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Jordan SME grows while rebuilding lives of Syrian refugees

Arabella for Aluminium provides employment opportunities to refugees in one of Jordan’s poorest governates.

Former lawyer, Mohamed Darwish, is lucky to have a job on Arabella’s factory floor. Darwish is one of the estimated 1.5 million Syrian refugees presently living in Jordan. His family may have escaped the death and destruction of war when they fled from Aleppo in Syria, but building a new life is not easy.

With close to a third of Jordan’s private sector labour force employed by SMEs, the sector has a crucial role to play in addressing the refugee crisis. And with Arabella located just a few kilometres away from the Zaatari Refugee Camp in the Governate or Irbid, this SME offers a rare employment opportunity at a decent wage to both Syrians and local workers.

Under the Nomou Programme, Arabella is a GroFin Jordan SME client that specialises in aluminum extrusion, fabrication, decoration, and surface treatment & coating. In 2015, GroFin provided the company with financing to purchase equipment and complete infrastructure work at its new production site. But only a few months after it started operations, an unexpected halt in production could easily have seen the business fail.

When cracks appeared in three of the company’s extrusion press containers – which are crucial to its production process – it had no choice but to halt operations. Two of the containers were shipped to Thailand for repairs and while the third was repaired locally, the process still took several months.

Arabella was soon unable to meet its obligations to GroFin and would have defaulted under a traditional financing framework – likely forfeiting its assets and going under. However, GroFin’s model provides room to adapt its financing to the needs of the client and was able to devise an alternative payment plan to allow Arabella to overcome this difficult period.

“Not all business support is about increasing sales and revenue. It is also about helping the client to survive and overcome tough times.”

Wael Sunna, Investment Manager at GroFin Jordan, says small and medium-sized businesses are extremely vulnerable to shocks and the ability to overcome such unexpected setbacks is key to their survival. “Not all business support is about increasing sales and revenue. It is also about helping the client to survive and overcome tough times,” Sunna explains.

GroFin has also provided Arabella with further advice to improve its cash flow through negotiating better payment terms with suppliers and improving collections from clients through shorter payment terms. In 2017, GroFin provided the company with additional funding needed to boost its stock of aluminum pellets to meet higher demand for its products.

With GroFin’s support, Arabella has been able to continuously increase its production and sales. At the end of 2018, the company employed 84 workers, compared to 49 a year before, 20% of whom are Syrians. Arabella continues to grow and is expanding its production facilities even further through the addition of a new furnace for processing scrap aluminum.

“GroFin became our partner when banks refused our loan applications. In the beginning we were short of experience, but we found all the support we needed in GroFin.”

Mr. Sobhi Al Zubi, the entrepreneur behind Arabella, says he will never forget GroFin’s support and loyalty to his business. “GroFin became our partner when banks refused our loan applications. In the beginning we were short of experience, but we found all the support we needed in GroFin. They were there to help us with everything from planning to marketing and sales,” he says.

Sobhi says perseverance and determination were crucial to his success.

“I am always positive, despite the setbacks. I always keep looking forward – never back. You have to feel successful on the inside, then even people who start from nothing can become successful.”

Learn more about the The Nomou Programme and GroFin funding and business support for entrepreneurs and SMEs in the Middle East.

GroFin Nigeria supports women entrepreneurs to ‘step up and scale up’

GroFin Nigeria (Lagos) recently hosted nearly 90 women entrepreneurs at a capacity building workshop in Lagos. The event formed part of GroWoman, GroFin’s Gender Lens Investing Initiative, and focused on equipping women entrepreneurs in business planning and strategy. Women empowerment is one of GroFin’s core impact objectives.

GroFin hosted the event in partnership with Sheba Centre, a GroFin client and events management company. Omolara Adelusi, the owner of Sheba Centre, shared her entrepreneurial journey and encouraged other women entrepreneurs “to step up and scale up” their businesses.

Women entrepreneurs from various sectors including agro-processing, education, healthcare, retail, and manufacturing attended the event and were inspired by its theme of ‘Breaking the Myth’ around gender roles which assume that women cannot – or should not – venture into the business world.

