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Visa has launched the second edition of its She’s Next initiative in collaboration with the Ministry of Communications and Information Technology, the Small and Medium Enterprises General Authority (Monsha’at), and Arab National Bank, aiming to support women-owned small businesses in Saudi Arabia. This global advocacy program reflects Visa’s commitment to fostering the digitalization of women-led businesses. As part of this initiative, Visa has introduced its first digitalization index for women-owned small and medium-sized businesses, which measures digital maturity using five key indicators.Ali Bailoun, Visa’s regional general manager for KSA, Bahrain, and Oman, expressed his pride in bringing back the successful She’s Next program to Saudi Arabia. He thanked their partners for their support in making this essential initiative available to women entrepreneurs in the Kingdom. Since 2020, Visa has invested approximately $3 million in over 250 grants and coaching for women entrepreneurs across various countries.The Women SMB Digitalization Index, a central theme of this year’s She’s Next initiative, highlights the crucial importance of embracing digital transformation. It showcases the progress made by local women-owned businesses in joining the digital economy, emphasizing the need for additional funding and support in today’s business landscape.According to a survey conducted by Visa, seven in 10 female business owners relied on personal savings to start their businesses. The survey also revealed that if additional funds were available, these entrepreneurs would invest in staff expansion, new technologies, and increased security measures. This underlines the significance of empowering women entrepreneurs with resources and support to drive their growth and success.The Ministry of Communications and Information Technology commended the She’s Next initiative, emphasizing the role of training and enablement for small businesses, particularly those owned by women. By providing resources and support, they aim to empower these entrepreneurs to not only succeed but thrive in the economy. Visa’s commitment aligns with the Ministry’s vision, and the collaboration seeks to create 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. The selected winner will receive a grant of $50,000, a tailored program, and access to valuable resources, including a workshop library and a supportive community of entrepreneurs known as the She’s Next Club.Mohammed Alamro, general manager of entrepreneurship planning at Monsha’at, applauded initiatives like She’s Next for propelling the next wave of innovative female entrepreneurs in Saudi Arabia. Such support fosters an ecosystem that encourages entrepreneurship and innovation among women, further driving economic growth.Khalid Al-Rashed, head of retail at Arab National Bank, highlighted the critical role played by small and medium-sized businesses in driving the economic growth of the Kingdom. Through their collaboration with Visa, the bank reaffirms its commitment to empowering these businesses and supporting their aspirations for success.As the She’s Next initiative continues to gain momentum, it not only empowers women entrepreneurs in Saudi Arabia but also underscores the importance of digital transformation in today’s business landscape. By providing vital resources, mentorship, and financial support, Visa and its partners are contributing to the growth and development of women-led businesses, inspiring a new era of innovation and economic prosperity in the Kingdom.
