Seeds of Prosperity
Mamounata's Story
Ouagadougou, Burkina Faso
Mamounata Velegda is one of Burkina Faso’s most successful female entrepreneurs. She owns a thriving seeds and grain processing factory in the capital, Ouagadougou.
But getting here wasn't easy. She started her business with only 300 West African CFA francs [which is less than $1.00.] She began by walking 15 kilometers daily to sell corn flour at the market in her home village.
Little by little, she started gaining orders not just for corn flour, but also for beans, sesame seeds, and rice.
Securing financial support empowered Mamounata to elevate her business, enabling her to extend her reach beyond regional markets.
Today, her business exports sesame seeds not only to neighboring countries like Togo, but her company, Groupe Velegda, has also established a thriving presence in Denmark and Switzerland.
Mamounata is now building a rice processing facility in Burkina Faso, with the aim of elevating the nation's local rice production and positioning it as a prominent exporter of this beloved West African staple.
With support from IFC’s client Coris Bank International (CBI), Mamounata has created more than 300 jobs and inspired many other women across the country to open their own businesses. CBI is part of IFC’s Banking on Women initiative as well as the largest African partner in the Women in Trade Initiative under Global Trade Finance Program.
Since its inception in 2012, IFC’s Banking on Women program (BOW) has provided financial assistance and business expertise to female-owned SMEs through an innovative investment-advisory model. Collaborating with financial institutions, BOW designs customized value propositions that provide both financial and non-financial services to empower female entrepreneurs.
In 2019, IFC’s BOW and Global Trade Finance Programs joined forces to create the BOW Global Trade Finance Program. This Women in Trade initiative encourages banks to increase access to trade finance for female-owned SME entrepreneurs in emerging markets so that they can grow and expand their businesses. This program is supported by the Women Entrepreneurs Opportunity Facility (WEOF), a partnership launched by Goldman Sachs 10,000 Women and BOW. To date, more than US$260 million of trade finance support has been allocated by this partnership to support more than 233 women entrepreneurs around the world.
Since its launch, BOW has invested US$4.29 billion in emerging market financial institutions, making substantial strides with 251 projects across 76 countries. As the BOW business continues to break barriers and empower women globally, it remains a beacon of progress, setting new benchmarks for gender-inclusive financing.
Read more about IFC’s Banking on Women Global Trade Finance program here. Read more about IFC's Banking on Women program here.
Published March, 2024
"My advice to women is to be patient and not to be in a hurry. You can't look at someone who's successful and say, "I'm going to be like them, no. You have to really think and plan. I started with 300 West African CFA francs, little by little, the business grew."
