RevUp Women Initiative boosts women-led businesses in Africa through training, mentorship, and funding. Join us in fostering economic growth and gender equality.

The RevUp Women Initiative is a transformative enterprise development program designed to accelerate early-stage, women-led businesses across Africa into profitable and sustainable ventures. 

By fostering gender equality and inclusive economic growth, this initiative offers a comprehensive suite of services, including enterprise development training, mentorship, peer-to-peer learning, and access to finance.

Achievements and Impact

Since its inception, the RevUp Women Initiative has successfully trained 444 women entrepreneurs across ten cities in five African countries: Nigeria, Kenya, Cameroon, the Democratic Republic of the Congo (DRC), and South Africa.

 This impactful program is funded by the Visa Foundation, emphasizing its commitment to fostering entrepreneurship among women in the continent.

Mentorship and Training Programs

At the heart of the RevUp Women Initiative is its robust mentorship program. 

Through this program, women entrepreneurs gain access to invaluable support, enabling them to start and grow their businesses.

 The initiative connects participants with experienced mentors who guide them through various challenges, offering insights and expertise tailored to their specific needs.

To enhance the impact of this mentorship, AfriLabs—a dynamic innovation-focused organization established in 2011—has developed a network of women leaders across the continent. 

These leaders serve as volunteer mentors, providing guidance and support to women entrepreneurs. Mentors are paired with mentees based on their profiles and the specific needs of the entrepreneurs, ensuring a personalized approach to development.

Funding and Future Prospects

The RevUp Women Initiative aims to provide capacity-building training and mentoring to 500 women business owners during its pilot stage. As part of this effort, 10 women-owned businesses will receive grants of $10,000 each from the Visa Foundation to support their growth.

 This funding is critical for helping women entrepreneurs overcome the unique challenges they face and stimulating job creation across the continent.

The initiative also promotes peer-to-peer learning, allowing participants to share experiences and strategies for success.

 This collaborative environment enhances the growth potential of women-led businesses, contributing to the broader goal of economic empowerment.

AfriLabs: A Supportive Ecosystem

AfriLabs plays a pivotal role in the RevUp Women Initiative by establishing and nurturing innovation hubs across Africa.

 These hubs serve as co-working spaces and training centers, providing comprehensive support in areas such as business management, legalities, and finance.

 By fostering a community around these hubs, AfriLabs contributes significantly to cultivating innovators and entrepreneurs who can drive economic growth and social development throughout the continent.

Conclusion

The RevUp Women Initiative is more than just an enterprise development program; it is a movement aimed at empowering women entrepreneurs across Africa. 

By providing essential resources, mentorship, and funding, RevUp Women is helping to build a vibrant community of female leaders who are not only transforming their own lives but also contributing to the economic prosperity of their countries. 

As the initiative continues to grow, it remains committed to driving change and inspiring future generations of women entrepreneurs.

Keywords: RevUp Women, women entrepreneurs, Africa, mentorship, economic growth

Explore why multinationals like Nestlé and Unilever are retreating from Africa due to economic challenges in Kenya, South Africa, and Nigeria

Nestlé SA announced the cessation of production for Nesquik chocolate milk powder in South Africa in August 2023, attributing this decision to declining demand.

A year prior, Unilever Plc halted the manufacturing of home-care and skin-cleansing products in Nigeria to “sustain profitability.”

Pharmaceutical giants Bayer AG and GSK Plc have also outsourced the distribution of their products to independent firms in Kenya and Nigeria.

Over the past few decades, numerous top multinationals have flocked to Africa, attracted by rapid growth, youthful populations, and rising wealth.

 However, recent challenges—including plummeting currencies, excessive bureaucracy, unreliable power, and congested ports—have diminished the region’s appeal.

 “It doesn’t justify the effort,” remarks Kuseni Dlamini, a former chairman of Walmart Inc.’s African unit, who now leads the American Chamber of Commerce in South Africa. “This should be a wake-up call to African authorities. If you do not have a conducive environment to grow and scale businesses, you will be left by the wayside.”

The retreat of multinationals is most evident in Kenya, South Africa, and Nigeria, the trio of countries typically targeted for initial ventures into the region. Together, they represent 44% of sub-Saharan Africa’s economy and approximately 30% of its population.

This hesitation to expand or maintain current operations frustrates African leaders striving to alleviate unemployment and lessen their dependence on commodities as economic drivers. 

President William Ruto of Kenya has stated that manufacturing could elevate the country to middle-income status by 2030, yet poor infrastructure and growing regulation have undermined competitiveness and stunted economic growth. Nestlé, which had contemplated increasing production in Kenya, is instead scaling back operations at its sole facility there.

 While it will continue producing select items like Maggi noodles, it is downgrading parts of the facility to package imported foods like Cerelac baby cereal.

In January 2024, Neumann Gruppe GmbH, the world’s largest coffee trader, announced plans to shut down its Kenyan mill and a unit that provided financial and marketing support to small farmers, retaining only its operation that sources coffee beans for export.

