Standard Bank, Africa’s largest bank by assets, has committed $10 million to the African Women Impact Fund (AWIF), aiming to support women fund managers running businesses across the continent. This significant investment was announced at the G20 Empowerment of Women Working Group (EWWG) Women to Africa event, hosted in collaboration with Standard Bank and South Africa’s Department of Women, Youth and Persons with Disabilities (DWYPD).
Luvuyo Masinda, Chief Executive of Corporate and Investment Banking at Standard Bank, emphasized the bank’s dedication to driving sustainable growth in Africa by mobilizing capital for women-owned businesses. By empowering women as fund managers and decision-makers, Standard Bank aims to expand access to finance, unlock opportunities, and promote economic growth for women-led enterprises.
The AWIF is a Pan-African gender-lens initiative coordinated by the UN Economic Commission for Africa, UN Women, and the African Union Commission, with the African Women Leadership Network overseeing its implementation. Standard Bank is the lead sponsor and promoter of the fund, working alongside RisCura Invest as investment manager and MiDA Advisors as the strategic advisor. The fund aligns with the African Union’s Agenda 2063 and the UN Sustainable Development Goals focused on gender equality, decent work, and economic growth, addressing a $42 billion funding gap faced by women entrepreneurs in Africa.
Research from the International Finance Corporation highlights that female fund managers are twice as likely to invest in women-led businesses, amplifying the financial inclusion of women across the continent. AWIF serves as a scalable and sustainable platform, empowering women fund managers and facilitating investments in women-owned or led enterprises through market-driven approaches.
This initiative underscores the importance of the private sector’s role in fostering inclusive and sustainable growth. Lindeka Dzedze, Standard Bank’s Executive Head of Strategic Partnerships and Chair of AWIF, noted the necessity of intentional gender-focused investing and ensuring women hold key decision-making roles in the investment management industry.
The G20 Women to Africa event served as a strategic platform to discuss gender equality and financial inclusion, bringing together diverse stakeholders from public, private, and civil society sectors to commit to meaningful partnerships and actions. Minister Chikunga of DWYPD praised the collaboration, highlighting how such public-private partnerships translate dialogue into impactful and sustainable solutions benefiting communities and the nation.
AWIF is a private-public partnership that recognizes women’s critical role in Africa’s socio-economic transformation. By nurturing small fund managers often overlooked by larger institutions, AWIF magnifies its impact through increased access to capital for SMEs, thereby driving broad economic transformation across the continent.
