Women entrepreneurs in Africa continue to face significant financial barriers, with an estimated $49 billion funding gap limiting the growth of women-owned businesses. To address this challenge, the Growth Accelerator Programme, a partnership between the African Women Innovation & Entrepreneurship Forum (AWIEF), the African Guarantee Fund (AGF), and FSDH Merchant Bank Limited, has been launched to enhance access to finance for women-led Small and Medium-Sized Enterprises (WSMEs) in Nigeria.
Furthermore, this initiative is backed by the African Development Bank’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA), which aims to unlock up to $3 billion in financing for women entrepreneurs across the continent. As the implementing partner for AFAWA, AGF is committed to promoting economic development, increasing employment, and reducing poverty in Africa by providing financial institutions with the tools and technical assistance they need to support women-led businesses effectively.
A Collaborative Effort to Empower Women-Owned Businesses
The tripartite collaboration between AWIEF, AGF, and FSDH Merchant Bank Limited is designed to make WSMEs in Nigeria credit and investment-ready. Through tailored business development mentorship, training, and advisory services, the program will equip women entrepreneurs with the necessary skills and knowledge to meet the credit requirements of FSDH Merchant Bank, increasing their chances of securing business loans and financing.
FSDH Merchant Bank, a key player in Nigeria’s financial sector, drives its gender-focused strategy through the Women in Business Initiative (WIBI), reinforcing its commitment to empowering women-led businesses in the country. By working together, the partners aim to bridge the financial gap significantly and create a more inclusive and equitable business environment for women entrepreneurs.
Call for Applications: Who Can Apply?
The Growth Accelerator Programme is currently accepting applications from eligible women entrepreneurs and business founders in Nigeria. The program will select 100 beneficiaries for a 12-month intensive accelerator program, offering a range of benefits, including access to mentorship, technical training, financial advisory, and expanded networking opportunities.
To qualify, businesses must meet at least one of the following criteria:
- Entrepreneurship & Ownership: At least 51% of the business must be owned by women or founded by a woman.
- Leadership: At least 20% of senior management or 10% of board members must be women.
- Products & Services: The business must offer products or services that enhance the well-being of women and girls or contribute to gender equity.
Additionally, businesses must:
- Be registered and operating in Nigeria.
- Be post-revenue and demonstrate high growth potential.
- Have been in operation for at least three years.
- Be led by committed entrepreneurs seeking investment or financing for expansion.
Key Benefits for Participants
Participants in the Growth Accelerator Programme will gain:
- Access to high-level training, mentorship, and business advisory services.
- Improved technical, managerial, leadership, and interpersonal skills tailored to their business needs.
- Increased creditworthiness and eligibility for financing from FSDH Merchant Bank.
- Post-capacity building and loan application support.
- Integration into Nigeria’s financial ecosystem with greater access to investment opportunities.
- Expansion of professional networks across Nigeria and the broader African business landscape.
Application Deadline: March 31, 2025
Therefore, women entrepreneurs looking to scale their businesses and secure funding are encouraged to apply for the AWIEF Growth Accelerator. Finally, this initiative is a significant step toward closing Africa’s gender financing gap and ensuring that women-owned businesses have the support they need to thrive.
