The World Bank Group and Visa Foundation are supporting women-led small businesses across emerging markets through a programme focused on improving access to finance, digital tools, business training and stronger financial ecosystems.
The partnership, which initially targets India, South Africa, Nigeria, Colombia and Mexico, aims to help local financial institutions, governments, microfinance organisations and non-profit groups develop solutions tailored to the needs of women entrepreneurs.
The initiative comes as micro, small and medium-sized enterprises continue to account for a significant share of global businesses and employment, particularly in developing economies where they play a major role in job creation and poverty reduction.
However, the World Bank said many small businesses, particularly those owned by women, remain constrained by limited access to capital, business training and financial services. The financing gap for women-led businesses globally remains a major barrier to growth, limiting their ability to invest, hire workers and expand operations.
Rather than relying on a single solution, the partnership is focused on combining financing access with digital innovation, including the use of alternative data sources, digital distribution channels and technology-enabled tools that can help financial institutions better serve underserved entrepreneurs.
