At the Making Finance Work for Women Summit today in Dar es Salaam, Visa announced the newly-incorporated Visa Foundation, established as part of Visa’ larger social impact strategy to support the growth of micro and small enterprises around the world, enabling individuals, businesses, and economies to thrive. To mark its inception, the Visa Foundation is making its first financial commitment to Women’s World Banking.
The Visa Foundation’s first multi-year initiative will be a five-year, up to $20 million grant to Women’s World Banking aimed at supporting millions of women-led small and micro enterprises.
Despite their contribution to both the formal and informal economy worldwide, women-owned micro and small businesses are unserved or underserved financially. According to the World Bank there is a staggering $300 billion annual credit deficit for formal sector women-owned small and medium sized businesses. Financial products such as savings, credit and insurance can help low-income women to build their assets, grow their businesses, and ensure economic resilience in challenging times.
With the Visa Foundation’s support, Women’s World Banking will develop sustainable solutions for women entrepreneurs to build their enterprises and establish financial safety nets while also advancing leadership skills and financial capabilities.