In keeping with its $250m commitment to SMEs globally, the Mastercard Center for Inclusive Growth has awarded a grant to the Omaness Skinfood Company in Nigeria.
Omaness Skinfood Company is a West African social impact enterprise that aims to foster economic prosperity for women and communities by producing high-quality, skin-enriching body care products using natural ingredients that are primarily sourced from Nigeria. By scaling its Skinfood Merchant Program through a seed funding grant from the Mastercard Center for Inclusive Growth, Omaness hopes to empower 10,000 women entrepreneurs to run their own skinfood merchant business by 2025.
Mastercard’s support will provide skinfood merchants with micro-inventory credits, marketing support, and business development training, enabling them to start a profitable business, alongside opportunities to sell more, earn more, scale faster, and ultimately benefit from a sustainable income.
“Mastercard is a longstanding supporter of small businesses and women entrepreneurs. We also passionately believe in building a better and more equal world where everyone can reach their potential, by recognizing the contributions of women. Partnering for good is what we do best and this collaboration is one more way we enable sustainable, inclusive growth that will not only benefit the new merchants but their families and communities too.” said Natasha Jamal, Director Middle East, and Africa at Mastercard Center for Inclusive Growth.
Women-owned and led businesses have proven to be catalysts for economic growth, improving the lives of everyone, everywhere. According to the benchmark indication of the Mastercard Index of Women Entrepreneurs 2019, women business owners as a percentage of total business owners is 25.3% in Nigeria. The index also measured a narrowing gender gap in Nigeria, suggesting women in the country are just as inclined as men to engage in entrepreneurship.
In the words of Ifeoma Adibe-Chukwuka, CEO and Founder of The Omaness Skinfood Company “Omaness proudly engages women to distribute natural indigenous produce – adding value to the wellbeing of end-consumers and unlocking opportunities for women to prosper through their networks. We are honored to partner with Mastercard, an innovator that cares deeply about enabling women to build communities where everyone can flourish”
While operating its one-of-a-kind social business model which controls the value chain from sourcing down to the last mile of distribution, Omaness focuses on creating and connecting women to income-generating opportunities across its value chain including supply, production, and distribution of skinfood products.
The Mastercard Center for Inclusive Growth works with grantees around the world to help address the challenges facing micro and small businesses, including providing access to capacity building and capital.
About Mastercard Center for Inclusive Growth
The Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The Center leverages the company’s core assets and competencies, including data insights, expertise, and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs, and empower a community of thinkers, leaders, and doers on the front lines of inclusive growth.
For more information and to receive its latest insights, follow the Center on Twitter @CNTR4growth