Tuesday, September 24, 2024
New York City
The African Business Stories Roundtable Series was officially launched during a side event at the recently concluded United Nations General Assembly in New York City. The series aims to spotlight the gender gap in access to finance for female entrepreneurs in Africa, calling on investors and financiers to take actionable steps to bridge this gap. The event, held at the offices of global law firm Akin LLP and sponsored by Moneda Invest Africa and Akin LLP, drew nearly 100 attendees from both the public and private sectors across Africa and the United States.
Akaego Okoye, founder of African Business Stories, remarked, “Today marks the next chapter for African Business Stories. Our focus is now on nurturing the expansion and scalability of businesses led by women. We are committed to supporting enterprises that aspire to extend their reach across the continent and beyond. This roundtable series is just the beginning.”
Ms. Reta Jo Lewis, President and Chair of the Export-Import Bank of the United States (US EXIM) delivered keynote remarks and participated in a fireside chat moderated by Ms. Deniece Laurent-Mantey, Executive Director of President Biden’s Advisory Council on African Diaspora Engagement. Chair Lewis highlighted EXIM’s role in providing financing solutions that can help women and people of color succeed on the global stage. She noted, “One of the things I always like to say—and our team likes to say—is no deal is too small. We can do $250 for export credit insurance, or we can do $200 million, or we can do a billion dollars. And we do not have to do it by ourselves…we’re constantly trying to find ways we can co-finance together.”
Chair Lewis was presented with an ABS Award by Mr. Gbenga Oyebode, MFR, Co-founder of Nigerian law firm Aluko & Oyebode, in recognition of her contribution to growth and development in Africa.
Following the fireside chat, a roundtable discussion explored the challenges female entrepreneurs face in raising capital, along with successful strategies and best practices for supporting their growth. Key areas of discussion included opportunities for collaboration and partnership between investors, industry experts, and female founders to bridge the financing gap.
During the roundtable, Sarah Dusek, Managing Partner & Co-Founder of South Africa-based Enygma Ventures, remarked, “There’s a massive lack of language when it comes to investment. I’ve reviewed 10,000 applications over the last five years, and one thing that stands out is that women, in particular, are not understanding the scale that venture capitalists are looking for. We need to position ourselves and use the language that VCs understand and expect.”
Dia Martin, who leads the Office of Catalytic Investment at the U.S. Development Finance Corporation (DFC), added that while the DFC has invested close to $11 billion in women globally, she believes there is still significant potential for growth in Africa, particularly with intermediaries, fund managers, and direct investments in social enterprises.
Oluranti Doherty, Managing Director at Afrieximbank, discussed interventions and support available through the bank, highlighting partnerships with various organizations to provide funding and resources to women. Moji Hunponu-Wusu, CEO of Woodhall Capital, an Afrieximbank partner, also shared insights on their work to support SMEs across Africa. Other featured speakers at the event included: Travis Adkins, President & CEO of the United States Africa Development Foundation (USADF); Jumoke Dada, Founder & CEO of Taeillo; Anna Ekeledo, Executive Director of Afrilabs; and Ejike Egbuagu, CEO of Moneda Invest Africa.
By bringing together investors, female entrepreneurs, and other stakeholders, the African Business Stories Roundtable Series provides a platform for hard conversations, alignment, and deal-making. This initiative, which will include convenings across the continent, aims to accelerate the growth of female-led businesses in Africa and foster an inclusive entrepreneurial ecosystem that empowers African women, contributing to economic growth across the continent.
About African Business Stories
African Business Stories is a social enterprise dedicated to supporting the growth and scale of female-led businesses across Africa. Through its platform, ABS highlights the stories of women entrepreneurs and fosters collaboration between investors, industry experts, and business leaders to drive inclusive growth on the continent.
For Media Inquiries, Contact:
Email: [email protected]
Website: www.africanbusinessstories.com
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