AFDB, African Guarantee Fund Holds AFAWA Finance Series in Nigeria to Support Women-Owned Businesses

The African Development Bank (AFDB) in partnership with the African Guarantee Fund (AGF) held a three-day finance series in Nigeria through the AFAWA initiative that was held from the 17th to 19th of October 2023, to provide support for African women-led SMEs.

The AFAWA finance series is an initiative launched by the AFDB to address the gender financing gap in Africa and support women’s economic development.

Speaking during the opening ceremony on behalf of Nigeria’s Minister of Finance, Wale Edun, the Acting Permanent Secretary/Director of the Economic Research and Policy Management Department, Federal Ministry of Finance, Grace Ogbonna said, 

“The topic of women’s empowerment is one that demands our attention, our commitment, and our collective efforts to ensure that women have equal opportunities so as to fully participate in our nation’s economic growth. Women constitute a substantial portion of our population, and their full and equal participation in the economy is not just a matter of social justice, but it is also one of economic parity.”

Also speaking, the African Finance Guarantee Fund group CEO Jules Ngankam lauded the Nigerian government for taking significant steps to support women-led businesses. 

He further noted that the AGF, through the AFAWA initiative, is eager to collaborate with the government and policymakers to transform the environment to make it more conducive for women entrepreneurs.

AFAWA recognizes that women-owned businesses play a crucial role in the economic development of Africa. By addressing the gender financing gap and supporting women entrepreneurs, it aims to foster economic growth, job creation, and sustainable development on the continent. 

It also aligns with broader efforts to achieve gender equality and empower women in various aspects of African society.

Key features and Objectives of the AFAWA Finance series include:

1. Access to Finance: AFAWA aims to provide access to financial resources and instruments specifically designed for women entrepreneurs and business owners. This includes loans, credit, and other financial products tailored to their needs.

2. Capacity Building: The initiative supports women in building their financial literacy and management skills, which are crucial for the success of their businesses.

3. Advocacy and Policy Support: AFAWA partners with governments and financial institutions to advocate for gender-inclusive policies and regulations that promote women’s economic empowerment.

4. Networking and Mentorship: AFAWA facilitates networking opportunities and mentorship programs to help women entrepreneurs connect with experienced professionals and peers, fostering knowledge exchange and support.

5. Market Access: AFAWA assists women-owned businesses in accessing local and international markets, enabling them to expand and grow their enterprises.

6. Financial Inclusion: The initiative strives to reduce the gender gap in financial inclusion, ensuring that women have equal access to banking and financial services.

Notably, the concluded AFAWA finance series in Nigeria, provided training for participants with facilitators from the prestigious Frankfurt School of Finance and Management.

On the final day of the program, participants were awarded a certificate of completion for training on Gender Finance.

Through the AFAWA initiative, the African Development Bank is changing the narrative that African women-led entrepreneurs are risky to give out loans.