Women Entrepreneurs Finance Initiative (We-Fi)

#WeekendReading 🍵👓: For ** 𝒔𝒆𝒗𝒆𝒏 𝒄𝒐𝒏𝒔𝒆𝒄𝒖𝒕𝒊𝒗𝒆 𝒚𝒆𝒂𝒓𝒔 ** the average number of non-performing loans for #WSMEs is 𝘭𝘰𝘸𝘦𝘳 than that of the total SME portfolio reported by the IFC - International Finance Corporation and its financial institution clients. And still, #womenentrepreneurs are denied loans at 2x the rate as their male counterparts. The estimated USD $5-6 trillion in lost value addition to the world economy is exactly why countries are #bankingonwomen and racing to pilot the WE Finance Code. Learn more from the IFC's Business Case Update: "Lower Non-performing Loans (#NPLs) for Women and Women-owned Businesses" below👇: https://lnkd.in/eSRgzS_x

🎉Côte d'Ivoire Launches the WE Finance Code🎉 The ceremony was held during the 6th edition of the International Forum on Women’s Leadership, organized by the Fondation SEPHIS and attended by over *2,000* participants including political leaders, financial institutions, investors, entrepreneurs, and senior executives from public and private organizations. Remarks were made by both Minister Belmonde DOGO of the Ministère de la Cohésion Nationale, de la Solidarité et de la Lutte contre la Pauvreté and Code Champion KOUASSI JOELLE CHRISTELLE, Director General of Société de Garantie des crédits aux PME (SGPME), encouraging the efforts being made to improve the #financialinclusion of #womenentrepreneurs through the #WEFinanceCode. ✍️ Signatories included banks (BRIDGE BANK GROUP Côte d'Ivoire, Ecobank Côte d'Ivoire, Societe Generale), a public guarantee company (Société de Garantie des crédits aux PME (SGPME)), microfinance institutions (Advans Côte d'Ivoire, REMUCI (RESEAU MUCREFAB COTE D'IVOIRE)), professional associations for banks and MFIs (APBEF-CI, APSFD-CI), a public investment fund (CDC-CI CAPITAL), an SME association (Mouvement des Petites et Moyennes Entreprises de Côte d'Ivoire), a civil society organization focused on women’s empowerment (Fondation SEPHIS), the consumer protection agency for financial services (OQSF) and one stop shop for entrepreneurial development (Côte d'Ivoire PME ).  This diverse representation among signatories reflects the shared national commitment to reshaping Côte d'Ivoire's financial ecosystem to support women entrepreneurs. Find local press reports of the launch below⬇️: 📰Abidjan.net: https://lnkd.in/eVXVXtUx 📰linfodrome.com: https://lnkd.in/e_RiA2dD . . . . . 🙏 And many thanks to our implementing partners at The World Bank and IFC - International Finance Corporation and other ecosystem supporters: GUDE PME BCEAO (compte officiel) APIF COTE D'IVOIR Josiane Kwenda Marie-Chantal Uwanyiligira Aniéla KOFFI Maria Pagura Ariane Kouassi Adja Mansora Dahourou Ama Tanoh Mavie Assoukpe Claude Owona Ekoto Makhtar Gueye Soukeyna Kane Hassan Sabbah #femmesentrepreneures

Rural women in #Azerbaijan face significant challenges overcoming traditional #genderroles, including limited access to land and finance. We-Fi partnered with the IFC - International Finance Corporation and the Women Entrepreneurs Opportunity Facility (WEOF) to provide a financing package of $35 million to one of the country’s leading banks, Bank Respublika, in January 2023. With 50% of the funds earmarked for #WSMEs, the results are clear: 📈 Loans to #womenentrepreneurs more than TRIPLED. 📈 Access to finance for micro and small businesses nearly DOUBLED. Read below the stories of three women—Hubeyda Abiyeva from Lankaran, Ulduz Mammadova from Astara, and Asiyat Qarajayeva from Zagatala—who received loans for their agricultural enterprises to scale operations and ensure the sustainability of their businesses 👇 . . . . ✍️ Sunita Rappai 📸 Emil Khalilov

