By | Carlos Corominas
Inclusive impact and sustainability lead for Latin America and the Caribbean, VISA
The transformative impact of women entrepreneurs in Latin America and the Caribbean is undeniable. Not only are they becoming an inspiring force for new generations, but they are also driving the local economy in communities throughout the region.
According to the latest Women’s Entrepreneurship Report from the Global Entrepreneurship Monitor (GEM), the region of Latin America and the Caribbean boasts the highest rates of female entrepreneurship in the world, with 21% of startups and 33% of entrepreneurial intentions coming from women, and with the lowest gender gap for both of these indicators. Women in the region also have the highest potential innovation rate for business development, over 40%, when compared to other regions in the world.
These data give us a sample of the great efforts and progress that we are making collectively to promote gender equality and the empowerment of women in Latin America and the Caribbean. More importantly, they motivate us to continue creating opportunities to support more women, so they might achieve their business dreams and take part in an inclusive economy.
At Visa, we start from the premise that supporting and promoting female entrepreneurship has a transformative and multiplying effect on building prosperous societies. As an important driver of the economy in our region, supporting the development of women entrepreneurs contributes to achieving a society in which everyone can prosper.
Our long-term commitment to promoting more equal and inclusive development for women is reflected through strategic partnerships and unique, high-impact gender initiatives that are making a difference in Latin America and the Caribbean.
A relevant example, and one of which we are very proud at Visa, is the sustained support that we have enabled with Pro Mujer through the Visa Foundation. Since the Visa Foundation formed a strategic alliance with the organization in 2020, the results have been inspiring.
This alliance with the Visa Foundation has contributed to the development and implementation of a pilot for the platform Emprende Pro Mujer. The first year was a success. We were able to impact the lives of 25,000 women entrepreneurs in Latin America, which led to an additional 3 million dollars in support reinforcement from the Visa Foundation, to promote inclusive economic growth and to support small businesses and micro businesses led by women in the region.
This is a very valuable partnership that supports our goals of generating significant and tangible change, contributing to the reduction of the financial and digital gaps that still exist for women entrepreneurs in the region.
Visa Impact Initiatives
Visa’s efforts to champion female entrepreneurship in Latin America and the Caribbean also include support and investment in other regional and local programs that reinforce our impact in communities across the region. Through these programs, we seek to elevate social, economic, and technological empowerment.
- We are working together with organizations like Geek Girls Latam, Laboratoria, the Bécalas program from Bécalos in Mexico, the Niña STEM initiative from the Organization for Economic Cooperation and Development (OECD) in Colombia, and Girls in Tech in the Dominican Republic, to empower women in the fields of science, technology, engineering, arts and mathematics (STEAM).
- Since 2020, we have been supporting the Elas Prosperam program, promoted by Rede Mulher Empreendedora in Brazil, through which we have trained more than 300 women entrepreneurs and women of African descent through business education in topics such as finance, financial technology, e-commerce, and digital marketing.
- We have also implemented the global initiative She’s Next, spearheaded by Visa, in the Dominican Republic and Chile, with contributions and training to support women entrepreneurs and women small business owners while they grow their businesses, through training and consultancy on topics such as developing their brand on social networks, online sales, and creating business plans.
- In addition, since 2017, we’ve offered the Visa Stellar Woman scholarship to promote equal opportunities for women in the workplace in Costa Rica, an exclusive financial solution for women with Banco Azteca in Mexico, and an alliance with Voces Vitales in Argentina, Guatemala, and Panama, to train women and teens in financial topics and to support them through mentoring, among other ways.
I am proud to be part of a company that strives to promote gender equality, I am proud to be able to work directly on many of the projects, and I am proud that I get to support many women who have been developing businesses in Latin America and the Caribbean as a mentor.
I can vouch for the drive, the determination, the perseverance, and the resilience that characterize women in our region. And I am very proud of what we have achieved collaboratively. However, it is also important to recognize that there is still much more to do to close the gap. So, we cannot let our guard down.
On the occasion of International Women’s Day, we at Visa take the opportunity to reiterate our firm commitment to inspiring more women to overcome barriers and our commitment to continue supporting programs, along with our partners, in order to contribute to a society in which women entrepreneurs emerge as strong, innovative, and transformative leaders, supporting the creation of a more inclusive, equal, and prosperous future for all.
