Visa, CIB empower women-led businesses in Egypt through "She's Next" initiative

Women-led companies in Egypt face numerous challenges when it comes to financing, digitalization, and seeking advice, according to a comprehensive survey conducted by Visa, a global leader in digital payments.

In response to these challenges, Visa, in collaboration with Commercial International Bank (CIB), has launched the "She's Next" grant initiative for the third time in Egypt.

This initiative aims to empower local women entrepreneurs and support small businesses owned by women by providing funding, training, and essential guidance.

Women entrepreneurs from all fields and sectors in Egypt can apply for the "She's Next" program until October 26th.

Three winners will each receive a grant of $10,000. Additionally, the top five finalists will receive a one-year mentoring program, while the top twenty applicants will participate in a one-year capacity-building program provided by the United States Agency for International Development (USAID).

The "She's Next" initiative holds significant importance in Egypt, where women entrepreneurs struggle to find a support system and a role model directed to help them develop their businesses.

In a nutshell:

•    Visa and Commercial International Bank (CIB) collaborate to support women-led businesses in Egypt.

•    The "She's Next" initiative aims to empower women entrepreneurs and provide vital support to small businesses owned by women.

•    Women entrepreneurs from all sectors in Egypt can apply for the program, with three winners receiving $10,000 grants.

•    Top five finalists gain access to a one-year mentoring program, while the top twenty applicants benefit from a year-long capacity-building program provided by USAID.

•    The initiative addresses challenges faced by women entrepreneurs, including limited access to capital, lack of guidance, and gender stereotypes.

•    Visa's survey highlights that many women rely on personal savings (77%) and friends and family (45%) for financing their businesses.

•    Women entrepreneurs in Egypt seek advice in overcoming business challenges (50%), developing online sales (47%), and building teams (33%).

•    The program promotes digitization, focusing on artificial intelligence, digital marketing, and digital payment methods.

•    Visa's investments of approximately $3 million since 2020 have supported women-owned businesses globally, including in Egypt.

•    The initiative aims to create opportunities and foster economic growth among women entrepreneurs in Egypt.

Commenting on this initiative, Malak El Baba, General Manager of Visa - Egypt, stated, "We are proud to launch our successful global program 'She's Next' in Egypt, in partnership with Commercial International Bank (CIB).

Women entrepreneurs face unique challenges, such as limited opportunities for capital acquisition, lack of guidance, and dealing with gender stereotypes, which may make them less capable of handling pressure-filled situations."

Overcoming these challenges, along with a strong digital infrastructure, is crucial for women entrepreneurs to thrive and expand their businesses.

Hani El-Deeb, Head of Small and Medium-sized Enterprises (SMEs) at CIB, said, "We collaborate with Visa to offer the 'She's Next' initiative, which empowers women entrepreneurs and supports ambitious and competent women in achieving their goals.

We are extremely proud of this initiative, which aligns with CIB's strategy to support small and medium-sized enterprises and enable talented women entrepreneurs to develop their businesses and create new opportunities in our community through financial and non-financial services tailored to business needs."

The survey of women entrepreneurs in Egypt identified key aspects of their entrepreneurial journey and pinpointed issues that empower them.

These issues include a challenging work environment, with women in Egypt keen on starting their own businesses, citing efficient time management (31%) and financial independence (30%) as their primary motivations.

However, the survey also found that financing remains a significant challenge for women entrepreneurs. According to Visa's study, 77% of women rely on their personal savings to finance their businesses, while 45% of survey participants depend on friends and family.

The second issue involves receiving advice from their fellow entrepreneurs. Women entrepreneurs in Egypt are eager to learn from their peers, with nearly 99% of participants indicating a need for advice. Many women entrepreneurs seek specific help in overcoming challenges in running their businesses (50%), developing online sales (47%), and building a team of employees (33%).

The study also revealed that women business owners are enthusiastic about increasing online sales, with 95% of women wanting specialized training in the field of digital payments. Some women (44%) seek advice on acceptable payment methods from customers. Common workshop topics include business development through digital marketing (29%), inspiring women to be confident (27%), and enhancing business through social media channels (27%).

The "She's Next" initiative is part of Visa's efforts to support women-owned businesses' digitization, including the launch of Visa's first-ever Visa Women-Owned Business Digitalization Index. The index classifies businesses based on five indicators: online presence, digital payments, payment security, customer engagement, and customer retention.

Despite a historically cash-dominated market, the study found that seven out of ten women entrepreneurs consider themselves proficient in digital transformation.

Approximately 97% of participants have developed plans to digitize their businesses, with a focus on artificial intelligence, digital transformation, digital marketing, and analytical tools that help generate ideas, train leaders, and implement software.

The study also revealed that women entrepreneurs are eager to utilize digitization to transition to non-cash businesses. More than a third of participants (35%) struggle to secure the necessary funding for digital transformation.

Seventy-six percent of women entrepreneurs use both cash and non-cash payment methods, giving digital payments priority over cash in e-commerce platforms and other traditional channels, taking into account the threats of electronic threats.

Since 2020, Visa has invested approximately $3 million in more than 250 grants and training sessions for small and medium-sized women-owned businesses through the "She's Next" program globally, including the United States, Canada, India, Ireland, Ukraine, Kazakhstan, Saudi Arabia, the United Arab Emirates, Egypt, and Morocco.