Youth Entrepreneurship

The Forum established the Women’s Entrepreneurship Finance CoP (WEF CoP) Practice for groups of practitioners from member institutions to meet and share experiences, seek solutions to challenges that they face in financing women-SMEs. Since launching in 2022, the WEF CoP has evolved into a powerful example of how to empower women entrepreneurs through financial awareness, tailored financial services and promoting financial inclusion for women-led SMEs.

The primary goal of WEF CoP is to translate shared experiences and insights into practical knowledge applicable to better serve women-owned and women-led SMEs (W-SMEs). As a member driven community, it draws on the collective knowledge and experience of industry leaders and practitioners across regions, together with experts from IFC. The platform has facilitated knowledge sharing and connections amongst over 500 industry practitioners, providing practical solutions that members implement in their operations.

The community fosters open discussions, sharing insights, and exchanging ideas on various practical topics relevant to women entrepreneurs, including product design and delivery, business development, risk management, alternative data utilization, legal and regulatory matters, and more. Additionally, it provides a space to discuss the unique challenges faced by women entrepreneurs, fostering the exploration of mitigation techniques and solutions. Through this dialogue, members collectively contribute their unique cross regional experiences and insights, enriching the knowledge pool that benefits both women-owned SMEs and financial service providers.

On International Women’s Day/ Month 2024 we are pleased to showcase the remarkable work and impact of our member community in their respective markets and regions. Fostering partnerships, technology, and innovations, members develop unique solutions and products towards sustainable financial services for W-SMEs. These unique stories reflect the tremendous collective impact of our community in providing financial services to W-SMEs, thereby, closing the gender finance gap and facilitating W-SMEs full contribution to the global economy.

Here are some of the captivating stories and innovative initiatives from our remarkable community:

•  Small Business Silver Lining supports small business owners through its Silver Lining Action Plan (SLAP), a tech-enabled, data-driven program, which helps users set defined goals and plot an attainable route to them using behavioral psychology. Silver lining has worked with 14,000 small businesses in more than 76 countries, helping them to become more profitable and sustainable. Read more

• Overview of the European Investment Bank’s support for gender equality and women’s economic empowerment. It details the Bank’s activities in the sector and highlights key projects. The stories, videos and case studies, illustrate how the Bank’s financing and advice help countries, regions and cities. Read more
   
• Alraedah provides financial services to women-SMEs to achieve their business and personal financial goals, and thereby improve lives. In this video see how Alraedah supported the small dream of a W-SME into a leading confectionary business in Saudi Arabia. Watch the video
   
• Stanbic IBTC’s strong commitment to empowering women led to the creation of an innovative value proposition called Blue Blossom. This unique offering provides women in business comprehensive financial (bank and non-bank) and non-financial benefits, empowering women to take control of their finances, future and live a fulfilling lifestyle. It provides solutions aimed to foster the growth and success of women entrepreneurs.
  The GoBloom Community’s value proposition recognizes that today’s woman requires tailored non-financial solutions alongside comprehensive support to foster learning, connections, wellness, and personal development. Read more
   

• FMO - Dutch entrepreneurial development bank's innovative women and climate project empowers rural women entrepreneurs in India and promotes the use of clean energy products to drive change. Read more

• Access Bank Plc innovative 'W' initiative tailors products and services to meet the unique needs and requirements of women SMEs. In this video a client shares her experience, and the impact of the W-Power Loan on her business. Watch the video
   

• Funding Societies | Modalku Group offers innovative alternative financing services to women-SMEs. In this video, the founder of a fast growing cookie bakery in Malaysia attests to the benefits and flexibility of Funding Societies | Modalku Group's Digital Financial Services. Watch the video

Over 163 million informal workers in emerging markets have found new opportunities through #gigplatforms, but many remain financially excluded. That's why platforms are stepping up to offer financial services to #gigworkers, helping them save, invest, and access credit. The impact can be positive for the workers and the economy.

If you're interested in learning more about how this is being done, check out CGAP’s latest briefs. They provide real examples and explore efforts to make these products practical, viable, and impactful. Key areas covered include:

• Conditions and partnerships required,
•  Enabling credit through work data, and
•  Getting the delivery and design right.