Bisi Onim, executive director and COO at FundQuest Financial Services, and Tope Orolu, managing director at TIS Capital & Advisory, spoke on the role of a business plan in a thriving business. The speakers encouraged entrepreneurs to develop their business plans holistically.

The learning sessions included practical guides to business planning which some of the participants even described as an “abridged MBA”. Attendees also testified to have garnered more knowledge on sustaining their business, building a proper structure as well as implementing the right strategies for business growth.

“The facilitators made the business plan very easy to digest. I am going to run my business as a system and leverage on resources outside of my immediate environment. I will further develop my business plan and would love to have more information on subsequent events of this nature.” said one attendee.

GroFin’s mission is aligned with the United Nation’s Sustainable Development Goal 5 (Achieve gender equality and empower all women and girls) through its focus on women–led businesses and women employment. GroFin has supported over 122 women-owned businesses and 30% of the jobs our investments sustain are held by women.

GroFin is partnering with the International Trade Centre (ITC) in SheTrades Invest, an initiative to increase investment in women-owned businesses in the countries where we operate. The SheTrades initiative aims to connect three million women to market by 2021. In addition, GroFin works with the Vital Voices Programme to help women entrepreneurs lead positive change in their communities. GroFin sponsored 12 clients for the VV GROW Fellowship, a highly competitive one-year accelerator program for women who own small or medium-sized businesses.

If you are a woman entrepreneur looking to grow your business, learn more about GroFin’s financing and business support. Or speak directly with a GroFin representative at one our local offices for more information.

GroFin receives high accolade at Nigerian Healthcare Excellence Awards

GroFin Nigeria won the Outstanding Healthcare Project-Friendly Financial Institution of the Year Award at the Nigerian Healthcare Excellence Awards (NHEA) 2019.

The award recognises banks and financial institutions that have created an inclusive innovative financing model for healthcare entrepreneurs or healthcare SMEs across the value chain. NHEA is an initiative of Global Health Project and Resources in Partnership with Anadach group and celebrates organisations who have contributed immensely to the growth of the Nigerian healthcare sector.

Felix Ezeh, Investment Executive at GroFin Nigeria, felt honoured that GroFin was recognised for this prestigious award:

“By this award, the public that voted for GroFin made a statement that they are appreciative of the work we are doing.  We heard them.  Our promise to them is that this award will only spur us to do more.”

NHEA’s recognition aims to stimulate quality improvement and innovation in the Nigerian health sector leading to improved service delivery & management of key health issues and the capacity of individuals to influence and set new performance standards in Nigeria & beyond.

GroFin’s unique model of combining finance and business support helps healthcare entrepreneurs and SMEs overcome challenges and improves their ability to manage the complexity of a growing business. GroFin has dedicated healthcare investment and business support expertise, both through its in-house healthcare “industry experts” and through formal partnerships with specialist healthcare partners like Medical Credit Fund (MCF).

GroFin’s healthcare portfolio in Africa and the Middle East consists of investments made in 41 SMEs, representing a total investment of US$ 16M, across the value chain of businesses in the healthcare industry including hospitals, clinics, dental facilities, maternal care and pharmaceutical outlets. Business support offered by GroFin includes a business planning framework, quality management systems, cash flow advice, medical waste management systems as well as operations and management expertise. And through its investments, GroFin has over 277,280 patients able to obtain medical care services annually and has helped sustain a total of 3,950 healthcare related jobs.

The NHEA 2019 brought further good news as a GroFin Nigeria exited client Healthplus Limited won Retailer of the Year Award, further helping to cement GroFin’s impact in the health sector of Nigeria.

About GroFin

GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. We combine medium term loan capital and specialised business support to grow SGBs in emerging markets. By successfully combining medium term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 88,150 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin has its headquarters located in Mauritius.

