The Africa Women Innovation and Entrepreneurship Forum (AWIEF) has partnered with African Guarantee Fund (AGF) and FSDH Merchant Bank Limited to implement its flagship AWIEF Growth Accelerator programme in Nigeria.

According to reports, limited access to finance remains a significant barrier for women entrepreneurs in Africa, with a staggering financing gap estimated at USD 49 billion.

To address this challenge, the Growth Accelerator Programme leverages the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative aims to unlock up to USD 3 billion in financing for women-owned/led Small and Medium-Sized Enterprises (WSMEs) across the continent.

AGF, a leading non-bank financial institution with the objective to promote economic development, increase employment and reduce poverty in Africa, serves as the implementing partner for AFAWA.

FSDH Merchant Bank Limited partnership with AGF is backed by AFAWA to enable the Partner Financial Institution (PFI) provides loans to WSMEs in Nigeria.

According to applications opened to qualifying businesses, the tri-party collaboration between AWIEF, AGF, and FSDH Merchant Bank Limited was created with the aim to increase access to finance for WSMEs who are driving solutions in different catalytic sectors in Nigeria.

“This will be achieved by making the WSMEs credit and investment-ready and eligible to access business loans and financing from FSDH Merchant Bank Limited. The programme will provide a stream of businesses that are adequately prepared to meet the FSDH Merchant Bank’s credit requirements,” statement accompanying the application reads.

The organisers said the programme will attract and select a cohort of 100 beneficiaries, comprising women entrepreneurs and founders with businesses registered and operating in Nigeria who will participate in the 12-month Growth Accelerator and will benefit from a wide range of tailored and refined business development mentorship, training, and advisory services.

Businesses must meet one of the following criteria including entrepreneurship and  ownership, leadership, products and  services “Additionally, businesses must be based and operating in Nigeria”.