…Successful First Cohort Kickstarts Scale-Up of IFC-Led Program Supporting Women-Led Businesses Across Africa
Lagos, Nigeria, 5th February, 2025 – The International Finance Corporation (IFC), a member of the World Bank Group, and Abdul Samad Rabiu Africa Initiative (ASR Africa) have announced the expansion of the She Wins Africa program, increasing its reach from 100 to 1,000 women entrepreneurs across Sub-Saharan Africa, following strong results from the first cohort and growing institutional commitment. The announcement was made at the She Wins Africa closing event held in Lagos recently. The closing ceremony follows encouraging early outcomes, including the mobilization of more than USD 4 million in financing by participating women-led startups.
Over the past year, She Wins Africa supported women-led small and growing businesses across multiple African markets, delivering tangible results in business growth, investment readiness, and access to finance.
Speaking on the impact of the initiative at the event as it scales to reach 1,000 women, Marieme Niang Camara, IFC’s Senior Operations Officer and Regional Gender Hub Lead for Africa, said: “When we started with 100 women entrepreneurs, it was a successful pilot, but we realized that 100 is just the beginning for a region like Africa. When you look at the impact it created and the kind of access to capital and markets it gave to those women entrepreneurs, you see this is a program worth scaling. Now we’re moving from 100 to 1,000, and we’re doing it strategically through segmentation—from startups to growth-stage and scale-up companies. We’re offering tailored technical assistance, investment readiness support, and direct access to capital through both funds and IFC-backed banks. This is how we turn pilot success into regional transformation.”
She further stated that participating startups collectively raised over USD 4 million, with 17 women-led enterprises successfully accessing external financing, exceeding the program’s initial targets. During her remarks, Marieme mentioned that the program delivered technical assistance at scale, which includes 123 hours of targeted technical support, 22 startups receiving tailored advisory support beyond standard training, 275 investor connections facilitated across regional and international markets, and 100 mentors mobilized across Africa. All these are geared towards strengthening business fundamentals and investor engagement.
On his part, Dr Ubon Udoh, Managing Director and Chief Executive Officer of Abdul Samad Rabiu Africa Initiative, said: “This is one of the most impactful programs on the continent, empowering women entrepreneurs. What they do is not just for individual countries; it’s strengthening the economy of the whole continent. We’re scaling up from the first phase of 100 women from 23 countries to 1,000 women across Africa, with an increase in both the number of countries and beneficiaries. This expansion will create a more sustainable impact and extend the program’s geographical reach. We’ve taken valuable learning from the first phase, and we’re applying those insights to ensure the success of this second phase. By supporting this initiative, ASR Africa is contributing to business growth, job creation, and the strengthening of entrepreneurial ecosystems.”
In his remarks, Dr Ubon further stated the collaboration between IFC and ASR Africa on the She Wins Africa project has motivated ASR Africa to review its mentorship programme, designed to support young female entrepreneurs across the African continent. Also of note is the hybrid approach, by She Wins Africa, of providing knowledge and access to capital for women-led businesses which is the bedrock of its Phase 1 success.
She Wins African offers additional value, which includes business coaching, masterclasses, and investment-readiness training, enabling founders to strengthen operations, refine business models, and improve their ability to attract private capital. A core pillar of She Wins Africa is the use of catalytic funding to help crowd in private investment for women-led enterprises.
Through an initial catalytic grant envelope of approximately USD 100,000, the program helped mobilize nearly USD 400,000 in follow-on investment, working with regional and local investment partners including Octerra Capital, IMEX, Sahel Capital, Nubia Capital, and Convergence Advisory.
These funds supported startups in making critical operational investments, including expanding production capacity, strengthening infrastructure, and hiring additional staff, while reducing investor risk and accelerating business growth.
The inaugural cohort comprised women-led startups at different stages of development, from early-stage ventures to more established enterprises. This inclusive approach enabled stage-appropriate support across the entrepreneurial journey and strengthened the pipeline of investment-ready businesses. Through targeted investment-readiness support, investor engagement, and strategic partnerships, She Wins Africa has demonstrated the value of tailored approaches to addressing the financing gap faced by women entrepreneurs.
The expanded phase represents the first of four projects initially envisioned under the She Wins Africa umbrella, with the scale-up significantly increasing the program’s reach and potential impact. The expansion will deepen regional reach, strengthen investment pipelines, and increase access to finance and technical expertise for women entrepreneurs. IFC and ASR Africa say the next phase will prioritize scale-ready ventures while continuing to support early-stage businesses, building a stronger and more resilient pipeline of women-led enterprises positioned to drive inclusive economic growth across Africa.
About She Wins Africa
She Wins Africa is a comprehensive investment readiness program designed to empower women entrepreneurs across Africa. Through technical assistance, investor linkages, and strategic support, the initiative helps women-led startups access the capital and resources needed to scale their businesses. The program is committed to fostering inclusive economic growth and advancing gender equality in entrepreneurship across the African continent.
About ASR
The brainchild of African Industrialist, Philanthropist and Chairman of BUA Group, Abdul Samad Rabiu Africa Initiative, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.