Media enquiries: Felix Ezeh, felix@grofin.com

GroFin and Shell Foundation: Harnessing technology for SME finance

From mobile money to blockchain and data analytics, fintech is not only disrupting the way corporate financial institutions operate, it also presents far-reaching opportunities for social enterprises and development finance institutions to strengthen their impact and efficiency.

Shell Foundation (SF) supports innovators to test new technology and enterprise models to help overcome two major global development challenges: access to energy and access to affordable transport. Its portfolio includes both social enterprises as well as market enablers – like GroFin – that accelerate the growth of proven sectors.

SF, a UK registered charity, has supported GroFin since its inception in 2004, when the two organisations came together to develop a unique model that combines finance and support to grow SMEs and drive inclusive economic growth. In line with SF’s focus to support businesses and intermediaries capable of delivering social change at scale, it also assisted GroFin in two projects aimed to enable the company to better leverage technology and increase the efficiency of its growing operations.

Mairi Tejani, Head of SME Growth at Shell Foundation, says financial technology innovations create a unique opportunity to redefine the SME lending ecosystem.

“We remain committed to supporting initiatives that increase the efficiency of the SME finance sector in emerging markets, and are pleased to partner with GroFin to test the use cases for financial technology innovations in SME funds.”

Increased efficiency

GroFin provides financing and business support to SMEs in 14 countries throughout Africa and the Middle East and has invested in over 700 businesses. The ability to provide effective business support to its clients is integral to GroFin’s business model. This requires the company to accurately capture and analyse financial and other data gathered from these SME businesses, or created through its transactions with them.

Until recently, GroFin relied on various internal systems and manually extracted the data it needs for analysis and reporting – a process which was both time-consuming and error prone. With Shell Foundation’s support, GroFin enlisted Altron Karabina, a specialist in helping companies digitally transform using the Microsoft platform, to develop a data warehouse and business analytics platform.

The data warehouse allowed GroFin and Karabina to develop automated reporting templates, eliminating the need to manual collate and update data for reporting purposes and greatly improved efficiency. For example, the project has allowed GroFin to slash the time spent on collating certain data for creating quarterly reports for investors from about two weeks to mere minutes.

GroFin is now using its own internal resources to extend the infrastructure and functionality created during the project to create a wider range of automated reports. Since the completion of the project, GroFin has already published more than 60 automated reports. The automation of reporting processes is freeing up time and resources within GroFin’s investment team, allowing them to spend less time on verifying figures and conduct the analysis needed to manage their portfolios and support their clients better.

A digital solution to capturing data

The need to maintain an efficient system of collecting data that is complete, accurate and auditable also led SF to provide GroFin with support to test and pilot a blockchain platform from BanQu, a US based, blockchain solutions provider. GroFin tested the use of a digital platform using distributed ledger technology (DLT) as a more effective and convenient means for its clients to submit the data required from them.

Philippa Massyn, IST Executive at GroFin, says the pilot project showed the great potential for development finance institutions and others engaged in impact investing to use digital platforms to collect data in the field.

“The project showed that a digital platform can not only make it easier for SMEs to submit their data, it can also be used to generate key insights through analytics.  We believe that if SMEs see this immediate benefit to submitting their data, they will be incentivised to submit again and on time.”

Serving SMEs better

Ashraf Esmael, Chief Development Officer at GroFin, says exploring new ways to capture and analyse data from SMEs, can make an important contribution to the development of the sector.

“Small businesses are vulnerable to shocks and therefore need to identify changing trends early on. The ability to capture and analyse data quicker and more effectively will help GroFin to provide better and more timely support to SMEs, and to do this more efficiently.”

Ryan Jamieson, CTO at Altron Karabina, says the company is excited to work with organisations like GroFin which have both an economic and societal impact.

“Altron Karabina helps companies to understand, manage and make decisions based on their data. In GroFin’s case this not only improved their own businesses processes. It will also help them to empower the SMEs they serve.”

Facing Jordan’s SME challenges & growing in frozen food market

Small and medium-sized businesses employ around a third of Jordan’s private-sector labour force. Yet, World Bank Enterprise Survey data shows that nearly 49% of small and 33% of medium-sized businesses in the country still cite access to finance as a major constraint to their growth.

