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Business News

Women entrepreneurs in Africa get $251 million support from G7 leaders

Some African women entrepreneurs have just received a huge boost of $251 million from the G7 Leaders through the initiative of the AfDB, Affirmative Finance Action for Women in Africa (AFAWA)

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Entrepreneurs

Some African women entrepreneurs have just received a huge boost of $251 million support from the G7 Leaders through the initiative of the African Development Bank (AfDB), Affirmative Finance Action for Women in Africa (AFAWA)

The AFAWA is an initiative which is geared towards improving women’s access to financing through funds disbursement, training and mentorship.

French President, who is also the President of the G7, Emmanuel Macron looked forward to the utilisation of the funds in the development of Africa.

I am particularly proud, as the current G7 president, that the programme we are supporting today, the AFAWA initiative, comes from an African organisation, the African Development Bank, which works with African guarantee funds and a network of African banks,” Macron stated at the G7 Summit.

[READ MORE: African women set to benefit from $250 million European Union Empowerment Initiative]

Emmanuel Macron

Further details: Angelique Kidjo, the programme ambassador and the President of AfDB President, Akinwumi Adesina expressed their joy to be associated with the initiative.

African women are the backbone of the continent. I’m thrilled to bring their voice to the G7. AFAWA is essential for our continent,” the Beninoise artist and UNICEF ambassador, Angelique Kidjo said at the event.

The AfDB President, Akinwumi Adesina applauded the extraordinary support of all the G7 Heads of State and government to African women, which he said would close the finance gap between male and female entrepreneurs.

This is a great day for African women. Investing in women entrepreneurs in Africa is important, because women are not only Africa’s future. They are Africa’s present. Currently, women operate over 40% of SMEs in Africa, but there is a financing gap of $42 billion between male and female entrepreneurs. This gap must be closed, and quickly.”

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[READ MORE: Why Lagos State is partnering Mamamoni to empower 100 women]

Adesina also explained that AFAWA’s decision to secure a $5 billion raise for African women entrepreneurs and the African Development Bank to provide $1 billion financing would be the most significant in the history of the continent.

Dr. Akinwnmi Adesina, Lutoyilex Construct Ltd, Fraud, AfDB

President, AfDB, Akinwumi Adesina

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What you should know: AFAWA is an initiative fronted by the African Development Bank (AfDB) to provide women more chances in businesses and address the $42 billion financing gap facing women in Africa.

The AFAWA initiative, backed by the G7 nations, is based on three major principles.

  • The first is to broaden women’s access to financing through innovative and adaptive financial instruments, including guarantee mechanisms to support women entrepreneurs.
  • The second principle is to provide capacity-building services to women entrepreneurs, including access to mentoring and training courses in entrepreneurship. AFAWA also assists financial institutions in responding to specific needs of women-led businesses through specially adapted financial and non-financial products.
  • The third principle is improving the legal and regulatory environment and removing any obstacles that specifically affect women by engaging in policy dialogue with governments, central banks, and other institutions.

[READ MORE: AfDB secures $61.8m to support female entrepreneurs]

About the G7

The G7, or ‘Group of Seven’, meets each year, bringing together the Heads of State and Government of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, plus the Presidents of the European Commission and European Council.

In 1997, the group included Russia, becoming the G8, but after the annexation of Crimea by Russia in 2014, the member states of the G7 and the European Union suspended Russia from the group.

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France holds the presidency of the G7 in 2019, and President Emmanuel Macron is championing gender equality as a major theme of his five-year term.

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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