Following International Women’s Day, Visa has announced two new partnerships bolstering the company’s commitment to women’s economic empowerment.
Hand In Hand International and IFundWomen will join Visa to help provide both educational resources and funding for women entrepreneurs around the globe to help them build and grow their businesses.
The global rate of female entrepreneurship has been increasing more quickly than that of male entrepreneurs1, with more than 250 million women around the world engaged in entrepreneurship.
“Women power economies around the world and increasingly are a driving force in the creation of new businesses,” says Al Kelly, CEO and chairman of Visa. “Visa is committed to using the full power of our network, brand and financial resources to put a spotlight on this growing economic force and help female entrepreneurs achieve their dreams.”
IFundWomen is a funding and education platform that provides access to capital through grants and crowdfunding, expert business coaching and a network of women business owners. Visa’s new global partnership with IFundWomen is specifically designed to help entrepreneurs secure the funding they need through a series of grant contests.
As part of the company’s mission to enable individuals, businesses and economies to thrive, Visa is launching a $2,4-million, three-year partnership with Hand in Hand International, a global non-profit organisation that focuses on developing economies in Africa, South Asia and the Middle East. Visa’s partnership with Hand in Hand International will focus on providing business education and broadened financial services access to 10,000 micro businesses in Kenya – at least 75% of which are owned by women. The partnership will further women’s economic empowerment, which has a multiplier effect, boosting economic growth and leading to greater development outcomes.
Visa recently commissioned a study entitled, African Women Entrepreneurs, to investigate the role of electronic payments in enabling the success of female entrepreneurs in Kenya, South Africa and Nigeria.
The research reveals that women acknowledge the role of electronic payments in business success, with some confiding that customers spend more when they have access to electronic payments as opposed to cash.
Women in Africa also reinvest up to 90% of their income in the education, health and nutrition of their families and communities – compared to 40% for men. Therefore, investing in women owned businesses is one way Visa can help to transform societies.
Aida Diarra, senior vice-president and group country manager for Visa SSA, believes that “closing the gender gap requires persistence, hard work and support. Visa’s She’s Next initiative in Africa seeks to encourage female micro and small business owners to fund, run and grow their own businesses.
“The number of women entrepreneurs is growing with 163-million starting businesses since 2014 alone. The highest percentages of these women are in Africa and it is for this reason that we are investing in women owned and lead businesses on the continent.”