GroFin allowed Al-Mutamayeza for Frozen Food Trading, which trades under the name Saboba, to overcome this challenge by providing the business with three successive rounds of financing. The company distributes high-quality frozen and processed meat and poultry products. Thanks to GroFin’s investments and continued business support it was able to expand into new geographical regions in Jordan, venture into new market segments and broadened its product range.

Raed and Mohammad Saboba founded the company bearing their name in 2007 in Zarqa, Jordan. They first approached GroFin in 2013 to finance the purchase of additional inventory to expand the distribution network of the business. GroFin also supported Saboba in the formalisation of its business plan and financial projections, equipping the entrepreneurs to monitor progress against the forecasted plan to better identify areas of improvement.

As Saboba grew, GroFin continued to work closely with the business to optimise its product range and pricing, as well as its brand positioning and marketing reach. In 2015, GroFin encouraged Saboba to explore new markets and provided the business with financing to introduce new products targeting hotels, restaurants and catering companies. In response to GroFin’s advice to diversify its product range, Soboba later obtained additional financing to acquire the right to distribute a global brand of powdered milk and other dairy products in Jordan.

Due to the success and improved profitability the company has achieved since partnering with GroFin, Saboba has acquired new premises and its brand is now well-known in Jordan.

“GroFin’s financial and business support resulted in extending our geographical coverage, increasing our number of products from 12 to 25, hiring new employees, and growing sales by over 15% annually,” says Raed Saboba, co-owner of the business.

Saboba currently employs 35 workers, compared to 21 at the time of GroFin’s first investment. However, the company’s growth has not only allowed it to create new job opportunities, but also to enhance the life and careers of its employees. Wafaa Tom is a female employee who joined Saboda in 2016 and heads up the company’s finance department.

“The growth in the company’s operations impacted my knowledge and enriched my career as I am currently dealing with bigger transactions related to a number of reputable customers.”

Alaa Al Faqeer, another female employee at Saboba, says she struggled to find a job with a decent salary as she did not have any tertiary education. All of this changed when a friend encouraged her to apply for a job at Saboba.

“Saboba paid for my tuition to enrol at university and I received a degree in Accounting, which helped me to further develop my career. When I got engaged, Saboba also generously participated in my wedding expenses, as my husband and I could not fulfil all of them,” she says.

GroFin Jordan - SabobaGroFin Jordan - SabobaGroFin Jordan - Saboba

At a mere 14.4%, the World Bank points out that Jordan’s female labour force participation rate is the lowest in the world for a country not at war. This is despite the fact that women comprise more than half of Jordanian university graduates. Gender discrimination in hiring practices contributes to this number, as well as to the country’s high female unemployment rate of nearly 24%. With GroFin’s support, Saboba has empowered Tom and Al Faqeer to overcome these barriers.

Rwanda woman entrepreneur lifts local community out of poverty

Agasaro Organic helps local farmers by adding value to their produce

Pineapples grow easily in the fertile soil of the Nyamasheke District in Rwanda’s Western province. But with the fruit in such high supply during the harvest season and no local means available to process it, farmers here have always struggled to get a decent price for their produce.

As in the rest of the country, agriculture is the main source of income for many households. The Rwandan economy may boast a low unemployment rate, but national labour statistics show that over 60% of the country’s workers are in fact self-employed in the agricultural sector. These subsistence farmers typically have little control over the prices they are paid for their produce and so remain trapped by poverty. Women are also most likely to bear the brunt of poverty as, according to Oxfam, they head close to a third of agricultural households and provide almost two thirds of the labour on family farms.

Agasaro Organic is helping to change this for the 552 farmers in Nyamasheke who now act as its contracted suppliers, Agasaro is a woman-owned business which processes pineapple, maracuja, strawberry, honey and other agricultural products to make organic juices and biscuits.

