Visa Impact is an ongoing series of short films that capture Visa’s work in driving social change, innovation, and economic growth across regions, one small step at a time. Future episodes will traverse more corners of the world, spotlighting stories that reflect Visa’s commitment to expanding what is possible across the payment ecosystem, shaping the future of commerce for everyone, everywhere.
The rise of digitization has revolutionized the landscape of commerce, leading to the widespread adoption of payment technologies, as consumers increasingly seek seamless and secure experiences in their payment methods.
However, despite this rapid digital transformation, a significant portion of the global population, approximately 1.4 billion individuals, still lack access to formal financial services.
Addressing this disparity is crucial, especially for small and medium businesses (SMBs), which play a vital role in the economy. To thrive in the digital era, SMBs must actively engage in the digital economy to meet the evolving preferences of their customers, whether through in-store, online, or in-app channels.
Read: Andrew Torre on Visa’s financial inclusion of small businesses, latest campaign
Visa, leveraging its expertise and extensive partner network, has made significant strides by having already digitally enabled nearly 67 million SMBs, exceeding its three-year goal of 50 million SMBs globally by June 2023. But this is just the beginning.
She’s Next: Enabling women-owned small businesses
A cornerstone of Visa’s efforts to advance inclusion worldwide is She’s Next, a global advocacy program committed to breaking down barriers and expanding opportunities for women-owned small businesses. Through She’s Next, Visa offers vital support, funding, and mentorship, empowering women entrepreneurs to flourish in the global marketplace. Mariem Faghraoui is one such She’s Next recipient, aiming to promote economic growth for local artisans through her online marketplace Neolli, which operates in Marrakech, Fez, Agadir, and Safi.
With 2.5 million artisans in Morocco, comprising 30 percent of the workforce and contributing 7 percent to the GDP, Neolli’s mission to connect more creative entrepreneurs to the rapidly expanding digital economy is crucial. Amid challenging times when traditional sales channels are disrupted, Neolli’s platform becomes even more vital, especially as 80 percent of artisans in Morocco are women.
During the COVID-19 pandemic, small businesses such as Amal Ourika, an agricultural cooperative specializing in cosmetic products, and the Marrakech Women’s Cooperative for Sewing needed to adapt swiftly to changing consumer preferences and a rise in demand for contactless payments. Neolli and Visa stepped in, enabling these businesses to digitally transact with locals and tourists alike, facilitating crucial contactless sales opportunities and minimizing missed opportunities.
On the ground in Morocco, Visa’s work with Neolli went beyond funding and mentorship to exemplify a meaningful partnership that strives for broader economic empowerment and gender equality in the region.
Shaping the future of commerce, with impact
Since 2020, Visa has made significant investments totaling over $2.87 million in providing support to women SMB owners through the She’s Next grant program globally. This support includes 261 coaching grants and 266 business grants, aimed at empowering women entrepreneurs to thrive in the business landscape.
In the Middle East and North Africa (MENA), Visa’s She’s Next Grant Program has been instrumental in supporting women-owned businesses. Five winning businesses in participating countries such as Egypt, Saudi Arabia, Morocco, and the UAE have received grants of $10,000 each. They have also received a one-year IFundWomen Coaching membership.
In Morocco, She’s Next transcended being merely a financing and support program. It emerged as a strategic partner in fostering economic growth by expanding the reach of homegrown businesses into broader marketplaces.
From innovation centers to accelerators for start-ups in the payments space, Visa continues to harness meaningful collaborations with impact, shaping the future of commerce for everyone, everywhere, one small step at a time.
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