Visa, in collaboration with Bahrain Islamic Bank (BisB) and Bahrain Fintech Bay, has announced the second edition of its global advocacy program, She’s Next, in Bahrain. Aimed at empowering women entrepreneurs, the program provides crucial support to finance, manage, and grow small businesses within the region. This initiative coincides with the launch of Visa’s inaugural Women SMB Digitalization Index for Bahrain, which measures the digital engagement of women-owned businesses across five indicators.
The She’s Next program offers women entrepreneurs from various sectors in Bahrain the opportunity to apply for part of a $55,000 grant pool until November 9, 2024. Alongside financial aid, finalists and applicants will gain access to customized training workshops, webinar training, and a community of entrepreneurs through the She’s Next Club resources.
Highlighting the significance of this initiative, Ali Bailoun, Visa’s Regional General Manager for KSA, Bahrain, and Oman, remarked, “Access to capital is a notable challenge for women-owned businesses in Bahrain. Through She’s Next, Visa is committed to empowering these entrepreneurs with the necessary funds, mentorship, and resources to facilitate their expansion and success.”
Fatema AlAlawi, Acting CEO at BisB, expressed enthusiasm about the partnership, stating, “We are excited to support women entrepreneurs alongside Visa. This program not only offers essential funding and mentorship but also nurtures a supportive community that fosters innovation and growth among women in Bahrain.”
Mohamed Al-Subaiee, Director of Innovate for Bahrain, also commented on the program’s local impact: “We are proud to partner with Visa and BisB to bring She’s Next to Bahrain. This program is pivotal in unlocking new opportunities for women, helping them scale their businesses and contribute to Bahrain’s dynamic entrepreneurial ecosystem.”
The She’s Next initiative aligns with Visa’s broader mission to support the digitalization of women-owned businesses. The Women SMB Digitalization Index revealed that women entrepreneurs in Bahrain excel in online presence, digital payment adoption, and security awareness, which are crucial for business growth in today’s digital economy.
Key findings from the Index include the reliance on angel investors and personal finances for initial funding, the use of strategic partnerships and venture capital for growth, and a strong inclination towards expanding into new markets and enhancing product offerings among women entrepreneurs.
As Visa continues to invest in women-led businesses globally, the She’s Next program in Bahrain stands as a testament to the company’s commitment to fostering inclusive economic growth and empowering women across the Middle East and beyond.
