MASSIF, the financial inclusion fund managed by FMO on behalf of the Dutch government, has made a follow-on investment of €0.25m in WIC Capital.

In July 2020, MASSIF invested €0.1m in WIC Capital.

Launched in March 2019 by the Women’s Investment Club (WIC) Sénégal, WIC Capital is the first investment fund that exclusively targets women-led companies in Senegal and Côte d’Ivoire.

The Fund brings together both local and international institutional and individual investors, who pool their resources to invest in women-owned Micro Small and Medium Enterprises (MSMEs) in Senegal and Côte d’Ivoire.

The Fund invests through a mix of equity and quasi-equity in companies from all sectors, founded by women, at least 50% owned or run by women, or with a managerial team that is mostly female.

WIC established in 2016 by four Senegalese female entrepreneurs whose objective is to promote women’s participation in economic growth of Africa through investing in Women-led MSMEs (WMSMEs).

To date, WIC Senegal has grown to 81 members and has established: i) the fund WIC Capital focusing on early stage investments in WMSMEs and ii) the WIC Academy that will provide non-financial services tailored to WMSMEs aimed at strengthening and expanding their businesses and networks.

“Every year gender gap issues cost approximately $95bn to sub-Saharan Africa. This cost is largely explained by the fact that women are not able to fulfil their economic potential. In Senegal specifically, female entrepreneurship represents a vast untapped source of job creation and economic growth. WIC Capital and the WIC Academy address the challenges faced by many female entrepreneurs in Senegal,” said FMO.

“WIC and WIC Académie will both receive a grant from FMO, through its MASSIF fund. We are delighted to start this partnership and support the participation of women in the economic growth of the West African region.”