Women Of Africa Fund for Micro Enterprise
- Women Of Africa Fund for Micro Enterprise
- Sponsor a child
For more information about WOMEN OF AFRICA and its Programs, email to info@womenofafrica.org
ACCESS TO CREDIT
FOR WOMEN IN POVERTY
WOMEN AND THE WORLD ECONOMY: HOPE FOR THE FUTURE
• Half the world's population lives on less than $2 a day. 1.8 billion of these people live on less than $1 a day, 70 percent of them are women. (1)
• 340 million women around the world are not expected to survive to age 40. (2)
• 35,000 children die each day of preventable causes. (3)
• 50-60% of the workforce in developing countries works in the informal sector, with women comprising the overwhelming majority of that workforce. About 90% of African’s working women are in the informal sector. (4)
• Women’s micro businesses have very limited access to formal financial services. Most of them rely on predatory moneylenders.
• Official microfinance organizations are currently only reaching 5-8 percent of the women who need a microloan. (5)
(1)(2)(3)(4)(5), UN references.
Why is WOA Microenterprise Development Program Necessary?
WOMEN OF AFRICA salutes the emerging Microfinance Programs for making small loans available to impoverished women who need working capital to start or expand a business. Because collateral is a difficult requirement for a population largely denied property rights, traditional lending sources have been unavailable to most of these women. Access to market-based loans has dramatically improved economic opportunities for women engaged in microenterprises around the world. They now have an alternative to unofficial moneylenders who charge usurious interest rates of 5 to 20 percent a day.
What is the Purpose of the Program?
The alternative models of credit pioneered by the Microfinance Programs represent a major breakthrough for millions of women who survive on less than $2 a day. Innovative Women Group Bank and other collateral-free programs have consistently experienced repayment rates of more than 98%, far above the average repayment rates experienced by most commercial lending institutions. WOMEN OF AFRICA Microenterprise Development Program is developed to address the capital and capacity constraints currently limiting growth in the Microfinance Programs.
Our Vision
Since the founding of WOMEN OF AFRICA in 2002, we have envisioned women coming together to create a more inclusive world economy where everyone has an opportunity to succeed. To accomplish this, WOMEN OF AFRICA has set up special programs for women.
One of WOMEN OF AFRICA objectives is to help set up the Microfinance Program so it can exponentially increase the capital available for loans, and thus the number of women who have access to credit.
Access to business loans is helping to:
• Increase women’s income levels and control over their income, leading to economic independence.
• Enhance women’s contributions to household income and participation in household decisions.
• Improve women’s self-esteem in their households and communities.
• Create pathways to networks and markets, providing access to information and possibilities for developing women’s economic, social and political roles.
Our Mission
To help alleviate poverty and empower women through financial independence by raising awareness of and support for Microenterprise Development.
What is the goal of the
program?
To support the development of the Microfinance Progam so it can access capital markets for
loan funds, significantly expanding the number of women it can serve.
We will accomplish our goal by providing business, financial, and management assistance to microfinance organizations that want to become commercially viable.
How will the program be implemented?
Financial Assistance
• WOA Group Bank adoptions
Capacity Building
and Management Assistance
• Loaned executives • Executive exchanges • Internships • Board
participation • Advocacy • Alliances
What are the Program’s Results to Date?
• Interviewed local leaders in microfinance as part of a research project funded by WOA.
• Conducted due diligence on the premier microfinance organizations in the world to select loan partners in the field.
• Partnered with WOA local offices and Microfinance Institutions, providing loans to women around the world.
• Raised funds for 20 WOA Group Banks in Africa.
• Funded a Microenterprise and Scholarship Program for 400 women in West Africa.
• Recruited and sponsored graduate students to help oversee WOA Bank Programs.
• Provided expertise to advance a more enabling policy environment for microfinance through participation in the WOA forum. Instrumental in establishing a permanent Microenterprise group within WOA offices as well as making microenterprise issues a major focus at regional meetings in Africa.
• Provided technical assistance to Microfinance Organizations to build their capacity.
• Participated on Boards of Directors for Microfinance Organizations.
• Made presentations to the regional and world Forum and business networks advocating Microenterprise as a tool for the economic empowerment of women.
• Briefed CEOs and other members of the business community to build a public-private partnership for microenterprise financing and development.
• Partnered with the WOA Leader’s Network to advance Microfinance with high level government and business officials around the world.
WOA is present on 8 countries in Africa.
To make a donation for the fund, click here
WOA Sewing Program
WOA Karité Butter program
WOA Cooking Program
Shop at WOMEN OF AFRICA and support African Women and Children