Standard Bank And African Women Impact Fund Build On Game-Changing Partnership With Fund Management Registration

Standard Bank, the biggest bank in Africa by assets, is the leading  sponsor of the African Women Impact Fund (AWIF), which has proudly supported 10 African women led fund managers with grant funding. This marks a significant milestone in its mission to empower  women in finance across the continent.  

Through its Foundation arm, the AWIF supported the fund managers with working capital grant funding  to strengthen and enhance their operations and investment management capabilities.  

The AWIF is a Pan-African gender-lens initiative of the UN Economic Commission of Africa (ECA), UN  Women, the African Union Commission (AUC), under the stewardship of the African Women Leadership  Network (AWLN). In operationalising the program, AWLN has collaborated with Standard Bank as the  lead sponsor and promoter, RisCura Invest as the investment manager and provider of fund manager  incubation services, and MiDA Advisors as the strategic advisor.  

The initiative was launched in response to the African Union’s Agenda 2063 and the UN’s Sustainable  Development Goals 5 and 8. Last year, Standard Bank’s committed US$10 million into the initiative to  be allocated as investment capital that will assist managers in acquiring a solid track record, expand  their scale, and diversify their client base.  

“Capital allocation coupled with working capital facility is key to ensuring the emergence of African  women fund managers,” said Thobile Finca, Programme Manager for the African Women Impact Fund  at Standard Bank. 

“Reaching this milestone has been a long journey following an extensive build-up phase. We are thrilled  to have been able to provide the much-needed support that will aid in the sustainability of the  businesses,” she adds.  

The Foundation has supported to the ten fund managers with grant funding of R11.7 million. Below is  the list of the primary beneficiaries of initial AWIF support:

Supplementary to limited access to capital, women fund managers face an array of challenges such as  the lack of track record; limited exposure to systems and procedures; high up-front costs; very few cases  of successful fundraising; resistance to women leadership; and lack of support network. 

“We are grateful to the grant provided by AWIF. We have been able to show strength in our balance  sheet which has built confidence in our stakeholders, including asset allocators and regulatory bodies.  This has resulted in us landing on a firm foundation for long-term growth,” said Nkareng Siwale, founder 

and Managing Director for RainDance Asset Management, one of the first fund managers to be financed  through contributions made by Standard Bank Securities at the fund’s inception. 

AWIF is the bridge and catalyst in the funding gap faced by women on the continent by increasing female  representation amongst investors. The initiative has built a robust ecosystem that empowers and  supports women fund managers, enabling them to capitalise on investment opportunities more  effectively. By promoting women fund managers, AWIF fosters opportunities for investments into the  most underserved sectors on the continent including women-owned and women-led enterprises. 

Read more about the initiative on AWIF.info.