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, which 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 whose objective is to promote economic development, increase employment, and reduce poverty in Africa, serves as the implementing partner for AFAWA. AGF’s commitment extends into providing technical assistance to partner financial institutions, enhancing their capacity to serve women-owned businesses effectively by addressing both supply and demand-side constraints, AGF and AFAWA work in tandem to create a more equitable landscape for women entrepreneurs in Africa.
FSDH Merchant Bank Limited partnership with AGF is backed by AFAWA to enable the Partner Financial Institution (PFI) provide loans to WSMEs in Nigeria. FSDH Merchant Bank Limited is dedicated to empowering women in business across Nigeria and drives its gender strategy through its Women in Business Initiative (WIBI).
The tri-party collaboration between AWIEF, AGF, and FSDH Merchant Bank Limited was created with the aim of increasing 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 program will provide a stream of businesses that are adequately prepared to meet the FSDH Merchant Bank’s credit requirements.
Call for Applications
Applications are open to qualifying businesses. The program 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.
Eligibility Criteria
Businesses must meet ONE of the following criteria:
Entrepreneurship & Ownership:
51% share of women ownership OR Business founded by a woman.
OR
Leadership:
At least 20% share of women in senior management or 10% share of women on the Board.
OR
Products & Services:
Product(s) or service(s) enhance(s) well-being of women/girls and/or drive(s) gender equity.
Additionally, businesses must be:
- Based and operating in Nigeria.
- In post-revenue stage.
- Highly innovative and scalable ventures.
- In operation for not less than three years.
- Owned and/or led by ambitious and committed entrepreneurs.
- Seeking for investment, credit or financing to scale and expand.
What Are the Benefits for Participants?
- Access to high-level training, mentorship, and business advisory.
- Improved technical, managerial, leadership, and interpersonal skills aligned with the priority needs of their businesses.
- Increased creditworthiness and capacity to meet the AGF PFI’s financing requirements.
- Post-capacity building and loan application support.
- Enhanced access to other financing opportunities.
- Effective integration of the WSMEs into the financial ecosystem.
- Expanded peer networks in Nigeria and across the African continent.
Applications Open Now!
Applications are officially open for qualifying candidates for the AWIEF Growth Accelerator, in partnership with AGF and FSDH Merchant Bank Limited.
Deadline: 31 March 2025
Click HERE to Apply
