AWIEF opens applications for growth accelerator programme in Nigeria

The Africa Women Innovation and Entrepreneurship Forum (AWIEF) has launched a call for applications for its Growth Accelerator programme in Nigeria. The programme is implemented in partnership with African Guarantee Fund (AGF) and FSDH Merchant Bank Limited to improve access to finance for women-led Small and Medium-Sized Enterprises (WSMEs) operating in key sectors.

Background

Limited access to finance remains a significant challenge for women entrepreneurs in Africa. The financing gap for WSMEs is estimated at USD 49 billion. The Growth Accelerator programme aligns with the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative. AFAWA aims to unlock up to USD 3 billion in financing for women-owned and women-led businesses across Africa.

AGF, a non-bank financial institution, works to promote economic development, increase employment, and reduce poverty in Africa. As an implementing partner for AFAWA, AGF provides technical assistance to financial institutions to improve their ability to serve women-led businesses.

FSDH Merchant Bank Limited is a financial institution dedicated to empowering women in business in Nigeria. Its partnership with AGF, supported by AFAWA, aims to provide loans to WSMEs. The bank drives its gender strategy through its Women in Business Initiative (WIBI).

The collaboration between AWIEF, AGF, and FSDH Merchant Bank Limited seeks to increase access to finance for WSMEs in Nigeria. The Growth Accelerator programme will prepare WSMEs to become credit- and investment-ready, making them eligible for business loans and financing from FSDH Merchant Bank Limited. The initiative will develop a pipeline of businesses equipped to meet the bank’s credit requirements.

Call for applications

The Growth Accelerator programme is open to women entrepreneurs and founders of businesses registered and operating in Nigeria. A total of 100 businesses will be selected for the 12-month programme. Participants will receive business development mentorship, training, and advisory services.

Eligibility criteria

Businesses must meet at least one of the following criteria:

Entrepreneurship & Ownership: At least 51% share of women ownership or a business founded by a woman.
Leadership: At least 20% of senior management roles held by women or 10% share of women on the Board.
Products & Services: Businesses that enhance the well-being of women and girls or contribute to gender equity.

Additionally, businesses must:

Be based and operating in Nigeria.
Be in a post-revenue stage.
Be highly innovative and scalable.
Have been in operation for at least three years.
Be owned and/or led by ambitious and committed entrepreneurs.
Be seeking investment, credit, or financing to scale and expand.

Benefits for participants

Selected businesses will gain access to:

High-level training, mentorship, and business advisory services.
Improved technical, managerial, leadership, and interpersonal skills tailored to their business needs.
Increased creditworthiness and capacity to meet the financing requirements of AGF’s partner financial institutions.
Post-capacity building and loan application support.
Enhanced access to other financing opportunities.
Integration into the financial ecosystem.
Expanded peer networks in Nigeria and across Africa.

Next steps

Women entrepreneurs looking to scale their businesses and access financing are encouraged to apply for the AWIEF Growth Accelerator programme. The initiative offers a pathway for WSMEs to overcome financial barriers and achieve sustainable business growth.

For more details and application procedures, visit AWIEF’s website.