Wic Capital Secures $1M for Women Entrepreneurs

Wic Capital has successfully acquired a $1 million loan from the FSDAi Nyala Facility, an investment instrument focused on Sub-Saharan Africa, providing a substantial boost to women-owned firms in Senegal and Côte d'Ivoire. Wic Capital made the news on December 5, 2023.

Wic Capital, a fund committed to investing in women-owned businesses, has announced intentions to use the capital to develop creative products suited to the unique requirements of its target firms. Wic Capital intends to provide mentorship and training sessions, in addition to financial assistance, to empower and develop the activities of women entrepreneurs.

Despite the vital role that women play in the economic scene, only 3.5% of Senegalese businesswomen now have access to loans from financial institutions, and coaching and technical help platforms are few.

The specific allocation of funding among different initiatives, as well as the number of enterprises expected to benefit from this facility, are yet unknown. The loan will enable Wic Capital to acquire further capital, supporting its development plan in Senegal and Côte d'Ivoire, according to Anne-Marie Chidzero, Investment Director at FSD Africa.

Wic Capital, founded in 2019 by the Women's Investment Club Senegal, operates in an area where access to finance is a big barrier for enterprises, particularly for women entrepreneurs.