Agasaro not only offers farmers fair pricing, but also assists them with training and fertilisers to improve their yield. Sindayigaya John (33), a pineapple farmer who employs 25 workers to work his land, says working with Agasaro has allowed him to earn more than double the income he did when he sold his fruit at local markets:

“Working with Agasaro has improved our lives. My two children are now going to a better school and I am paying my employees’ salaries on time, which has also improved their lives. My vision is to one day also start a business like Agasaro.”

Isimwe Noella (26), also farms pineapples with her parents and five brothers. The family supplies three tons of fruit to Agasaro every week to earn around Rwf1,500,000. Before they could only make Rwf200,000 to 300,000 at local markets:

“The quality of my crops has also improved because of the assistance and fertilisers which Agasaro provides us. Working with Agasaro has financially transformed our lives at home,” Noella says.

While Agasaro’s were increasing steadily, inadequate packaging equipment was limiting its ability to increase production. In 2017, a lack of packaging materials even started to impede sales growth. Agasaro and other Rwandan manufactures previously relied on imports from Kenya to obtain plastic packaging. But stringent new Kenyan legislation banned the use of manufacturing of certain types of plastic bags used for commercial and household packaging.

Isabelle Uzamukunda, the owner and managing director of Agasaro, approached GroFin for working capital to finance the purchase of new packaging machines to help address this shortage. As part of its business support offering, GroFin assisted Uzamukunda in the selection of appropriate packaging machines and helped her to review her business plan.

Uzamukunda says the financing and support she has received from GroFin has helped to increase Agasaro’s sales and staff complement:

“Before receiving GroFin’s support my monthly sales were never above Rwf20.2 million. Now my current turnover stands at Rwf29 to 30 million. I had 16 staff members, but now my team has grown to 26 employees.”

Ntwali Victor (34) is one of these new employees. Victor tried to support his wife and child by doing casual or temporary jobs before he started working as an electrician at Agasaro a year ago. His wife couldn’t find permanent work either but earning a steady salary has helped to change that too:

“I paid for my wife to complete technical school and now she has a small sewing business. I can pay my rent on time, pay for medical services and send my child to a better school. We were two jobless people at home – now one of us has a permanent job and the other a business to run.”

GroFin has also assisted the business with networking and market identification and Uzamukunda says this has helped Agasaro to qualify for grants from different donors:

“I have the contract for a $199,000 grant for the construction of a modern plant in-hand and signed. This is all because of GroFin’s financial support and business advice which have taken me to another level as a businesswoman.”

GroFin Ghana honored at 14th Ghana-Africa Business Awards

GroFin won its second Gold Award in the Financial Services (SME Development) category Ghana-Africa Business Awards. GroFin has been operating in Ghana since 2010 and previously received the same award in 2015.

GroFin received both awards in recognition of its outstanding contribution to the development of Ghana, within the context of the New Partnership for Africa’s Development (NEPAD). GroFin has invested over $30 million (USD) in 66 small and medium-sized businesses in the country. This investment allowed these businesses to sustain 3,224 jobs and to create 411 new direct jobs.  The Ghana-Africa Business Awards, now in their 14th year, are organised under the auspices of the Ghanaian Ministry of Foreign Affairs and Regional Integration.

Samuel Sedegah, Investment Executive at GroFin Ghana, says the company is honored by this acknowledgment of its efforts to develop small and medium-sized businesses in the country.

“SMEs are a key driver of job creation and economic growth in developing economies, and already contribute over 70% of Ghana’s GDP. However, the potential of many of these businesses remains constrained by a lack of access to finance.”

Indeed, according to the latest World Bank Enterprise Survey, 49% of Ghanaian firms cite access to finance as their greatest obstacle. Sedegah explains that GroFin not only provides entrepreneurs with appropriate financing, but also with continuous business support to grow, and ensure their success.

“SMEs are prone to very high failure rates. GroFin helps entrepreneurs to overcome this by offering a combination of finance and expert advice and business support that improves their ability to manage the complexity of a growing business.”

GroFin’s 2015 Ghana-Africa Business Awards was also in the GOLD category, after the organizer’s held consultations with the Ghana Export Promotion Center, Ghana Investment Promotion Center, Ghana Free Zones Board and Ghana Tourism Authority.

