Two women entrepreneurs, supported by the Women Entrepreneurs Financing Initiative (We-Fi), shared their stories, offering concrete evidence of what can be accomplished. Hanan Shahin, CEO of Jordan’s Bloomcart, an innovative e-commerce startup operating in the Middle East, called on policymakers to promote equality and help change norms so that women do not have to choose between creating a business and raising a family. “It takes a village,” she said, “so don’t leave it all to women. »
Valeria Diaz Romero, co-founder and CEO of Munay in Bolivia, called for collective action, including for institutions to consider women as strategic partners. “Stop seeing inspiring women only in financial terms. Evaluate the whole person, their dreams, their hopes and their commitment to their business,” Romero said. “Imagine the untapped prosperity that awaits us if we come together to reshape our world. »
THE Financial Code for Women Entrepreneurs (the WE Financial Code) – a commitment by financial service providers, regulators, development banks and other players in the financial ecosystem to work together to increase funding to women-led businesses – was launched the following day. A “joint statement of support” was signed by the presidents of six multilateral development banks – the We-Fi implementing partners, who will pilot the WE Finance code in 24 countries across the developing world.
During the event, a second panel on innovation, financing and collective action, participants focused on the transformative potential of financial empowerment.
Ruth Zaipuna, CEO of NMB Bank of Tanzania, highlighted the importance of access to finance. NMB Bank is the first institution to issue a gender bond and the first financial institution in sub-Saharan Africa to achieve EDGE certification in Africa. Visa’s Andrew Torre called on companies to implement institutional strategies for women’s empowerment and explained how Visa’s fintech Acceleration program in Africa supports fintech start-ups owned and led by women. Women must be listened to, supported and financially empowered, said the Moroccan national president of the Association of Women Business Leaders, Leila Doukali. Faith Lumonya, Economic Justice and Climate Action Program Manager at Akina Mama Afrika, highlighted the critical role of public finance in reaching women and girls with social services, especially the poorest and most vulnerable.