Goldman Sachs, IFC Partner With African Banks to Empower Women Entrepreneurs in Africa

Casablanca, Morocco, December 10, 2024 - IFC and Goldman Sachs today announced a new partnership with African banks to support the Goldman Sachs 10,000 Women initiative, a joint program launched in 2008 to provide access to capital and training for women entrepreneurs globally.

Under the partnership, nine financial institutions from across Africa have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the program provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.

The nine institutions are Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d'Ivoire, Equity Bank Group, Stanbic IBTC Nigeria, Banco Millenium Atlantico - Angola, Baobab Group, Zenith Bank and Orange Bank.

"10,000 Women has had a powerful impact to-date, but we know that there are more women to reach and more potential to be realized," said Charlotte Keenan, Managing Director at Goldman Sachs. "We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale."

Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.

"This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals," said Nathalie Kouassi Akon, IFC's Global Director for Gender and Economic Inclusion.

Goldman Sachs10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.