FATE Foundation has announced that it has received a 1M USD grant from Google.org to improve the financial and digital capacity of Micro-women entrepreneurs in Nigeria, Kenya, and South Africa while supporting them with micro-grant financing. This announcement follows the $1m commitment in charitable funding made by Google.org during the 2022 International Women’s Day to support programs helping women entrepreneurs to grow their businesses.
“Through this initiative, women entrepreneurs with nano and micro-enterprises in these three African countries will receive the relevant training and resources to help grow their businesses” says Tamilore Oni, Program Manager, Google.org, EMEA.
“ FATE Foundation aims to provide financial literacy, digital literacy, and business management training to underserved female-led businesses in Nigeria, Kenya, and South Africa. Working with, the Foundation will also provide; much-needed growth support (including business registration, network, and community building); and micro-grant financing to these women entrepreneurs. ”
“Sub-Saharan Africa has the highest rate (42%) of female entrepreneurs in the world according to the World Bank. While the number of women operating their businesses is increasing, women continue to face huge obstacles that stunt the growth of their businesses. 20 per cent of female-owned businesses in South Africa fail every year. 49 per cent of Kenyan women do not have a formal bank account compared to 75 per cent of men. Also, most women-led businesses are nano and micro-businesses, with only 22 per cent at the small and medium stage according to the Nigeria Bureau of Statistics (NBS).”
Adenike Adeyemi, Executive Director, FATE Foundation noted that “FATE Foundation is excited to work with notable enterprise support organisations; Somo Africa in Kenya and Technoserve in South Africa, to provide business and grant support to 4,140 female entrepreneurs. “Our aim is to help improve their critical soft skills such as confidence building, negotiation, and business marketing skills while providing financing to start, grow and sustain businesses that will empower themselves, their families and their communities. Special consideration will be given to women who are breadwinners, widows, and single parents.”
The grant funding will also be used to facilitate entrepreneurship ecosystem insights and learnings on policy and program strategies to better support female-led micro businesses consequently working beyond itself to engage with and influence the entrepreneurial ecosystem that these businesses operate.