🎊United Nations Environment Programme Finance Initiative (UNEP FI) Joins the #WEFinanceCode as a Global Signatory🎊 UNEP FI is a global partnership bringing together the United Nations with over 500 banks, insurers and investors - representing more than USD $170 trillion - working to catalyse action across the financial system to support the transition to more sustainable and #inclusiveeconomies worldwide. Already demonstrating their commitment to the WE Finance Code, UNEP FI featured the Code in their 🌟just released🌟 co-authored guidance with UN Women, "Advancing #GenderEquality and Women’s Empowerment: Target Setting Guidance for Banks." The new guidance provides clear, actionable steps for banks to prioritise women’s empowerment in the workplace, marketplace, and community to close the #gendergap. ➡️ Click here to learn more about how UNEP FI members are driving real change towards #genderequality by building a more equitable and resilient financial system for #womenentrepreneurs: https://lnkd.in/etkYi76d 🙌 And please join us in welcoming UNEP FI to the WE Finance Code Community🙌

🚀 Accelerating Impact: Unleashing the Power of Private Sector Partnerships for #GenderEquality 🚀 During this year's The World Bank Group-International Monetary Fund Annual Meetings, We-Fi was spotlighted as an example of the role of partnerships in advancing gender equality through women's #entrepreneurship. Following remarks by Michelle Bachelet, co-chair of The World Bank Group Jobs Council, and Makhtar Diop and Nathalie Akon, IFC - International Finance Corporation's respective Managing Director and Global Director of Gender and Economic Inclusion, We-Fi Secretariat Head Wendy Teleki moderated a panel featuring Steven Puig, CEO of Banco BHD León and first signatory of the first national WE Finance Code***; Katarina Ždraljević, Head of Sustainability at ProCredit Holding; and Matthias Berninger, Executive Vice President at Bayer. The panelists' experiences converged on several critical themes essential for advancing gender equality: 🔢 Initiatives like the #WEFinanceCode that promote collecting #sexdisaggregateddata are vital for identifying gaps, #measuringimpact, and driving accountability 🪡 Developing tailored products and services that address the specific needs of #womenentrepreneurs enhances their ability to succeed. ⛓️💥Influencing industry standards and national policies is crucial for systemic change, transforming not just individual organizations but entire sectors. 🤝 Collaborating across institutions and sectors magnifies efforts and accelerates progress. The event concluded with a larger discussion on collective action for systemic change with Patricia Pena (Global Affairs Canada | Affaires mondiales Canada), Asahi Pompey (Goldman Sachs), Mark Suzman (Bill & Melinda Gates Foundation), marjeta jager (European Commission), and Bård Vegar Solhjell (Norad - Norwegian Agency for Development Cooperation), moderated by Susan Lund, IFC Vice President for Economics and Private Sector Development. We-Fi and our partners have created a clear roadmap for all sectors to deepen gender equality. These bold, measurable commitments illustrate that with the right mix of policy, innovation, and collaboration, we can build a world where gender equality transitions from aspiration to lived reality. 🛣️

💡 Meet Mai Phuong Anh, founder of H&A Fashion JSC in Ha Noi, #Vietnam. Comprised of 80% women employees and 99% female shareholders, H&A suffered severe challenges like many #WSMEs during the COVID-19 pandemic due to its smaller size, limited cash reserves, and lack of access to financing. The Asian Development Bank (ADB) partnered with five commercial banks to mitigate the financial burden the pandemic imposed on #womenentrepreneurs through the COVID-19 Relief Grant for Women-led SMEs Project, funded by We-Fi. Learn more 👇

Global Signatory Fundación Microfinanzas BBVA profiled Women Entrepreneurs Finance Initiative (We-Fi) Secretariat Head Wendy Teleki and the #WEFinanceCode in their December magazine "Progress: The Faces of #Resilience." Read the interview to find out why global organizations such as the BBVA Microfinance Foundation are joining the Code, as well as some early results in pilot countries that show how the Code is fostering #innovation and collaboration with exciting initiatives such as gender-responsive lending programs and digital platforms for #womenentrepreneurs already taking shape. ➡️Want to learn more about the WE Finance Code? Click here to sign up for the Code Communiqué to receive regular updates on Code launches, practitioner tools, community learning opportunities and more: https://lnkd.in/e4qUedvm

🚨DEADLINE EXTENDED - Survey for #WomenEntrepreneurs 🚨 Please support our colleagues at the Cherie Blair Foundation for Women and The World Bank's Women, Business and the Law's survey of the experiences and challenges faced by women entrepreneurs in low and middle income countries. The findings will help us all better support women's entrepreneurship and #accelerateequality by recognizing and eliminating barriers to success. ✍ Please fill out this quick, anonymous survey (available in English, Spanish, French, and Arabic) by 🗓️ 15 December 2024 ➡ https://lnkd.in/gfM97zeM

