Global digital payments company Visa announced a new cooperation with Commercial International Bank (CIB) to launch the “She’s Next program” to empower women-owned businesses in Egypt.
The statement added that the initiative aims to support Egyptian women-owned small businesses by providing funding, customized coaching, and mentorship.
Female entrepreneurs can apply through 26 October.
The top three winners will each receive $10,000, while the top five will get a one-year training program, according to the “Ahram Online” website.
In addition, the first 20 applicants will receive a one-year skills improvement program from the United States Agency for International Development (USAID).
Visa’s program aims to empower women in Egypt, remove obstacles they face in launching businesses, and facilitate access to digital and other technologies.
The statement highlighted Egyptian women entrepreneurs’ challenges, including unequal funding distribution, limited access to capital, weak digital infrastructure, and lack of mentorship.
“She’s Next underscores this vital digitalization shift, embraces the potential of women entrepreneurs, and enables them to thrive with support and innovation,” said Malak El-Baba, Visa’s country manager for Egypt.
Furthermore, the She’s Next initiative aligns with CIB’s strategy of encouraging small and medium-sized enterprises and supporting female-led companies, noted Hany El-Dieb, Head of SME Business at CIB.
Visa’s survey, the statement went on, showed that around 77% of women in Egypt are ready to fund businesses through their savings.