Visa and HBL Join Forces to Launch 'She’s Next' Empowering Women Entrepreneurs Globally
For a significant duration, women-led enterprises in Pakistan have faced substantial challenges: restricted access to funding, the pressing need for digital transformation, and a deficiency in advisory assistance. Visa's Women SMB Digitization Index survey corroborates these obstacles as substantial impediments to the progress and prosperity of female entrepreneurs in Pakistan.
In response to these challenges, Visa, a global luminary in digital payments, is orchestrating a pioneering venture, introducing its celebrated 'She’s Next' grant program to Pakistan for the very first time. This progressive initiative materializes through a strategic alliance between Visa and HBL, Pakistan's premier private bank, serving an extensive clientele of over 36 million individuals worldwide.
'She’s Next' constitutes a global advocacy initiative driven by a compelling mission: the empowerment of women-owned small businesses through financial backing, comprehensive training, and mentorship. Today, the gateway to this transformative opportunity stands open to women entrepreneurs across all sectors and industries in Pakistan, inviting them to apply for the 'She’s Next' grant program through a dedicated website.
This momentous endeavor will bestow five fortunate recipients with grants of US$ 10,000 each, a significant impetus to their entrepreneurial aspirations. Additionally, these awardees will enjoy access to a comprehensive array of advantages, encompassing a personalized training regimen, the invaluable resources housed within the 'She’s Next Club,' which includes an extensive workshop library, and the camaraderie of like-minded entrepreneurs. The application window for this life-changing opportunity will remain ajar until December 2, 2023.
Umar S. Khan, the Country Manager for Pakistan at Visa, exudes enthusiasm as he proclaims, “We take immense pride in extending our triumphant 'She’s Next' global program to Pakistan, in partnership with HBL. Women entrepreneurs represent a minority within Pakistan's SME sector and confront unique challenges, including restricted access to capital, a dearth of mentorship, and the stifling weight of gender stereotypes that cast doubt on their ability to manage high-pressure situations. A resilient digital infrastructure is currently indispensable for them to expand their enterprises. 'She’s Next' serves as a pivotal transition, affirming the latent potential of women entrepreneurs and providing them with the necessary support to flourish with innovation.”
Aamir Kureshi, the Head of Consumer, Agriculture & SME Banking at HBL, adds, “HBL is unwavering in its dedication to elevate the involvement of women in the economic landscape by fostering financial inclusion. Our collaboration with Visa in 'She’s Next' is geared towards the empowerment of women entrepreneurs. Through this partnership, we aspire to endow women with the requisite skills and training, amplifying their prospects for an improved quality of life.
In an endeavor to gain deeper insights into the aspirations and challenges encountered by female entrepreneurs in Pakistan, Visa conducted the Women SMB Digitization Index survey. The survey findings unveiled essential aspects of their entrepreneurial journey, delineating themes that drive empowerment:
Theme 1: A Challenging Business Landscape
Entrepreneurship is a fervent pursuit among women in Pakistan, with a strong desire for financial independence (48%) and leadership roles (41%). Nevertheless, obtaining funding for their ventures remains a formidable obstacle, as a substantial 86% of women rely on personal savings, while 63% turn to friends and family for financial backing.
Theme 2: Seeking Guidance from Fellow Entrepreneurs
Women entrepreneurs in Pakistan are eager to learn from their peers, with a significant number seeking specific assistance in tackling business challenges (61%), formulating online sales strategies (54%), and building proficient teams (43%). Remarkably, 98% of women express a keen interest in payment-related training, and 33% seek guidance on the types of payments accepted from customers. They also exhibit a strong inclination for workshops on stress management during crises (46%), leveraging social media for promotional purposes (40%), and establishing online stores (32%).
Theme 3: Embracing Digitization
A substantial portion of women entrepreneurs (70%) in Pakistan considers themselves digitally adept, and an impressive 99% have plans to digitize their businesses. Their focus encompasses various facets of digital transformation, including digital marketing, effective business leadership, AI and automation, software implementation, and analytics tools for generating valuable insights. Furthermore, they display a keen enthusiasm for tools that enhance customer engagement and retention. Notably, 69% of women entrepreneurs embrace a hybrid approach, incorporating both cash and cashless payment methods. Digital payments notably take precedence, particularly in the realms of online and offline sales platforms.
Since 2020, Visa has dedicated substantial investments, totaling approximately US$ 3 million, towards more than 250 grants and coaching opportunities for women SMB owners through the 'She’s Next' grant program. This initiative has left a notable impact in various countries, including the United States, Canada, India, Ireland, Ukraine, Saudi Arabia, the United Arab Emirates, Egypt, and Morocco. It is now poised to drive transformative change and empower women entrepreneurs in Pakistan by providing them with the essential support and resources they require to thrive in an ever-evolving digital landscape.
