To increase its impact, WIC Capital, a local capital provider that invests in Senegal and Ivory Coast and specializes in financing micro, small, and medium-sized enterprises (MSMEs) that are owned and managed by women, has obtained a US $1 million loan from the FSDAi Nyala Facility BV.
The Women’s Investment Club Senegal founded WIC Capital in 2019 under the direction of Evelyne Dioh Simpa with the goal of providing women business owners with access to contemporary funding options for inclusive development. The fund is the first investment vehicle in Senegal and West Africa that offers suitable funding and assistance to women-owned MSMEs.
The goal of WIC Capital is to find, support, and grow a portfolio of women-led and promising start-ups and SMEs in order to help Senegal and Ivory Coast’s economies grow. It also wants to make sure that these businesses grow into high-growth companies. It works with women-owned or led businesses in their early stages to offer mentorship and training in business as well as initial external capital. It also makes use of a wide network of accomplished female business owners and community leaders to co-fund and assist these up-and-coming ventures.
In order to strengthen its influence, it has now obtained a US $1 million loan from the FSDai. According to Dioh, the goals of WIC Capital and the FSDAi are similar in that they both aim to address the shortcomings of the African capital markets.
“This partnership will be catalytic in the development of a local capital provider that has the potential to profoundly change the local ecosystem, by providing risk capital and business support to women-led small and growing businesses (SGBs), with the ultimate goal of increasing women’s agency and economic benefit. With this investment, we are closing our first fund, and we believe this partnership will help accelerate the mobilization of our second fund to serve SMEs generating a strong impact in Senegal and Ivory Coast,” said Evelyne Dioh, managing director of WIC Capital.
Along with FSD Africa, FSD Africa Investments (FSDAi) is a regional program funded by the UK’s international development agency.
“Through its investment in WIC, FSDAi is backing an African women-led capital allocator with deep local angel networks, a creative funding structure, and financing solutions for small and growing businesses in West Africa. With our investment, WIC can position itself to attract bigger pools of capital to expand its strategy in Senegal and Ivory Coast,” said Anne-Marie Chidzero, chief investment officer at FSD Africa Investments.
