Visa has introduced a program aimed at providing assistance to female entrepreneurs in Saudi Arabia.
Visa, in collaboration with the Ministry of Communications and Information Technology, the Small and Medium Enterprises General Authority (Monsha’at), and Arab National Bank, has launched the second edition of its She’s Next initiative in Saudi Arabia. The program aims to support women-owned small businesses and promote their digitalization.
As part of the initiative, Visa has introduced its first digitalization index specifically designed for women-owned small and medium-sized enterprises (SMEs). The index evaluates the digital maturity of these businesses based on key indicators such as online presence, digital payment acceptance, payment security awareness, customer engagement, and customer retention.
Ali Bailoun, Visa’s regional general manager for KSA, Bahrain, and Oman, expressed pride in bringing the successful She’s Next program back to Saudi Arabia and thanked the partners for their support. He highlighted the importance of additional funding and support for women entrepreneurs in the current business landscape. The Women SMB Digitalization Index plays a central role in this year’s initiative, emphasizing the shift towards digitalization and showcasing the progress made by local women-owned businesses in joining the digital economy.
Visa has been actively investing in women entrepreneurs through the She’s Next program globally since 2020, with over $3 million allocated to more than 250 grants and coaching sessions in countries such as the US, Canada, India, Ireland, Ukraine, Kazakhstan, Saudi Arabia, the UAE, Egypt, and Morocco.
According to a survey conducted by Visa, a significant number of female business owners in Saudi Arabia relied on personal savings to start their ventures. The survey also revealed that if additional funds were available, these entrepreneurs would invest in staff expansion, new technologies, and increased security measures.
The Ministry of Communications and Information Technology expressed its belief in the importance of training and support for small businesses, particularly those owned by women. It emphasized the significance of providing resources to empower women entrepreneurs and enable their success and growth in the Saudi Arabian economy. The ministry commended Visa for its commitment to this mission and looked forward to working together towards a brighter future for small businesses in the region.
Women entrepreneurs from all industries and sectors in Saudi Arabia have the opportunity to apply for the She’s Next program until June 23. One winner will receive a grant of $50,000, a tailored program, and access to resources such as the She’s Next Club workshop library and community of entrepreneurs.
Mohammed Alamro, general manager of entrepreneurship planning at Monsha’at, praised initiatives like She’s Next for driving the next wave of innovative female entrepreneurs. Khalid Al-Rashed, head of retail at Arab National Bank, acknowledged the crucial role played by small and medium-sized businesses in the economic growth of the Kingdom and expressed the bank’s commitment to collaborating with Visa.
Visa’s She’s Next initiative in Saudi Arabia is expected to have a significant impact on the empowerment of women entrepreneurs and the digitalization of their businesses. The program provides a unique opportunity for women-owned small businesses to access resources, funding, and support that can help them thrive in the evolving business landscape.
The digitalization index introduced by Visa is a pioneering tool that will enable women-owned SMEs to assess their digital readiness and identify areas for improvement. By measuring key indicators related to online presence, digital payments, security awareness, customer engagement, and retention, the index offers valuable insights into the digital maturity of businesses and serves as a roadmap for their digital transformation journey.
The financial investment made by Visa in women entrepreneurs through grants and coaching demonstrates the company’s commitment to fostering economic growth and gender equality. By providing financial support, Visa is helping women overcome barriers and seize opportunities for expansion, innovation, and success.
The collaboration between Visa, the Ministry of Communications and Information Technology, Monsha’at, and Arab National Bank reflects the collective effort of various stakeholders to create an enabling environment for women entrepreneurs. Together, they aim to facilitate the development of a robust ecosystem that nurtures and supports the growth of women-owned businesses in Saudi Arabia.