WE-Fi is pleased to support the Asian Development Bank (ADB)'s first private sector transaction to promote #inclusivefinance in #Fiji's financial sector! 🤝🟰 ADB Director General for Private Sector Operations Suzanne Gaboury and Merchant Finance Pte Limited (MFL) CEO Veilawa Rereiwasaliwa announced today a landmark agreement for a loan of $4 million (local currency) to support small and medium-sized enterprises. Supplemented by a We-Fi grant, #MFL will earmark 75% of proceeds for #womenentrepreneurs and #WSMEs. #SMEs account for approximately 90% of all businesses in Fiji. However, they face significant challenges in #accesstofinance. Women-led businesses in particular face many barriers hindering their growth and economic contribution, including limited collateral, financial literacy, and networks, as well as gender bias, cultural barriers, and lack of tailored financial products. #MFL is the largest of three nonbank licensed credit institutions in Fiji. Said Mr. Rereiwasaliwa, "This collaboration is a significant step towards promoting #genderequality and #economicgrowth in Fiji. We are committed to supporting women’s SMEs to enable them to access the finance they need to grow and thrive.” Read more 👇 . . . . Asif Cheema Irene Chua, CFA Dr. Sabine S. Keiko Nowacka Joanna Romero

🎊 Senegal Launches the #WEFinanceCode 🎊 The #Senegal national Code was launched last week in Dakar at ADEPME OFFICIEL's Forum 4L, a celebration of women's entrepreneurship. Supported by The World Bank, the event was attended by hundreds of financial institutions, technical partners, #womenentrepreneurs and representatives from several ministries, including Senegal's Ministry of Finance and Budget, Industry and Commerce, Family and Solidarity, and more. 9 banks, 3 #MFIs, 3 public agencies, 2 associations, and one women-focused #equity fund committed to implementing the Code in Senegal. The coalition is comprised of: ADEPME OFFICIEL ✍️ Marie Rose Faye, Directrice Générale APSFD-SENEGAL ✍️ Mamadou CISSE, Président Baobab Sénégal ✍️ Mamadou CISSE, Directeur Général  COFINA Sénégal ✍️ Madame Nathalie Anne Marie Korine Gomis, Directrice Générale Adjointe support MICROSEN ✍️ Ndèye Binta Diop, Directrice Générale  BRIDGE BANK Sénégal ✍️ Madame Diagne, Responsable PME APBEF ✍️ Youssouf Sakho, Chargé d’études APBEF La Banque Agricole ✍️ Monsieur El Hadji Abdoul Aziz Sarr, Directeur Commercial et Marketing Adjoint Orabank ✍️ Kofi DORKENOO, Directeur Général  Société Générale Sénégal ✍️ Nicolas Tauvel, Directeur Général Adjoint Corporate & Paiements  Ecobank Sénégal ✍️ Madame Aissatou Diakhaté, Directrice Commerciale  Banque Atlantique ✍️ Mohamadou Bamba Gaye, Chef de service PME/PMI BNDE | Banque Nationale pour le Développement Economique ✍️ Mamadou FAYE, Directeur Général  UBA Sénégal ✍️ Julien KOUASSI, Administrateur Directeur Général Coris Bank International Sénégal ✍️Madame Ndeye Soukeye TRAORE NGOM, Responsable Entreprises Haskè Ventures ✍️ Madji Sock, Présidente FONGIP ✍️ Ndeye Fatou Mbodj, Administratrice Générale  FONSIS - Fonds Souverain du Sénégal ✍️ Babacar Gning, Directeur Général 📺 Watch highlights from the launch event: https://lnkd.in/dRsdntSR 📸See more pictures and highlights from the launch: https://lnkd.in/d8NdjKXi 🔗And visit www.wefinancecode.org to learn more about the pilot countries and how you can join the #WEFinanceCode community. . . . . 🙏Deepest thanks to our implementing partners: Mazen Bouri Daouda Diouf. Msc. Douglas Pearce Maria Pagura Jana Hughes Malinska HALIMATOU NIMAGA Harris Hounton Seydina Alioune DJIGO Ariane Kouassi #ForumWEE #FemmesEntrepreneurs #Wee4Lingeer