AfDB, AGF Partner on Female Entrepreneurs’ Access to Finance

African Development Bank (AfDB) and the African Guarantee Fund (AGF) have brought the curtain down on the AFAWA Finance Series Togo conference, a keynote event aimed at promoting a better understanding of the financing needs of Togolese women entrepreneurs and debunking the myth that women-run companies are risky ventures.

According to a press release, the three-day event, brought together some 180 leading figures responsible for policy and regulation in favour of women’s financial inclusion, and representatives of financial institutions, small and medium-sized enterprises and business incubators run or owned by women.

The statement said that specific training was provided to about 30 Togolese financial institutions, adding that the courses helped to enhance understanding of the Affirmative Finance Action for Women in Africa (AFAWA) initiative and its ‘guarantee’ mechanism, and demonstrated the commercial benefits of doing a better job of targeting women entrepreneurs by developing gender-sensitive ranges of products and services.

“The objective was to better understand the needs of women entrepreneurs and collectively address the challenges they face in terms of access to funding, while exploring the opportunities offered by the Guarantee for Growth programme, designed by the African Development Bank Group through the AFAWA, and implemented by the AGF.

This innovative programme aims to make up to $3 billion available for women-led small and medium-sized enterprises, via guarantees to financial institutions to mitigate lending risks,” the statement added.

Wilfried Abiola, the bank’s Country Manager for Togo, explained the initiative challenged economic and social stereotypes. “The AFAWA initiative is not just a financial instrument; it aims to change the narrative and general perceptions, to transform the notion that small and medium-sized enterprises run by women are risky businesses.

AFAWA is working to turn these businesses into substantial investment opportunities for institutions, in particular through the Guarantee for Growth programme, which was designed by the bank,” he declared.

According to Jules Ngankam, CEO of the AGF, “AFAWA also aims to bring together financial and public sector actors to boost human and financial capital so that women can attain their full potential and participate completely in the growth of our continent. We are extremely optimistic that the impact will be significant in the long term and will stimulate economic growth in Togo.”