop and extend digital financial solutions to women-owned small and medium businesses in Cameroon, Egypt, Kenya, Mozambique and Nigeria.

This fourth round of financing of $54.8 million will benefit almost 69,000 women entrepreneurs in developing economies with access to digital technology and finance.

The funds will enable the Africa Digital Financial Inclusion Facility to design and implement programs to improve digital access to finance for women entrepreneurs, reducing the $42 billion financing gap,  and improving their operational efficiency to build back better following the COVID-19 crisis.

Photo courtesy of Jeremy Keith.

Source: African Business (link opens in a new window)

digital finance, financial inclusion, women entrepreneurs