WIC Capital, a local investment powerhouse operating in Senegal and Ivory Coast, specializes in channeling funds into micro, small, and medium enterprises (MSMEs) managed and owned by women. Recently, the organization marked a significant milestone by securing a substantial US$1 million loan from the FSDAi Nyala Facility BV. This financial boost aims to amplify WIC Capital’s reach and impact, underlining its commitment to fostering the growth of women-led businesses in the region.
Established in 2019 under the guidance of Evelyne Dioh Simpa and the Women’s Investment Club Senegal, WIC Capital stands out as a pioneering force in the realm of inclusive development. With a distinct focus on providing contemporary financing instruments to women-owned MSMEs in Senegal and West Africa, WIC Capital is not just a financial entity but a catalyst for transformative change. The organization actively engages with early-stage enterprises led by women, offering not only crucial external capital but also comprehensive business training and mentorship. Leveraging a robust network of successful women entrepreneurs and civic leaders, WIC Capital is dedicated to nurturing and elevating emerging businesses.
Evelyne Dioh, the managing director of WIC Capital, emphasizes the profound alignment between WIC Capital’s mission and FSDAi’s commitment to rectifying the shortcomings in African capital markets. The recently secured US$1 million loan from FSDAi is seen as a strategic move to enhance WIC Capital’s impact, furthering its goal of providing risk capital and comprehensive business support to women-led small and growing businesses (SGBs). This partnership is poised to catalyze the development of a local capital provider, with the potential to revolutionize the ecosystem by fostering women’s agency and economic empowerment. As WIC Capital closes its first fund, the collaboration with FSDAi is anticipated to expedite the mobilization of the second fund, dedicated to serving SMEs that generate a significant impact in Senegal and Ivory Coast. Anne-Marie Chidzero, Chief Investment Officer at FSD Africa Investments, emphasizes the potential of this partnership to position WIC Capital for attracting larger pools of capital, thereby expanding its transformative strategy in the West African region.
