Tech

WIC Capital secures $1m in funding to boost MSMEs in West Africa

Published

5 months ago

December 13, 2023

WIC Capital, a capital provider with investment portfolio in Senegal and Ivory Coast that focuses on financing women-owned and managed micro, small and medium enterprises (MSMEs), has announced raising $1 million loan from the FSD Africa Investments (FSDAi), alongside FSD Africa, to boost its funding drive.

According to the CEO of WIC Capital, Evelyne Dioh Simpa, the fund is the “first investment mechanism to provide appropriate financing and support to women-owned MSMEs in Senegal and West Africa.”

“WIC Capital was established by the Women’s Investment Club Senegal in 2019 with the vision of giving women entrepreneurs access to modern financing instruments for inclusive development,” Simpa said in a statement on Wednesday.

“WIC Capital’s objective is to identify, nurture and develop a portfolio of promising start-ups and women-led SMEs, but also to ensure that they become high-growth businesses that can participate in the expansion of the economies of Senegal and Ivory Coast.

“It works with early-stage, women-owned or led enterprises to provide first-time external capital as well as business training and mentorship.

“It also leverages a large network of successful women entrepreneurs and civic leaders to co-fund and support these emerging businesses.

“The partnership with FSDai will be catalytic in the development of a local capital provider that has the potential to profoundly change the local ecosystem, by providing risk capital and business support to women led small and growing businesses (SGBs), with the ultimate goal of increasing women’s agency and economic benefit.

“With this investment, we are closing our first fund, and we believe this partnership will help accelerate the mobilization of our second fund to serve SMEs generating a strong impact in Senegal and Ivory Coast,” she added.

“Through its investment in WIC, FSDAi is backing an African women-led capital allocator with deep local angel networks, a creative funding structure and financing solution for small and growing businesses in West Africa”.

Related Topics:Featured Funding SMES WIC Capital

Click to comment

Tech

Google relaunches Hustle Academy with AI focus to empower African SMBs

Published

9 hours ago

May 16, 2024

Akanimoh Etim

Google has relaunched the 2024 cohort of its Hustle Academy, a programme dedicated to accelerating the growth of small and medium-sized businesses (SMBs) in Sub-Saharan Africa.

Making the announcement on Thursday, Google said it is opening of applications for the Hustle Academy with a special focus on using Artificial Intelligence (AI) to provide comprehensive business education, mentorship, and networking opportunities to SMBs.

According to Kristy Grant, Head of B2B marketing for Sub-Saharan Africa at Google, the 2024 cohort of the programme introduces a significant upgrade – business-focused AI training integrated directly into the curriculum.

“This year, the new AI modules focus on data-driven decisions, optimising operations, and building AI-powered marketing strategies,” Grant said.

“AI holds immense potential for African small and medium-sized businesses SMBs, enabling them to drive innovation, increase efficiency, and unlock new levels of economic growth.

“The Hustle Academy has supported over 10,000 businesses who have gone ahead to raise funding and create jobs since inception.

“By incorporating AI into our curriculum, we aim to further amplify this impact, equipping SMBs to harness AI technologies for improved business performance and economic progress,” Grant emphasized.

She added that applications for the 2024 Hustle Academy cohort are open to SMBs in Kenya, Nigeria, and South Africa.

Tech

Latin America’s biggest payment processor PayRetailers expands into Africa

Published

2 days ago

May 15, 2024

Akanimoh Etim

Latin America’s biggest payment processor, PayRetailers, has announced its expansion into Africa with coverage across four countries, Rwanda, Zambia, Uganda, and Tanzania.

A statement by its Chief Operating & Digital Officer, Lorenzo Pellegrino, said by expanding into Africa will offer customers a unified payment solution that will be a game changer for cross-border online merchants looking at Africa as their next move for strategic growth.

He said to strengthen its presence in the continent, PayRetailers is activating its payment processing functions that will “offer a simple, user-friendly, and scalable experience to businesses looking to grow their regional operations and give them access to major local methods like SPENN, Airtel, and MTN.”

“This market is increasingly connected and mobile and destined for strong growth, which is why PayRetailers, in its mission to increase financial inclusion and continue supporting business growth in emerging markets, has decided to activate its networks in the region and drive this exciting era of prosperity,” Pellegrino said.

“As a part of our strategic expansion, we are extending our coverage to four markets in Africa, at least to start with. Over the coming months, we plan to steadily expand our operation in the continent, which is experiencing incredible growth in the payments industry and has massive potential for merchants looking to diversify and broaden their consumer base.

“Using the stellar and continuous growth we have experienced in LATAM as our guide, we are well-poised to help businesses thrive faster and more sustainably.

“We recognize the immense potential and significance of venturing into these dynamic markets.

“Each new addition to our market coverage is a gateway into untapped opportunities and strengthened partnerships, ensuring our sustained growth and global relevance.

“Our imminent expansion into additional countries across West, North, and Southern Africa underscores our commitment to empowering our clients and connecting them with diverse consumer bases across the continent.

“From May onward, businesses will be able to operate in the region using PayRetailers for their online users, representing a major milestone for its client portfolio and its innovation strategy for 2024,” the statement said.