Mastercard and Women Choice have partnered to invest in two programs aimed at eradicating barriers for women owning businesses across Africa and the Middle East.
- The programs – ImpactHer and EmpowerHer were launched to accelerate the provision of resources and skills to female entrepreneurs in developing countries.
- Women Choice has a network of more than 15,000 female entrepreneurs and business executives globally; a valuable resource for mentorship available in the programs.
- Mastercard reports that there are over 40 million small and medium-sized enterprises in Africa, with 60% of them being women facing the risk of closure due to unavailable training and capital.
“Our expanded partnership with Women Choice will not only have a significant impact on women in the workplace across the region, but also provide women entrepreneurs with the right skills, resources, and tools to succeed and drive economic growth in the region,” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.
Many women in Africa and the Middle East are vulnerable to workplace discrimination, pushing them away from formal employment. However, after the COVID-19 pandemic, economies in recovery mode negatively impacted operations in small businesses, women-owned included.
“We are now focusing on scaling the impact. Bringing change and improving the situation of women in the workplace and providing support to women-led businesses is a key element to help economies in the Middle East and Africa region grow and further thrive.” said Nezha Alaoui, Founder & CEO of Women Choice.
A survey done by ImpactHer reveals that among 1,300 female-owned businesses, 34% had to lay off workers deepening the unemployment crisis in developing regions. Moreover, 25% reduced workers’ wages to remain afloat. This regression vilifies the Women Choice vision of attaining 1 million employment opportunities for women in the Middle East and Africa by 2030.
The partnership between Mastercard and Women Choice will primarily target sectors where women are self-employed. The programs will ensure women in these regions access loans without collateral, as well as organize conferences to create platforms for women entrepreneurs to share knowledge and insights.
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