Learn more: https://www.cgap.org/gig-platforms-and-financial-inclusion

The “SME Finance Virtual Marketplace” is an online match-making platform that promotes partnership and collaboration between financial institutions, fintech companies and development finance institutions/ investors.

The virtual Marketplace is powered by GlobalLinker, an AI powered ‘Digital Ecosystem’ offering SMEs a range of services to build digital presence including e-commerce. 

How does the Marketplace operate?

To participate in the marketplace session, your institution must have an institutional profile (company profile) and personal profiles (individuals representing the companies) set up on the marketplace. Institutional profile shall also include products/services being offered.
Representatives of your institution can explore offerings available in the platform, such as investment products, advisory services, technology solutions...etc.
The virtual platform enables individuals to reach out to one another to discuss potential collaboration and partnership at their own convenience.  

 
Marketplace Pitch Sessions

The marketplace sessions are scheduled monthly and feature institutions (DFIs, fintechs, investors, etc.) who present their products/services during a 7-minute pitch.
Following the presentations, participants can reach out directly to the presenting institutions to make inquiries or explore partnership opportunities.

The GPFI’s stocktaking of data available on financing for SMEs, both at the country level and at the client level of the major international development finance institutions, reveals serious gaps.  Annual aggregate data is captured annually for only a minority of the world’s countries by the IMF, OECD, and others. Little if any data is available at a country level on financing for women entrepreneurs, young entrepreneurs or other key segments of interest to GPFI’s Financial Inclusion Action Plan.  Data collected by the IFIs and DFIs is uncoordinated, inconsistent and usually incompatible with national SME definitions and reporting requirements to financial sector regulators. Despite recognition of the importance of data for sound policymaking in SME financing and financial inclusion in general, there is much room for improvement.

In this publication, you will learn how the G20 countries could play an important role in spurring greater coordination and harmonization at both levels of data collection and dissemination.

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Acknowledgments: This document is a product of the SME Finance Forum. It was prepared by Minerva Kotei and Yangyang Zhou under the guidance of Matthew Gamser. The report was requested by the G-20 following the submission of a Concept Paper, by the SME Finance Forum and the Financial Alliance for Women, to the SME Finance Subgroup to promote the enhancement and coordination of SME Finance data, including gender-disaggregated data.

Washington D.C– The Alliance for Entrepreneurship in Africa (AforE), an international, project-driven platform aimed at boosting private sector participation and entrepreneurship in Africa has joined the SME Finance Forum as the global membership network’s latest affiliate. The 300+ members/affiliates of the Forum are SME financing experts operating in 190 countries who share the common goal of expanding access to finance to small businesses worldwide through knowledge exchange and innovation. 

“SME Finance Forum proudly welcomes the international, project-driven platform. It is with great pleasure I welcome the Alliance for Entrepreneurship in Africa to SME Finance Forum, AforE’s commitment to boosting private sector participation and entrepreneurship in Africa perfectly aligns with the forum’s mission,” said Qamar Saleem, Head of SME Finance Forum.

The Alliance for Entrepreneurship in Africa (AforE) is an international, project-driven platform aimed at boosting private sector participation and entrepreneurship in Africa with the goal of promoting dynamic, competitive and inclusive economies across the continent. The Alliance supports investments in micro, small and medium-sized enterprises (MSMEs) by developing and scaling up instruments that accelerate growth and competitiveness. AforE helps to bridge the prevalent funding gap for MSMEs, providing them with the necessary capital through platform projects to expand their businesses. The Alliance projects seek to foster growth throughout the MSME value chain through innovative projects and developing growth instruments unique to the needs of Africa's MSMEs.

“The SMEFF and AforE have aligned goals and mandates, allowing them to generate synergies to address challenges in promoting entrepreneurship throughout the African continent. By joining forces, we want to tackle these challenges including access to finance, regulatory hurdles, infrastructure shortcomings, skills and capacity development gaps, and market accessibility“ said Mr. Ethiopis Tafara, the Alliance's secretariat and IFC's Vice President for Africa.

