IFC and Goldman Sachs Join Forces with African Banks to Empower Women Entrepreneurs


The output is:The International Finance Corporation (IFC) and Goldman Sachs have forged a powerful alliance with several leading African banks to boost the impact of the 10,000 Women initiative. This groundbreaking program, established in 2008, is designed to support women entrepreneurs by providing them with vital access to capital, business education, and training. With the inclusion of prominent African financial institutions like Nigeria’s Zenith Bank and Stanbic IBTC Nigeria, the initiative’s reach is set to expand further, creating significant opportunities for women entrepreneurs across the continent.





A Network of Partners for Change

This collaboration unites nine key financial institutions across Africa, demonstrating a shared commitment to empowering women and fostering economic inclusion. The participating banks include:

  • Stanbic Bank Kenya

  • Ecobank Kenya

  • Ecobank Côte d’Ivoire

  • Equity Bank Group

  • Banco Millenium Atlantico (Angola)

  • Baobab Group

  • Orange Bank

These banks will utilize the tools and resources of the 10,000 Women initiative to enhance opportunities for female entrepreneurs. By facilitating access to essential business education and equitable financing, these institutions are paving the way for more inclusive economic growth across Africa.

A Proven Track Record of Impact

Since its inception, the 10,000 Women initiative has reached over 200,000 women in 150 countries. The program’s success lies in its ability to equip women with critical business skills and much-needed funding, enabling them to scale their ventures and contribute to their communities. This expanded collaboration with African banks builds upon this legacy, ensuring that more women on the continent can realize their entrepreneurial ambitions.

Driving Women’s Economic Empowerment

The partnership between IFC and Goldman Sachs reflects a deep commitment to unlocking the potential of women-owned businesses. By addressing the challenges that women entrepreneurs often face, such as limited access to capital and business education, the initiative aims to create a more equitable economic landscape.

Ms. Charlotte Keenan, Managing Director at Goldman Sachs, expressed her enthusiasm for this expanded partnership:

“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa. We remain committed to supporting entrepreneurs with the access to education and capital they need to scale.”

Goldman Sachs’ commitment is further demonstrated through its Women Entrepreneurs Opportunity Facility (WEOF), a groundbreaking global platform launched in 2014 to increase funding access for women entrepreneurs in emerging markets. This facility complements the goals of the 10,000 Women initiative, amplifying its impact on a global scale.

A Shared Vision for Resilient Businesses

The expanded collaboration also aligns with IFC’s mission to promote gender equality and economic inclusion. Ms. Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion, emphasized the importance of this partnership:

“This marks a significant step forward in enabling women in Africa to build resilient businesses and achieve their entrepreneurial dreams.”

By fostering resilience and innovation among women entrepreneurs, this initiative seeks to create long-lasting economic benefits that extend beyond individual businesses to entire communities.

Building an Inclusive Economic Landscape

The collaboration aims to mainstream lending to female entrepreneurs, offering financial products tailored to their unique needs. In addition to financing, the initiative provides training programs designed to build core business skills, from financial management to strategic planning.

This dual approach—combining access to capital with education—is crucial for addressing the barriers that women face in starting and scaling businesses. By empowering women with the tools and resources they need, the initiative is creating a more inclusive economic landscape, where women can thrive and contribute meaningfully to their local economies.

Why This Partnership Matters

Africa is home to some of the world’s most entrepreneurial women, yet many face significant challenges in accessing the funding and support necessary to grow their businesses. This collaboration is a response to these challenges, offering a structured framework to:

  • Enhance women’s access to capital.

  • Deliver tailored business education programs.

  • Foster equitable opportunities across industries.

By addressing these systemic barriers, the partnership aims to unlock the full potential of women entrepreneurs, driving innovation, job creation, and economic growth across the continent.

The Broader Implications for Africa

The economic empowerment of women is a critical driver of sustainable development. Studies have shown that investing in women-owned businesses leads to greater economic stability and community development. This partnership’s focus on Africa underscores the continent’s potential as a hub for entrepreneurial growth and innovation.

Through initiatives like 10,000 Women, financial institutions are recognizing the value of supporting women entrepreneurs and the transformative impact they can have on their communities. By leveraging resources and expertise, this partnership sets a precedent for how public-private collaborations can drive meaningful change.

Looking Ahead: A Brighter Future for Women Entrepreneurs

The IFC and Goldman Sachs partnership with African banks represents a bold step forward in creating opportunities for women entrepreneurs. By combining the strengths of financial institutions, development organizations, and private-sector players, the initiative is poised to make a lasting impact on the lives of countless women across Africa.

As the program continues to expand, its success will serve as a model for other regions, highlighting the importance of inclusive economic policies and collaborative efforts. For women entrepreneurs in Africa, this partnership offers more than just resources—it provides hope, inspiration, and the tools needed to turn dreams into reality.

With a shared vision for a more inclusive and prosperous future, the IFC and Goldman Sachs are empowering women to rise, innovate, and lead. Together, they are shaping a brighter future for Africa’s entrepreneurial landscape.

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