WIC Capital, a local capital provider investing in Senegal and Ivory Coast that focuses on financing women-owned and managed micro, small and medium enterprises (MSMEs), has secured a US$1 million loan from the FSDAi Nyala Facility BV to expand its impact.
Led by Evelyne Dioh Simpa, WIC Capital was established by the Women’s Investment Club Senegal in 2019 with the vision of giving women entrepreneurs access to modern financing instruments for inclusive development. The fund is the first investment mechanism to provide appropriate financing and support to women-owned MSMEs in Senegal and West Africa.
WIC Capital’s objective is to identify, nurture and develop a portfolio of promising start-ups and women-led SMEs, but also to ensure that they become high-growth businesses that can participate in the expansion of the economies of Senegal and Ivory Coast. It works with early-stage, women-owned or led enterprises to provide first-time external capital as well as business training and mentorship. It also leverages a large network of successful women entrepreneurs and civic leaders to co-fund and support these emerging businesses.
It has now secured a US$1 million loan from the FSDai to increase its impact, and Dioh said WIC Capital’s mission aligned with FSDAi’s desire to address the disfunctions of African capital markets.
“This partnership will be catalytic in the development of a local capital provider that has the potential to profoundly change the local ecosystem, by providing risk capital and business support to women led small and growing businesses (SGBs), with the ultimate goal of increasing women’s agency and economic benefit. With this investment, we are closing our first fund, and we believe this partnership will help accelerate the mobilization of our second fund to serve SMEs generating a strong impact in Senegal and Ivory Coast,” said Evelyne Dioh, managing director of WIC Capital.
FSD Africa Investments (FSDAi), alongside FSD Africa, is a UK international development-funded regional programme.
“Through its investment in WIC, FSDAi is backing an African women-led capital allocator with deep local angel networks, a creative funding structure and financing solution for small and growing businesses in West Africa. With our investment, WIC can position itself to attract bigger pools of capital to expand its strategy in Senegal and Ivory Coast,” said Anne-Marie Chidzero, chief investment officer at FSD Africa Investments.
