Women entrepreneurs display their products at a past event. PHOTO|FILE
What you need to know:
Headquartered in Yew York, WWB is a nonprofit organisation that provides strategic support, technical assistance and information to a global network of 40 independent microfinance institutions (MFIs) and banks that offer credit and other financial services to low-income entrepreneurs in the developing world, with a particular focus on women.
Dar es Salaam. Visa yesterday marked the launch of the newly-incorporated Visa Foundation, committing up to $20 million to Women’s World Banking (WWB).
Headquartered in Yew York, WWB is a nonprofit organisation that provides strategic support, technical assistance and information to a global network of 40 independent microfinance institutions (MFIs) and banks that offer credit and other financial services to low-income entrepreneurs in the developing world, with a particular focus on women.
The WWB network serves 24 million micro-entrepreneurs in 28 countries worldwide, of which 80 per cent are women.
The money is committed as a five-year initiative in grant to Women’s World Banking aimed at supporting millions of women-led small and micro enterprises. A statement to that effect was was released on sidelines of a two-day “Women’s World Banking Making Finance Work for Women Global Summit” here yesterday. Visa Foundation will prioritise the growth of micro and small enterprises around the world, enabling individuals, businesses, and economies to thrive. Visa – which is an American multinational financial services corporation – said that the Visa Foundation is formed in a belief that micro and small enterprises are the backbone of the global economy.
Visa data shows that small and medium enterprises account for more than 90 per cent of enterprises worldwide, and contribute 50-60 per cent of global employment.
However, the statement said, the segments struggle to access the financial tools, capital and training programmes required to enable them to thrive. The Visa Foundation’s core mission is to support efforts to rectify this imbalance.
“As a brand and a business, Visa has always stood for making a positive and transformational impact on the world,” said Al Kelly, chief executive officer for Visa and Visa Foundation board member.
“The Visa Foundation has been established to build on a long history of corporate giving and will accelerate the delivery of our social impact goals. Our intention is to establish a legacy of meaningful contributions by helping millions of microenterprises thrive.”
