Standard Bank committed $10 million capital to the African Women Impact Fund, or AWIF, a three-year old initiative it is leading with the UN Economic Commission of Africa. AWIF’s mission is to support women-led funds on the continent to grow the share of assets managed by women. Other partners include UN Women, the African Union and with African Women Leadership Network and MiDA Advisors.
The South African bank’s investment builds on $60 million in anchor funding from Arab Bank for Economic Development in Africa and two South African pension funds, the Motor Industry Retirement Fund and Copartes Pension Fund.
Standard Bank wants to rally $1 billion for the fund by 2032.
Funding female fund managers
Women account for just 12% of emerging market fund managers. Research has shown that women who manage investment funds invest in female business owners.
Standard Bank is betting that growing the pie of women-led funds will help narrow the business funding gender gap.
“By strengthening the role of women as fund managers and decision makers, we are helping expand access to finance, unlock opportunities and drive growth,” said Standard Bank’s Luvuyo Masinda.