About GroFin

GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. We combine medium term loan capital and specialised business support to grow SGBs in emerging markets. By successfully combining medium term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 88,150 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin has its headquarters located in Mauritius.

Media enquiries: Samuel Sedegah, samuels@grofin.com

GroFin Ivory Coast committed to supporting women entrepreneurs

Abidjan – GroFin is increasing its focus on developing women entrepreneurs. Guillaume Liby, Investment Executive at GroFin Ivory Coast, told media that women entrepreneurs in developing economies like Ivory Coast can play a powerful role in fostering economic growth and creating employment, but still face a wide range of challenges.

“All entrepreneurs face challenges, but women can find it even harder to overcome hurdles such as a lack of access to appropriate finance and business skills. GroFin believes our business model of combining tailored finance and business support is therefore very well suited to developing women entrepreneurs.”

The IFC’s Enterprise Finance Gap Database shows that more than two-thirds of formal women-owned SMEs in developing countries are either shut out by financial institutions or cannot find finance on the right terms. Liby says this gap needs to be addressed urgently.

“GroFin’s extensive experience in working with women entrepreneurs has shown us that women tend to plough back their income toward improving the well-being of their families and communities. This means that ensuring the development of women-owned businesses can have a far-reaching impact on addressing critical issues such as poverty and unemployment.”

GroFin has invested $36.5 million (USD) in 119 women-owned businesses and 30% of jobs sustained by GroFin clients are held by women. In Ivory Coast, 25% of GroFin’s investments have been in women-owned businesses and a third of the businesses in its current portfolio are owned by women. GroFin’s investment in Ivory Coast has created a total of 254 jobs in the country, which includes 101 jobs for women.

GroFin’s first client in Ivory Coast was in ICODI, a woman-owned business specialising in mobile money services and the retail of phone recharge cards.

“GroFin provided me with the financing to open to additional outlets and position my business much better amongst its peers. GroFin has become a trusted partner on my journey as a woman entrepreneur,” says Ndaw Zeinab Mariam, managing director and founder of ICODI.

Liby explains that GroFin also partners with organisations which focus specifically on women entrepreneurs to give its clients access to additional mentoring, networking opportunities and capacity building programmes.

GroFin is currently partnering with the International Trade Centre (ITC), in the SheTrades Invest initiative, which aims to increase investment in women-owned businesses in Ivory Coast and the other countries where Grofin operates. The initiative aims to connect three million women to market by 2021.  In addition, GroFin also has a partnership with the Vital Voices Global Partnership which allows women leaders to participate in skill-building and network development efforts in economic empowerment and entrepreneurship.

This year GroFin is also hosting a range of capacity building workshops for female entrepreneurs in most of the countries where it has a presence. The first Ivory Coast workshop for women entrepreneurs is set to take place on 26 April and will focus on the importance of management accounts in operating a business.

“GroFin is excited to share our knowledge and expertise with women entrepreneurs as we have seen first-hand what a big difference access to the right skills can make to the success of a small business,” Liby concludes.

About GroFin

GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. We combine medium term loan capital and specialised business support to grow SGBs in emerging markets. By successfully combining medium term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 88,150 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin has its headquarters located in Mauritius.

Media enquiries:

Guillaume Liby, Investment Executive at GroFin Ivory Coast on +225 2251 5135 , or email Guillaume@grofin.com

Former President Jakaya Kikwete visits Binti Africa Clothing Workshop

Former president Jakaya Kikwete has urged Tanzanians to support the local fashion industry and praised local fashion houses for producing high-quality clothing of international standards.

Mr Kikwete made these remarks during a recent visit to Binti Africa in February, the fashion house from which he has been buying his vintage African print shirts since his presidential tenure. Binti Africa specialises in the production of clothing from African textiles. It is the only fashion house styling the officials of the Tanzanian Government, with the current vice president of Tanzania, Honorable Samia Hassan Suluhu, among its clients.

