WIC Capital: Helping women-led businesses thrive in West Africa

The problem

Across Francophone West Africa, women entrepreneurs are running promising businesses – but most can’t access the finance they need to grow.

Societal gender norms and limited financial inclusion mean that only a tiny proportion of women running small businesses can turn to banks or formal lenders for support.

In Senegal, just 3.5% of women entrepreneurs access formal finance. Yet over 20% of small businesses in the country are female led, 30% above the global average.

This lack of investment means women-led enterprises remain small or informal, unable to reach their potential. And that slows innovation, job creation and growth across the region.

The solution

In 2023, provided a $1 million investment to WIC Capital: the first investment fund in the region dedicated to women-led businesses.

WIC Capital not only provides finance, but partners with entrepreneurs to build skills and systems. Founders receive mentoring and strategic guidance, and training in marketing, accounting and leadership.

As Evelyne Dioh Simpa, WIC Capital’s Fund Manager, puts it: “We don’t just want to provide capital. We want to walk alongside our entrepreneurs, shape the environment they operate in, and make sure the next generation of women-led businesses has more opportunities than the last.”

FSDAi Nyala Facility’s investment helped WIC Capital to expand its portfolio. The fund previously focused only on businesses under five years old, but it can now support high-potential SMEs of any age.

The FSDAi Nyala Facility investment has had a catalytic effect, enabling WIC Capital to attract further funding, including from the Dutch government.

Beyond financial support, FSDAi Nyala Facility’s partnership opened vital networks to WIC Capital, boosting its visibility and credibility.

The impact

WIC Capital’s expanded capacity is having a transformational effect.

WIC Capital provided both financial support of USD 200,000 and non-financial technical assistance to the supported SMEs.

The support has helped Mburu, a female-led bakery in Senegal, grow annual revenue tenfold and expand its team from 15 to 50 employees – 70% of whom are women.

“The funding gave us breathing space,” says Isseu Diop, Mburu’s founder. “But WIC Capital’s mentorship gave us the systems we needed to grow.”

An investment in Arbre de Vie Group, a Senegalese natural beauty company, came with capacity-building support that founder Laure Barry describes as “priceless”.

The fund’s involvement helped Laure set up an umbrella company for her four brands, and WIC Capital’s investment allowed Arbre de Vie to build a new cosmetics lab. The company is now preparing for regional and international expansion.

With FSDAi Nyala Facility’s support, WIC Capital is proving that investing in women-led enterprises delivers returns for investors and communities. WIC Capital is now preparing a second, larger fund