MANAMA: Mahmood Rafique, Editor: Overwhelming majority of 80 per cent women entrepreneur inclines towards embracing digital channels and platforms in their businesses.
This came as Visa released statistics of Visa’s ‘Women SMB Digitalization Index’ for Bahrain which finds that nearly half of the survey respondents claim to be savvier at accepting digital payments in-store and online (45%) than last year; over 6 in 10 women understand the impact of AI in business, using the technology in sales and marketing (61%), customer service (59%), human resources (58%), payment and billing (57%), and data analysis and decision making (55%; and women-owned businesses in Bahrain actively use business social media accounts (46%) or their business website (41%) to sell products and services online.
In addition, women entrepreneurs in Bahrain prioritize employee awareness and training (59%) and advanced security (51%) in securing their digital transactions.
Women business owners in Bahrain invited to apply for a pool of grants worth $55000, a tailored training program and access to She’s Next Club networking and mentoring opportunities. Applications are open until 09 November 2024.
Visa, a world leader in digital payments, announced the return of its global advocacy program She’s Next, that spotlights women striving to finance, manage, and expand their small businesses, in Bahrain for the second time, in partnership with Bahrain Islamic Bank (BisB) and Bahrain Fintech Bay.
From today until November 9, 2024, women entrepreneurs from all industries and sectors in Bahrain can apply to She’s Next. Two winners will receive a grant pool of $55,000, and fifteen finalists will receive a tailored training workshop. All applicants will have access to online seminar training, She’s Next Club resources, such as the Practical Skills Business Program, and a community of entrepreneurs. This initiative dedicated to propelling the growth of women entrepreneurs by offering funding, mentorship, bespoke training, and ample networking opportunities.
In 2023, the International Trade Centre (ITC) and Visa GCC’s collaborative SheTrades and She’s Next initiatives trained 340 women from six countries, supporting over 12,000 women employees. With 96% of participants reporting improved skills and 97% increased self-confidence, the partnership is set to expand. The extended collaboration aims to enhance women entrepreneurs’ business and digital skills, improve their export competitiveness, market access, and financial inclusion.
Ali Bailoun, Visa’s Regional General Manager for KSA, Bahrain and Oman, said, “We are excited bring back the She’s Next global advocacy program for women-owned businesses to Bahrain, in partnership with Bahrain Islamic Bank (BisB). According to our study, access to capital remains a challenge for women-owned businesses in Bahrain, with close to a third (28%) of women entrepreneurs citing it as a significant hindrance to business growth, this is why Visa is proud to empower more women-owned businesses in the country with much-needed funding, mentorship and resources that will successfully support expansion plans and allow them to thrive.”
“We are thrilled to partner with Visa for the She’s Next initiative, which empowers women entrepreneurs in Bahrain. This program not only provides essential funding and mentorship but also fosters a supportive community where women can thrive and innovate. At BisB, we are committed to supporting the digital transformation and growth of women-owned businesses, ensuring they have the tools and resources needed to succeed in today’s competitive market,” Fatema AlAlawi, Acting Chief Executive Officer at Bahrain Islamic Bank (BisB), said.
The She’s Next initiative aligns perfectly with our mission to promote financial inclusion and economic empowerment for women. By offering tailored training programs, networking opportunities, and access to valuable resources, we aim to help women entrepreneurs overcome challenges and achieve their business goals. We believe that by investing in women, we are investing in the future of Bahrain’s economy. We look forward to seeing the positive impact this initiative will have on the lives of women entrepreneurs and their communities.”
“This program embodies our commitment to helping women unlock new opportunities, scale their businesses, and contribute to the vibrant entrepreneurial ecosystem in Bahrain. We are excited to partner with Visa and BisB to facilitate and run the program in this second edition, localizing the initiative to ensure a greater reach and impact across the country,” Mohamed Al-Subaiee, Director of Innovate for Bahrain, said.
She’s Next is part of Visa’s efforts to support digitalization of women-owned businesses and features the first edition of Visa’s Women SMB Digitalization Index in Bahrain. The Index scores businesses based on five indicators: online presence, digital payments acceptance, payment security awareness, customer engagement, and customer retention. For Bahrain, the index reveals that women-owned businesses scored highest in online presence, digital.
payments, and security awareness. Since 2020, Visa has invested around $3million in over 250 grants and coaching for women SMB owners through the She’s Next grant program globally including in the US, Canada, India, Ireland, Ukraine, Kazakhstan, Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Egypt, Pakistan, Kenya, South Africa, Cote d’Ivoire and Morocco.
