She’s Next: Boost for women entrepreneurs in Egypt to build, fund and grow their ventures

It's no secret that women face a tremendous gender gap, particularly when it comes to access to capital. But women in Egypt, Middle East and the rest of North Africa also face unique challenges in terms of broader familial and societal pressures. That's why Visa, the world's leader in digital payments, has expanded its global She's Next initiative to Egypt to economically elevate women entrepreneurs across the country.

Female business owners in Egypt can join She's Next to apply for one of five $10,000 grants and receive a year of coaching from IFundWomen along with networking and mentoring opportunities, to help build, fund and grow their ventures.

The initiative is being launched in Egypt in partnership with Commercial International Bank (CIB), one of the largest banks in the Egyptian private sector, and United States Agency for International Development (USAID).

A recent study conducted by Visa found that almost 70% of women entrepreneurs in Egypt struggle to secure financing for their ventures, with over three out of four women tapping into their personal savings to start a business.

Being financially independent is the most important motivation for women to start a business. However, over three out of 10 women (32%) admitted that gender stereotypes have negatively impacted their work as entrepreneurs. 80% said they felt societal approval or disapproval played a role in their career or business choices.

In an effort to continue to take action and address the disproportionate barriers faced by women entrepreneurs, Visa will also address the areas they most want to learn from, such as how to set better goals for their businesses' profitability, how to develop stronger strategies, and how to survive the lingering effects of COVID-19.

The She's Next initiative will include a series of mentoring programs that provide practical insights from women leaders in the public and private sectors, and significant mentoring and networking opportunities in partnership with United States Agency for International Development (USAID), the world’s premier international development agency and a catalytic player driving development results.

As the trusted engine of commerce, Visa also provides access to valuable business knowledge and tools for the digital age through Visa's Practical Business Skills platform. Visa's study found that two in three women said they currently accept both cash and cashless payments from their customers, and over half the women (53%) said they would use additional funding to invest in advertising and marketing.

The expansion of the She's Next program in Egypt builds on Visa's commitment to digitally enable 50 million small businesses around the world to kickstart recovery from the COVID -19 pandemic. Since 2020, Visa has invested more than $2.2M in over 200 grants and coaching for women SMB owners globally through She's Next, including in the US, Canada, India and Ireland.

Women entrepreneurs in Egypt from all industries and sectors are invited to participate in the Visa She's Next program. Applications are open now through July 20, 2022. For more information and details click here.