• Women business owners in Bahrain are invited to apply for a pool of grants worth 55k USD, a tailored training program and access to She’s Next Club networking and mentoring opportunities. Applications are open until 09 November 2024.

• As part of the initiative, Visa’s ‘Women SMB Digitalization Index’ for Bahrain finds:

  • 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%)

  • Women-owned businesses in Bahrain actively use business social media accounts (46%) or their business website (41%) to sell products and services online.

  • Women entrepreneurs in Bahrain prioritize employee awareness and training (59%) and advanced security (51%) in securing their digital transactions.

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 Innovate for Bahrain.

From October 14 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 USD, and 15 finalists will receive a tailored training workshop. All applicants will have access to webinar training, She’s Next Club resources, such as the Practical Skills Business Program, and a community of entrepreneurs. This initiative is 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.

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Ali Bailoun, Visa’s Regional General Manager for KSA, Bahrain and Oman, said, “We are excited to 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.”

Fatema AlAlawi, Acting Chief Executive Officer at Bahrain Islamic Bank (BisB), stated: “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.

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.”

Mohamed Al-Subaiee, Director of Innovate for Bahrain, stated: “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 & BisB to facilitate and run the program in this second edition, localizing the initiative to ensure a greater reach and impact across the country.”

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 5 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.

Key findings of the Women SMB Digitalization Index study include:

Raising capital

• The Survey finds that women-owned businesses rely on angel investors (44%) and personal finances (43%) to set up their businesses.
• Most women depend on strategic partnerships (35%) or venture capital (34%) to inject additional funds into their business. Twenty-four per cent women would deploy additional funds into creating new products/services and entering new markets.

Using technology

• 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%)
• Over half of survey respondents believe they had a better payment experience using AI, with faster payment processing through increased automation (52%) and enhanced fraud detection and prevention (47%) in daily operations.
• Women-owned businesses in Bahrain actively use business social media accounts (46%) or their business website (41%) to sell products and services online.
• Women entrepreneurs in Bahrain prioritize employee awareness and training (43%) and advanced security (33%) in securing their digital transactions.

Future aspirations

• More than half of respondents (52%) aspire to explore new markets or industries to expand the business.
• Nearly half of surveyed women-owned businesses (35%) want to enhance the range of products they offer.
• Many women entrepreneurs would like to learn more about payment security and setting up eCommerce (15%), raising funds for the business (15%), and how to make business more inclusive (30%).

Download the report and check out the detailed infographics for key findings.

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.

To learn more and apply for the Visa She’s Next Grant Program, applicants must submit a short application form with details about their business and digital presence on the dedicated website.