Standard Bank, Africas largest lender by assets, is committing 1 billion over the next decade to support women entrepreneurs across the continent. Led by South African banker Sim Tshabalala, the bank will channel the investment through the African Women Impact Fund AWIF, backing women fund managers who, in turn, finance women-led businesses.
Closing the gap in womens funding
The decision responds to an imbalance highlighted in the 2023 Africa: The Big Deal report, which showed that startups founded solely by women secured just 2.4 percent of venture capital funding. The gap is not from lack of potential, says Thobile Finca, AWIFs programme manager at Standard Bank. Women fund managers are twice as likely to invest in female-led businesses, she noted. Yet, due to stereotypes and bias, these businesses are often overlooked.