WIC Capital Secures $1 Million Loan from FSDAi Nyala Facility BV
WIC Capital, a local capital provider specializing in investments in Senegal and Ivory Coast, with a focus on financing micro, small, and medium enterprises (MSMEs) owned and managed by women, has successfully secured a $1 million loan from the FSDAi Nyala Facility BV.
This funding is earmarked for expanding WIC Capital's impact in the region.
Established in 2019 by the Women’s Investment Club Senegal, WIC Capital, led by Evelyne Dioh Simpa, aims to provide women entrepreneurs with access to modern financing tools for inclusive development.
It stands as the pioneer investment mechanism offering tailored financing and support to women-owned MSMEs in Senegal and West Africa.
WIC Capital's mission revolves around identifying, nurturing, and developing a portfolio of promising startups and women-led SMEs.
The goal is not only to foster their growth but also to transform them into high-growth enterprises that contribute significantly to the economies of Senegal and Ivory Coast.
The organization collaborates with early-stage, women-owned or led enterprises, offering initial external capital, business training, and mentorship.
Additionally, it taps into a vast network of successful women entrepreneurs and civic leaders for co-funding and support.
The recent acquisition of a $1 million loan from FSDAi marks a significant milestone for WIC Capital in furthering its impact.
Evelyne Dioh expressed the alignment of WIC Capital’s mission with FSDAi’s commitment to addressing the dysfunctions of 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," said Evelyne Dioh, Managing Director of WIC Capital.
FSDAi, affiliated with FSD Africa, is a UK international development-funded regional program.
Anne-Marie Chidzero, Chief Investment Officer at FSD Africa Investments, highlighted the significance of their investment in WIC, supporting an African women-led capital allocator with a focus on local angel networks and innovative funding structures 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," stated Anne-Marie Chidzero. The collaboration is expected to accelerate the mobilization of WIC Capital’s second fund, dedicated to serving SMEs with a strong impact in Senegal and Ivory Coast.
Tom Jackson / Disrupt Africa