IFC, ASR Africa boost women-led enterprises with $4m financing, 1,000-founder expansion

By Editor

The International Finance Corporation (IFC), a member of the World Bank Group, in partnership with the Abdul Samad Rabiu Africa Initiative (ASR Africa), has announced a major scale-up of the She Wins Africa programme, expanding its reach from 100 to 1,000 women entrepreneurs across Sub-Saharan Africa.

The announcement was made at the She Wins Africa closing event held recently in Lagos, following strong performance from the inaugural cohort, which collectively mobilised more than $4 million in startup financing.

Over the past year, the programme supported women-led small and growing businesses across multiple African markets, delivering measurable improvements in business growth, investment readiness and access to finance.

She Wins Africa is a comprehensive investment-readiness initiative designed to empower women entrepreneurs through targeted technical assistance, investor linkages and strategic advisory support. The programme aims to bridge the persistent financing gap faced by women-led enterprises while promoting inclusive economic growth and gender equality across Africa.

Speaking on the programme’s expansion, IFC’s Senior Operations Officer and Regional Gender Hub Lead for Africa, Marieme Niang Camara, said the success of the pilot phase made scaling imperative.

“Starting with 100 women was a successful pilot, but for a region like Africa, 100 is only the beginning. The impact we saw—in access to capital, markets and investment readiness—clearly showed this was a programme worth scaling,” she said.

“We are now expanding to 1,000 women entrepreneurs through a strategic segmentation approach, supporting startups, growth-stage and scale-up businesses with tailored technical assistance, investment-readiness support and direct access to capital through funds and IFC-backed banks.”

Camara disclosed that participating startups collectively raised over $4 million, with 17 women-led enterprises securing external financing, surpassing the programme’s initial targets. She added that She Wins Africa delivered technical assistance at scale, including 123 hours of targeted support, tailored advisory services for 22 startups, 275 investor connections across regional and international markets, and the mobilisation of 100 mentors across Africa.

On his part, Managing Director and Chief Executive Officer of ASR Africa, Ubon Udoh, described She Wins Africa as one of the continent’s most impactful entrepreneurship programmes.

“This initiative goes beyond individual countries; it strengthens Africa’s entire economy. We are scaling from 100 women entrepreneurs across 23 countries to 1,000 women across the continent, increasing both geographical reach and long-term impact,” Udoh said.

“The lessons from the first phase are being applied to ensure the success of this next phase, driving business growth, job creation and stronger entrepreneurial ecosystems.”

Udoh also noted that the collaboration with IFC has prompted ASR Africa to review and strengthen its own mentorship programmes for young female entrepreneurs, while highlighting the hybrid model of combining knowledge support with access to capital as a key driver of Phase One’s success.

Beyond financing, She Wins Africa provides business coaching, masterclasses and investment-readiness training, helping founders refine business models, strengthen operations and attract private capital. A core pillar of the programme is catalytic funding designed to crowd in private investment for women-led enterprises.

Through an initial catalytic grant of approximately $100,000, the programme helped mobilise nearly $400,000 in follow-on investment, working with regional and local investment partners including Octerra Capital, IMEX, Sahel Capital, Nubia Capital and Convergence Advisory.

These funds supported critical operational investments such as expanding production capacity, upgrading infrastructure and hiring additional staff, while reducing investor risk and accelerating growth.

The inaugural cohort included women-led businesses at varying stages, from early-stage startups to more established enterprises, allowing for stage-appropriate support across the entrepreneurial journey. This inclusive model strengthened the pipeline of investment-ready businesses and demonstrated the effectiveness of tailored financing approaches.

The expansion marks the first of four projects envisioned under the She Wins Africa umbrella. IFC and ASR Africa say the next phase will deepen regional reach, prioritise scale-ready ventures, and continue supporting early-stage businesses, building a stronger and more resilient pipeline of women-led enterprises positioned to drive inclusive economic growth across Africa.