The company noted that jobs would be lost, although it did not specify the number, attributing this move to a 2022 government decree that barred companies from both marketing coffee and grinding the beans, compelling them to choose one or the other.

Companies in Kenya are also grappling with increased taxes, particularly a levy on imports of essential raw materials such as cement, metals, and paper.

 The Kenya Association of Manufacturers reported that last September, 53% of its members were operating at a quarter of their capacity or less, with 42% anticipating job cuts within six months.\

 “All the numbers are negative,” stated Anthony Mwangi, CEO of the Kenya Association of Manufacturers, which represents both domestic and foreign firms. “Those spaces that were used for production, now they are empty spaces. There are warehouses that are importing the same stuff.”

Since 2016, major South African retailers like Mr Price, Shoprite, and Truworths have exited Nigeria, a market they once prioritized for international growth.

 Last year, Unilever ceased production of Omo washing powder, Sunlight dishwashing liquid, and Lux soap in Nigeria, opting instead to import these products. In March, Nestlé’s local unit reported its first nine-month loss in twelve years following a significant decline in the local currency.

In South Africa, the continent’s most advanced economy, the once-praised infrastructure has deteriorated.

 Power outages have become nearly daily occurrences, while water shortages are rising, with up to 40% of water lost to leaks in some urban networks.

 Multinationals have also pointed to a convoluted work permit system that complicates the hiring of foreign executives.

 The South African-German Chamber of Commerce stated last year that delays were jeopardizing operations owned by German companies responsible for 100,000 jobs in the country.

 “The visa matter spans the entire hierarchy of German business in South Africa,” the group said in a statement. “This is of course not only a concern to German business but also to the country itself.”

The regular production interruptions and the scaling back of manufacturing pose significant challenges for local retailers.

 Shoprite Holdings Ltd., Africa’s largest supermarket chain, has had to ramp up its stockpiles to prevent empty shelves, and is constructing additional distribution centers to accommodate more goods.

 “This gives you an idea of how constrained the supply chain is,” noted Shoprite CEO Pieter Engelbrecht. “There’s very little investment in production capacity in South Africa amongst the manufacturers, and the multinationals have completely stopped.”

The declining value of currencies has further complicated multinationals’ ability to repatriate profits. Over the past decade, Nigeria’s naira has depreciated by 88% against the dollar, while the Kenyan shilling has weakened by 34%, and the South African rand has dropped by 44%.

 This has resulted in diminished spending power for residents, especially concerning imported goods or those containing foreign components.

 In response, local manufacturers are increasingly providing more affordable alternatives that replicate global brands.

South Africa’s Bliss Brands (Pty) Ltd. has long marketed its MAQ washing powder in poorer townships surrounding major cities.

 Today, this brand is increasingly available at Shoprite’s Checkers outlets and Pick n Pay Stores in affluent suburbs—priced nearly 30% lower than Unilever’s Omo and Skip detergents.

 While MAQ hasn’t always been the cheapest option compared to international competitors, it has managed to keep price increases in check, according to Moaz Shoaib Iqbal, a director at Bliss. 

“Our structure is more nimble,” he explained. Multinationals are “relying on the equity of their brands to carry them through.”

This retreat has opened the door for lower-cost producers from other emerging nations to challenge the dominant brands with their own manufacturing facilities in Africa.

 In Nigeria, locally produced diapers from a Turkish manufacturer are beginning to outpace Procter & Gamble Co.’s Pampers, while a ramen product from a Singapore firm is displacing Nestlé’s Maggi noodles.

 “In Africa, the market for pricier items is dwindling,” said Alec Abraham, an analyst at Sasfin Securities in Johannesburg. “We are seeing a shift in ranges to suit more basic needs, which means fewer items as manufacturers match their ranges to income levels.”

 Keywords: Multinationals: Africa: Economic challenges:Kenya: Unilever.

KCB receives €30M to support women entrepreneurs in Kenya, offering loans and mentorship to startups. Apply now and access growth funding for your business.
By Charles Wachira

In a major step towards empowering women entrepreneurs in Kenya, the Kenya Commercial Bank (KCB) received €30 million (approximately KSh 4.2 billion) in April 2024. 

This significant funding was granted by the Bill & Melinda Gates Foundation in partnership with the European Investment Bank (EIB), aimed at advancing women-led businesses and startups across the country.

Supporting Women Entrepreneurs: The Inception

The grant was a targeted effort to fill the long-standing financial gap that women in business often face, especially in Kenya’s rapidly growing economy.

 Recognizing the potential that lies in women entrepreneurs and startups, the initiative was structured to help create more sustainable and impactful business environments, allowing more women to access the capital necessary to start or scale their businesses.

Speaking on the funding, KCB’s Chief Executive Officer Paul Russo highlighted the bank’s commitment to advancing financial inclusion and specifically empowering women-led businesses.

