The African Development Bank (AfDB) and the African Guarantee Fund (AGF) have concluded the Afawa Finance Series Togo conference, an important event aimed at raising awareness about the financial needs of Togolese women entrepreneurs and challenging the misconception that businesses led by women are inherently risky.
According to a press release, the three-day event, which ended on Thursday 28 March 2024, brought together approximately 180 key figures responsible for policy and regulation in favor of women’s financial inclusion, as well as representatives of financial institutions, small and medium-sized enterprises, and women-run or women-owned business incubators.
The statement highlighted that around 30 Togolese financial institutions received specific training during the conference, which helped enhance their understanding of the Affirmative Finance Action for Women in Africa (AFAWA) initiative and its guarantee mechanism. The training also demonstrated the commercial benefits of targeting women entrepreneurs more effectively by developing gender-sensitive product and service offerings.
The goal was to gain a deeper insight into the needs of women entrepreneurs and collectively address the challenges they face in accessing financing, while exploring the opportunities offered by the Guarantee for Growth Program, developed by the African Development Bank Group through AFAWA and implemented by AGF.
This innovative program aims to make up to $3 billion available for women-led small and medium-sized enterprises through guarantees to financial institutions to mitigate lending risks, as stated in the release. Wilfried Abiola, AfDB’s Country Manager for Togo, stressed that the initiative challenges economic and social stereotypes, asserting that AFAWA aims to transform the perception that women-run enterprises are inherently risky into substantial investment opportunities.
Jules Ngankam, CEO of AGF, also underscored that AFAWA strives to unite financial and public sector stakeholders to enhance human and financial capital, allowing women to realize their full potential and contribute fully to Africa’s growth. He expressed optimism about the long-term impact of AFAWA on economic growth in Togo.