21/11/2024
Share:
21/11/2024
Share:
KUWAIT CITY, Nov 21: Visa, a world leader in digital payments, has announced the return of its global advocacy program ‘She’s Next’ in partnership with National Bank of Kuwait (NBK). This initiative is part of Visa’s and NBK's ongoing efforts to support women small business owners with funding, training, and mentorship. Following the success of last year's edition, the program aims to spotlight women striving to finance, manage, and overcome challenges to expand their small businesses in Kuwait.
From November 12 until December 19, 2024, women entrepreneurs from all industries in Kuwait can apply to ‘She's Next’, by completing and submitting the form available on www.Visa.com. The winners will be chosen through a jury that will evaluate participants’ work based on certain criteria including: Compelling Story of Entrepreneurship, Strength of Business Metrics, Compelling Digital Presence and Compelling problem solving within the business among other criteria.
The winner will receive a tailored training programs in addition to a grant of USD 25,000, whereas the runner-up will receive a grant of USD 15,000, and another prize will be based on people’s voting and the winner will receive USD 10,000. All participants will gain access to webinar training, She’s Next Club resources like the Practical Skills Business Program, and a network of entrepreneurs. This year, ‘She’s Next’ introduces a new mentorship segment in Kuwait, led by ambassador, mentor, and content creator Dalal AlDoub.
The 5 finalists will be announced on January 20, 2025, whereas the Final event and announcing winners will be on February 19, 2025.
Furthermore, NBK revealed that entrepreneurs who apply for one of NBK Commercial Cards from November 12 to December 19, 2024, will enter a draw with a chance to win USD 10,000. The draw will be conducted on the 4th of February and the winner will be announced at the final event.
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.
Shashank Singh, Visa’s Country Manager for Kuwait and Qatar, said, “We are excited bring back the ‘She’s Next’ global advocacy program for women-owned businesses to Kuwait, in partnership with National Bank of Kuwait. Women face unique challenges during the course of operating their businesses such as access to funding, gender bias and securing their transactions in addition to initiating digital transformation using new technologies including AI.”
Commenting on launching the 2nd edition of the program, Ghadeer Al-Awadhi, Assistant General Manager-Consumer Banking Group at National Bank of Kuwait said, “We, at NBK, are delighted to renew this partnership with Visa to launch this initiative, following the great feedback and success of the 1st edition last year, which included 112 applicants.”
“In addition to the tailored training programs and grants provided to the winners in this year's edition of the ‘She's Next’ initiative, participants will be given an additional advantage, as they will be able to enter a draw on a cash prize worth USD 10,000, if they apply for one of NBK Commercial Cards during the period between November 12 and December 19, 2024,” Ghadeer Al-Awadhi, noted.
“NBK always strives to support and launch initiatives that aim to empower woman and help them lead their businesses, considering this an integral part of its culture, strategies, and commitment to delivering its social responsibilities,” Ghadeer Al-Awadhi emphasized.
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 Kuwait. The Index scores businesses based on 5 indicators: online presence, digital payments acceptance, payment security awareness, customer engagement, and customer retention. For Kuwait, the index reveals that women-owned businesses scored highest in digital payments, online presence, and security awareness.
Shashank Singh continued: “According to our Women SMB Digitalization study, women-owned businesses in Kuwait are looking for ways to expand their business, with over a third (33%) of women entrepreneurs citing finding the right talent and enhanced optimization of logistics (31%) as significant challenges 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 growth plans and allow them to thrive.”
Key findings of the Women SMB Digitalization Index study include:
Raising capital
The Survey finds that women-owned businesses rely on venture capital (45%) and personal finances (38%) to set up their businesses.
Most women depend on reinvestment of profits (37%) or venture capital (37%) to inject additional funds into their business. Over a third (32%) of women respondents would deploy additional funds into creating new sustaining the business through periods of reduced operation or emergencies by covering essential payments, and investment into new technologies.
Using technology
Women entrepreneurs in Kuwait understand the impact of AI in business, using the technology in data analysis and decision-making (55%), sales and marketing (53%), payment and billing (52%), and customer service (50%).
Over half of survey respondents believe they had a better payment experience using AI, with faster payment processing through increased automation (63%) and streamlined customer authentication and verification (50%) in daily operations.
Women-owned businesses in Kuwait actively use business social media accounts (61%) or their eCommerce, business and consumer accounts (41%) to sell products and services online.
Women entrepreneurs in Kuwait prioritize strengthening foundational (43%) and advanced security (33%) in securing their digital transactions.
Future aspirations
Nearly half of respondents (48%) aspire to enhance the range of products or services offered to expand the business.
Four in ten surveyed women-owned businesses (41%) want to enhance new markets or industries and boost the company’s social or environmental impact.
Many women entrepreneurs would like to learn more about making their businesses inclusive (27%), cybersecurity to protect their business (21%), overcoming the fear of failure (19%).
Since 2020, Visa has invested around $3M 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.