 He noted, “This partnership is more than just a funding mechanism. It is a platform to give women the financial tools and support they need to thrive in a competitive economy. We see the untapped potential in women entrepreneurs and are committed to breaking down barriers to ensure they can access the capital and financial literacy they need to succeed.”

The Significance of the Fund

The €30 million grant is designed to provide a mixture of soft loans, grants, and credit guarantees to women entrepreneurs.

 The loans, which will come with preferential interest rates and flexible repayment terms, are aimed at encouraging more women to formalize their businesses, enter competitive markets, and drive innovation.

Werner Hoyer, President of the European Investment Bank, expressed excitement about the collaboration: “We are proud to support Kenya’s thriving entrepreneurial landscape through this initiative. Women-led businesses are critical to the country’s economic future, and through this fund, we aim to eliminate the financial hurdles these entrepreneurs face. This investment is more than just a financial contribution; it is an investment in Kenya’s socio-economic growth.”

How to Access the Funds

Access to these funds has been structured to ensure inclusivity and transparency. Women entrepreneurs interested in applying for the loans can do so through KCB’s online platform or by visiting any of their branches nationwide.

 Additionally, KCB will host a series of workshops and seminars across Kenya to help women understand the lending process, provide business training, and guide them on how to best utilize the available resources.

The application process is streamlined to encourage participation. Applicants must provide:

1. A viable business plan or a solid expansion strategy for existing businesses.
2. Proof of business registration (for established enterprises).
3. Clear identification and verification documents.
4. A sound understanding of their business finances.

KCB’s Director of Women Banking, Dr. Ann Mutahi, emphasized the bank’s focus on inclusivity, stating, “We want to make sure that no one is left behind. Whether you are a woman just starting your business journey or have been running a business for years, we are here to offer financial and advisory support. Our goal is to enable women to grow their businesses, create jobs, and contribute meaningfully to Kenya’s economic development.”

Disbursement of the Funds

The funds are to be disbursed in phases, ensuring that as many women as possible benefit from the program. KCB will be offering loans of up to KSh 10 million for startups and up to KSh 50 million for more established enterprises that demonstrate significant growth potential. 

This tiered approach ensures that small and large businesses alike can access the capital they need to thrive.

Additionally, a portion of the funds has been earmarked for startup incubation programs, which will provide young women entrepreneurs with mentorship, training, and access to networks, helping them build scalable and sustainable businesses.

According to a statement from the Bill & Melinda Gates Foundation, “Our collaboration with KCB and the EIB represents our commitment to supporting innovative and impactful financial solutions that will transform the lives of women entrepreneurs.

 We are confident that this fund will enable women across Kenya to not only grow their businesses but also become key players in the global marketplace.”

Challenges Women Entrepreneurs Face

While Kenya has made significant strides in supporting entrepreneurs, access to finance remains one of the most significant challenges faced by women in business. 

According to data from the International Finance Corporation (IFC), the financing gap for women-owned businesses in Kenya stands at over KSh 80 billion annually. Women often face more stringent lending requirements, and their businesses are perceived as higher risk by financial institutions, despite many of them demonstrating robust business models and growth potential.

KCB, through its partnership with the Gates Foundation and EIB, hopes to bridge this gap and address the systemic financial barriers that disproportionately affect women.

Voices from Beneficiaries

One of the early beneficiaries of the fund, Mary Wambui, who runs an agro-processing startup, expressed her gratitude for the initiative: “I have always struggled to get the capital to scale my business. With this funding, I was able to expand my operations and hire more staff. KCB has given me a lifeline and the confidence to push my business further.”

Another entrepreneur, Grace Njeri, who owns a clothing line, shared similar sentiments: “I had reached a point where I thought my business was stagnant, but this program has opened doors I never thought possible. It’s not just the money; it’s also the mentorship and business development support that has made the difference.”

Lessons for Aspiring Entrepreneurs

As this funding continues to empower more women, the key lesson from the initiative is the importance of financial literacy, mentorship, and access to capital.

 Entrepreneurs must be prepared with clear business plans and strategies that demonstrate both short-term and long-term potential.

CEO Paul Russo summarized the broader impact, saying, “The success of this program will go beyond financial numbers. It’s about changing lives, empowering women, and ensuring that they play a pivotal role in Kenya’s economic future.”

Conclusion

The €30 million fund provided to KCB by the Bill & Melinda Gates Foundation and the European Investment Bank is a landmark step toward achieving gender parity in Kenya’s entrepreneurial landscape. By breaking down financial barriers and providing women with the resources and support they need, KCB is helping to unlock the potential of women entrepreneurs, who are crucial to the nation’s economic growth and development. Through this initiative, KCB aims to contribute to building a more inclusive and prosperous Kenya, where women-led businesses can thrive.

Keywords:Women entrepreneurs:KCB funding:Business loans:Startup growth:Kenya