Standard Bank pledges $10 million to empower African women fund managers

Standard Bank has announced that it will invest $10 million in the African Women Impact Fund (AWIF) in support of women fund managers with businesses in Africa.

The initiative aims to bolster the role of women fund managers and support women-run businesses across the continent.

The announcement took place at the G20 Empowerment of Women Working Group (EWWG) Women to Africa event on Friday, held in collaboration with the Department of Women, Youth and Persons with Disabilities (DWYPD).

In his keynote address, Luvuyo Masinda, CEO of corporate and investment banking at Standard Bank, expressed pride in the bank's leadership role in this initiative.

“Our focus is on driving sustainable growth across Africa by mobilising capital for women-owned businesses. By strengthening the role of women as fund managers and decision makers, we are helping expand access to finance, unlock opportunities and drive growth,” said Masinda.

The AWIF is an ambitious Pan-African initiative, designed under the auspices of the UN Economic Commission for Africa, UN Women, and the African Union Commission, with the support of the African Women Leadership Network.

This project responds to the critical gender funding gap in Africa, which amounts to $42 billion, as highlighted by findings from the African Union’s Agenda 2063 and the UN’s Sustainable Development Goals 5 and 8, which underscore the importance of gender equality and economic growth.

Research from the International Finance Corporation reveals that female fund managers are twice as likely to invest in women-led enterprises, creating a ripple effect that can significantly enhance financial inclusion for women. Initiatives like the AWIF not only empower women fund managers but also promote market-based approaches that can drive economic transformation.

Lindeka Dzedze, Standard Bank’s executive head of strategic partnerships global markets and chair of the AWIF, reinforced the necessity of gender-focused investing.

“This is the reason we must be intentional about gender-focused investing and ensure that women are well represented in decision-making roles within the investment management industry,” Dzedze said.

The G20 Women to Africa event served as a vital platform for action-oriented dialogue on gender equality and financial inclusion, bringing together key players in the public, private, and civil society sectors.

Minister of Women, Youth and People with Disabilities, Sindisiwe Chikunga, remarked on the significance of such public-private partnerships.

“We are proud to witness key public-private partnerships like this one, which move beyond dialogue and translate into strategic, sustainable solutions. It is through collaboration that a greater potential for success and shared benefits for our communities and country can be achieved,” Chikunga said.

The AWIF is a private-public partnership that recognises women are essential to Africa’s social and economic transformation. Through its ability to work and develop small managers who otherwise go untapped by larger institutions, the AWIF’s reach of fund managers, and the number of potential SME’s is a powerful multiplier effect that speaks to economic transformations at a macro level.

BUSINESS REPORT