Fondation Orange CI and Orange Bank launch guarantee fund to empower Ivorian women

By : Moutiou Adjibi Nourou

Date : mardi, 26 mars 2024 10:25

African development strategies prioritize lifting women out of financial insecurity. Various stakeholders across the continent are contributing initiatives to address the issue.

Fondation Orange Côte d’Ivoire (FOCI) and Orange Bank Africa (OBA) have advanced their commitment to empowering women entrepreneurs by establishing the Women’s Digital Home Fund for Women’s Empowerment (Fomdaf). Announced at a signing ceremony on March 21, 2024, the initiative aims to provide financial backing to vulnerable women entrepreneurs, enabling them to fully realize their business potential.

The guarantee fund, valued at XOF100 million ($165,700), is provided by Fondation Orange Côte d’Ivoire and managed by Orange Bank Africa. It is designed to enhance financial access for women beneficiaries of the Digital Homes project. With this guarantee, eligible women entrepreneurs can access loans totaling up to XOF500 million. Each woman can borrow between XOF1 and 20 million, with flexible repayment terms over a period of 6 to 24 months, at a competitive annual interest rate of 8.5%.

Today, 32% of Orange Bank customers are women […] We are now moving on to another stage with this fund, which will support women as they grow,” stated Alexandre Oro, Secretary General of Orange Bank.

The signing ceremony also featured the presentation of the Coups de Coeur Ô Féminin Awards, an initiative launched in 2017 by the Fondation Orange Côte d’Ivoire to support women trained at the Maisons Digitales in their entrepreneurial endeavors. These awards, divided into three categories, offer prize pools of up to 10,000 euros (around XOF6,500,000) for the winners, bolstering their financial access and their ability to transform innovative ideas into reality.

To date, only 48 projects have been financed out of 6,871 women trained. This figure underscores the distance yet to be covered to fully achieve the goal of economic empowerment for women in Côte d’Ivoire.

Moutiou Adjibi Nourou


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