Mr Kikwete was very impressed by Binti Africa’s workshop and the creativity and quality of its current designs. He congratulated Johari Sadiq, fashion designed and CEO, on being self-employed and for producing top-quality clothing which can compete in the global market.

Johari Sadiq, CEO of Binti Africa and GroFin Tanzania Entrepreneur

Johari Sadiq, CEO of Binti Africa and GroFin Tanzania Entrepreneur

Mrs Sadiq founded Binti Africa in 2009 at the age of only 23, but with no business background or experience in the fashion industry she struggled to access finance to grow the business. The ILO Women Entrepreneurs Survey 2014 revealed that 85% of women interviewed in Tanzania financed their start-ups from their own savings, mainly due to high interest rates and collateral requirements. It also indicated that access to business development services (BDS) is crucial for women entrepreneurs to strengthen their capacity to start, effectively manage and grow their business.

But Mrs Sadiq’s passion for fashion led her to persevere and 2016 she obtained the finance she needed to set up a modern factory from GroFin, a pioneering private development financial institution which specialises in financing and supporting small and growing businesses across Africa and the Middle East. GroFin provided Binti Africa with funding to acquire modern equipment and high-quality fabrics which enabled it to create the exquisite garments it has become known for.

“My advice to other women entrepreneurs is to never be afraid of failure. Massive failure leads to massive success. Take risks, be open to learning lessons and take criticism well. Believe in yourself, because what a man can do, a woman can do just as well,” Mrs Sadiq said about her journey as a women entrepreneur during an interview with GroFin last year.

GroFin honoured in Global SME Finance Awards

GroFin’s innovative SME development model of combining access to finance, business support and market-linkages has received further recognition through an Honourable Mention at this year’s Global SME Finance Awards.

The GroFin Small and Growing Businesses Fund (“SGB Fund”) recently received this accolade in the “Product Innovation of the Year” category. The Global SME Finance Awards recognize outstanding achievements of financial institutions and fintech companies, in delivering exceptional products and services to their SME clients and are endorsed by the Global Partnership for Financial Inclusion (GPFI).

GroFin receives Honorable Mention at Global SME Finance Awards 2018

Guido Boysen, CEO, says GroFin is honoured by this recognition which affirms the merit of its approach to developing small and medium-sized businesses.

“GroFin has demonstrated how the typically very high fail rate among SMEs can be mitigated and through a model that is scalable. This means that GroFin’s approach can be replicated to make an even greater contribution to the development of emerging economies.”

Finance provided through the SGB Fund, coupled with business support interventions, have ensured that the SGB Fund has a viability rate of 86%, compared to a failure rate of 70- 90% for SMEs in emerging economies.

Guido Boysen says the SGB Fund is also regarded as innovative in its design to not only achieve socio-economic impact objectives, but also to generate sustainable returns for its investors.

“The ability to generate financial returns attracts investors and greatly strengthens the sustainability of the fund. This is crucial to any developmental project or fund which hopes to make a lasting impact.”

Earlier this year GroFin won the ICAEW and A4S Finance for the Future Awards, in the Building Sustainable Financial Products category, as well as the 2018 Islamic Economy Award in the ‘SME Development’ category.

About GroFin

GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. We combine medium term loan capital and specialised business support to grow SGBs in emerging markets. By successfully combining medium term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 88,150 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin has its headquarters located in Mauritius.

About the GroFin Small and Growing Businesses Fund (“SGB Fund”)

Established in 2014 and based on GroFin’s then decade-long experience in supporting entrepreneurs across emerging economies in Africa, the GroFin Small and Growing Businesses Fund (“SGB Fund”) focuses on SGBs that are typically neglected by traditional financiers and even conventional SME funds – the SME “missing middle” segment.

The Fund’s unique model integrates access to finance, business development skills and market linkages to ensure job creation at scale and facilitates the provision of vital services to low income households. It focuses on high impact sectors including education, healthcare, agribusiness, manufacturing and key services and further envelop women and youth as beneficiaries of its model.