In order to address the financial constraints faced by women entrepreneurs in Senegal and Côte d’Ivoire, the women-focused investment fund, Wic Capital, has successfully secured a $1 million loan from the FSDAi Nyala Facility, a prominent UK investor with a focus on sub-Saharan Africa.
Wic Capital, established in 2019 by the Women’s Investment Club Senegal, operates as a fund dedicated to supporting women-owned businesses in the challenging economic landscapes of Senegal and Côte d’Ivoire. The fund’s recent announcement on December 5, 2023, reveals its strategic move to further empower women entrepreneurs through a substantial line of credit from FSD Africa.
The $1 million loan is set to be utilized by Wic Capital in providing innovative financial products tailored to the specific needs of its target audience. Beyond financial assistance, the fund aims to fortify women entrepreneurs by offering mentoring and training sessions, recognizing the multifaceted challenges faced by businesses led by women in the region.
Anne-Marie Chidzero, the Investment Director at FSD Africa, managing FSDAi Nyala Facility, highlighted the significance of this loan in supporting Wic Capital’s expansion strategy in Senegal and Côte d’Ivoire. The loan is expected to act as a catalyst, enabling Wic Capital to secure additional funds to further bolster its mission in the two West African countries.
One of the major hurdles addressed by Wic Capital is the stark lack of financial access for women entrepreneurs in the region. In Senegal, only a mere 3.5% of businesswomen currently have access to credit from financial institutions. Additionally, there is a considerable deficit in access to coaching and technical assistance platforms, underscoring the critical need for initiatives such as Wic Capital.
While Wic Capital has not disclosed specific details on the allocation of funds to individual projects or the number of companies set to benefit from this facility, the overarching goal is clear — to bridge the financial gap and empower women entrepreneurs who face formidable challenges in accessing finance in the region.
The establishment of Wic Capital by the Women’s Investment Club Senegal in 2019 reflects a proactive response to the pressing issue of limited financial opportunities for businesses, particularly those led by women, in Senegal and Côte d’Ivoire. The fund’s commitment to offering not just financial support but also mentorship and training is poised to make a transformative impact on the entrepreneurial landscape, unlocking new avenues of growth and sustainability for women-owned businesses in the region.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.