Posts

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 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