First cohort achieves success, kicks off expansion of IFC-led program supporting women-led businesses across Africa
Lagos, Nigeria – The International Finance Corporation (IFC), a member of the World Bank Group, and the Abdul Samad Rabiu Africa Initiative (ASR Africa) announced the expansion of the She Wins Africa program, expanding its reach from 100 to 1,000 women entrepreneurs across sub-Saharan Africa, following positive results in the first cohort and growing institutional efforts. The announcement was made at the She Wins Africa closing event held in Lagos recently. The closing ceremony followed promising early results, including more than $4 million in funding mobilized by participating women-led startups.
Over the past year, She Wins Africa has supported growing, women-led small businesses in multiple African markets, delivering measurable results in business growth, investment readiness, and access to finance.
LR: Representative of the International Finance Corporation (World Bank Group) and Abdul Samad Rabiu (ASR) Africa Initiative. Ifeoma Nwakwesi Udoh, she was awarded the grant award. Dr. Ubon Udoh, MD/CEO of ASR Africa; Ms. Dalia Khalifa, Director of IFC Nigeria and Central Africa; At the closing ceremony of SheWins Africa – Phase 1 held in Lagos, Mr. Najaatu Rabiu, Head of Social Development, ASR Africa, spoke on stage.
Marieme Niang Camara, Senior Operations Officer and Head of Africa Regional Gender Hub at IFC, spoke about the impact of scaling the initiative to 1,000 women at the event, saying, “When we started with 100 women entrepreneurs, , it was a successful pilot, but we realized that 100 people is just the beginning in a region like Africa. When you look at the impact it’s created and the kind of access to capital and markets it’s given women entrepreneurs, you can see how great this is.” Today, we’ve grown from 100 companies to 1,000 companies, and we work strategically with startups, growth-stage companies, and scale-ups. This provides direct access to capital, both through the fund and through IFC-backed banks. ”
Additionally, she said the participating startups collectively raised more than $4 million, and 17 women-led companies successfully accessed external funding, exceeding the program’s original goals. In her speech, Marieme noted that the program provided extensive technical assistance. This includes 123 hours of targeted technical support, 22 startups receiving personalized advisory support beyond standard training, 275 investor connections facilitated across regional and international markets, and 100 mentors mobilized across Africa. All of this is aimed at strengthening business fundamentals and investor engagement.
Meanwhile, Dr. Ubon Udoh, Managing Director and CEO of the Abdul Samad Rabiu Africa Initiative, said: “This is one of the most impactful programs on the African continent to empower women entrepreneurs. What we are doing is strengthening the economies of not just individual countries, but the entire continent. We have scaled up from a first phase of 100 women in 23 countries to 1,000 women across Africa, and both numbers are increasing.” This expansion will create a more sustainable impact and expand the geographic reach of the program. We are leveraging the valuable lessons learned from the first phase to support this initiative, contributing to business growth, job creation, and strengthening the entrepreneurial ecosystem. ”
In his speech, Dr. Ubon further stated that the collaboration between IFC and ASR Africa on the ‘She Wins Africa’ project has led ASR Africa to rethink its mentorship program aimed at supporting young women entrepreneurs across the continent. Also noteworthy is She Wins Africa’s hybrid approach. This provides women-led businesses with access to knowledge and capital, which is fundamental to the success of Phase 1.
She Wins African offers added value such as business coaching, masterclasses and investment readiness training to enable founders to strengthen their operations, refine their 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 focus private investment in women-led businesses.
Through an initial catalyst grant slot of approximately USD 100,000, the program has helped mobilize nearly USD 400,000 in subsequent investments in collaboration with regional and local investment partners including Octerra Capital, IMEX, Sahel Capital, Nubia Capital, and Convergence Advisory.
These funds helped startups make critical operational investments such as expanding production capacity, strengthening infrastructure, and hiring additional staff, while reducing risk for investors and accelerating business growth.
The first cohort consisted of women-led startups at various stages of development, from early-stage ventures to more established companies. This comprehensive approach enables step-by-step support throughout the entrepreneurial journey, strengthening the pipeline of investment-ready businesses. Through targeted investment readiness support, investor engagement and strategic partnerships, She Wins Africa has demonstrated the value of a tailored approach to addressing the funding gap faced by women entrepreneurs.
This expansion phase is the first of four projects originally envisioned under the She Wins Africa umbrella, and the scale-up will significantly expand the scope and potential impact of the program. This expansion will deepen our regional reach, strengthen our investment pipeline, and increase access to capital and technical expertise for women entrepreneurs. IFC and ASR Africa say the next phase will continue to support early-stage companies while prioritizing scale-ready ventures, building a stronger and more resilient pipeline of women-led companies positioned to drive inclusive economic growth across Africa.