SME Finance Forum: Innovation & Partnership for MSMEs Growth  

The SME Finance Forum, backed by G20 and IFC/World Bank, is the leading global network of 300+ members/affiliates operating in 190 countries. Network comprises of SME focused institutions providing and enabling finance and services- banks, non-banks financial institutions, fintech, payment platforms, development institutions, credit guarantee companies, insurers, investment funds, supply chain linked players, banking and SME associations, policy advocates, regulators, academia, consulting houses, knowledge aggregators.

Our members, affiliates, and associated stakeholders benefit from learning/replicating best practices from across the world, innovating new products for business growth, acquiring risk mitigation tools, establishing partnerships, attracting investors, and being recognized amongst a peer group of global innovators. Our products consist of “members only” solutions (like innovation hubs, solutions clinics, peer group networks, study tours, specialized tools and trainings, member portal repository, partnered initiatives) as well as public good services (200+ publications library, 500+ videos, webinars, newsletters, trainings, annual awards, annual event etc.)

Discover the SME Finance Forum members/affiliates: 

https://www.smefinanceforum.org/members/member-list

https://smefinanceforum.org/about/partners

Announced at the Summit on the Financing of African Economies (SFAE) in Paris on May 18, 2021, the Alliance for Entrepreneurship in Africa has been actively mobilizing partners to provide financial and technical resources to bolster the growth of Africa's private sector. The initiative is sponsored by the French Treasury, who appointed IFC as its Secretariat, in addition to its role as core member of the initiative. Officially launched on March 22, 2022 in Dakar, the core members solidified their commitment by signing a Working Arrangement, which was subsequently extended by two years in May 2024. This initiative, strengthened by dynamic new associates members like the SME Finance Forum, focuses on MSMEs and aims to amplify entrepreneurship, particularly in businesses owned by women and youth in the African continent. By the end of 2024 the SMEFF joined the AforE as associate member and now, simultaneously, the AforE is becoming a member of the SMEFF global network. The SMEFF and AforE are already exploring ways to collaborate further in addressing the SME financing gap and increasing their concrete cooperation notably around data-driven partnership using an AforE-funded analytical tool and for joint engagement on respective activities or events.

Learn more: 

Website: https://alliance4e.org/

Linkedin: https://www.linkedin.com/company/aforea/

Washington D.C March 2023 – MEDA joins the SME Finance Forum as the newest member of our global membership network. Our members are SME financing experts from 80+ countries who share the common goal of expanding access to finance to small businesses worldwide through knowledge exchange and innovation.

“Since 2016, we’ve been implementing our mission to build a global membership to support better SME financing, and since then, we’ve established a network with over 240 active member institutions, which operate in over 190 countries sharing the common purpose of helping under-served enterprises. We are delighted to welcome MEDA, which itself has worked in over 70 countries worldwide,” said Matthew Gamser, CEO of the SME Finance Forum.

For 70 years, MEDA – Mennonite Economic Development Associates – has been creating business solutions to poverty that are sustainable, measurable and scalable. An international economic development organization, MEDA has worked in over 70 countries and brings a unique market systems approach to project design that integrates technical assistance and access to capital. As an early leader in innovative finance, MEDA leverages public and private funding to advance social enterprises around the world that are positively impacting social, environmental and governance challenges in their communities. They work in agri-food market systems, focusing primarily on women and youth in rural communities in the Global South. SMEs are the main drivers of job creation, and MEDA helps them gain access to finance, allowing them to grow and consolidate their business models.

“By becoming a member of the SME Finance Forum, MEDA looks forward to engaging and partnering with its members to find innovative ways to provide access to finance in the agri-food ecosystem in emerging markets for long-term sustainable decent job creation by SMEs – the engines of economic growth and social development,” says Dorothy Nyambi, CEO & President, MEDA.

About SME Finance Forum

The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research, and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative. The Forum operates a global membership network of +240 members that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.

Discover the SME Finance Forum members:

https://www.smefinanceforum.org/members/member-list

About MEDA

MEDA (Mennonite Economic Development Associates) is an international economic development organization founded in 1953 whose mission is to create business solutions to poverty. MEDA combines innovative financial and technical expertise to build and enhance sustainable agri-food systems that provide decent work for people experiencing poverty in the Global South, focusing on systemically marginalized communities, including women and youth.

Learn more:

Website: https://www.meda.org/

LinkedIn: https://www.linkedin.com/company/mennonite-economic-development-associates-meda-/