Visa, a world leader in digital payments, announces the launch of the third edition of its global advocacy program, She’s Next, in Saudi Arabia, in partnership with Saudi Awwal Bank (SAB) and Monsha’at. Building on the success of previous programs, including the impactful GCC-wide program in June 2023, which drew over 800 applications, this year’s initiative focuses on empowering women entrepreneurs in the fashion industry through a dedicated competition, grants, mentorship, and training.
From December 3, 2024 until January 9, 2025, women fashion designers in Saudi Arabia are invited to apply for She’s Next by completing and submitting the form available on www.Visa.com. In addition to the application form, applicants must also submit a sketch design that beautifully integrates elements of Saudi heritage with modern inspirations.
The winners will be chosen by a jury who will evaluate participants’ work based on the following criteria: Compelling Story of Entrepreneurship, Strength of Business Metrics, Compelling Digital Presence, Compelling Problem-Solving within the business, Creativity & Originality of Design, and Sustainability of Design. The Grand Prize winner will receive a tailored training program in addition to a grant of USD 25,000, the runner-up will receive a grant of USD 15,000, and the People’s Choice winner will receive USD 10,000. All participants will gain access to webinar training, She’s Next Club resources like the Practical Skills Business Program, and a network of entrepreneurs. This year, She’s Next features a dedicated mentorship segment led by renowned Saudi fashion designer Razan Alazzouni. The five finalists will be announced on January 24, 2025, and the final event and winner announcement will take place on February 24, 2025.
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.
Ali Bailoun, Visa’s Regional General Manager in KSA, Bahrain and Oman, said, “We are thrilled to launch the third edition of She’s Next in Saudi Arabia, this time specifically empowering women entrepreneurs driving innovation in the fashion industry. Through this program, in partnership with SAB and Monsha’at, we aim to address the unique challenges faced by women in this sector, providing access to crucial funding, mentorship from renowned designer Razan Alazzouni, and resources to foster growth and digital transformation. We believe that supporting these talented women will not only contribute to their individual success but also enrich the vibrant fashion landscape of Saudi Arabia.”
Lama Ghazzaoui, Chief Financial Officer at SAB, commented: “At SAB, we believe that partnerships like our collaboration with VISA are key to driving innovation and addressing the needs of our customers and communities. Together, we are creating solutions that not only enhance financial inclusion but also provide sustainable tools to empower businesses and individuals for long-term growth. This initiative reflects our commitment to thinking differently and delivering impactful, real-world outcomes that tackle some of today’s most pressing challenges. “
Monsha’at commented: “We are delighted to celebrate the launch of the She’s Next program in its third edition in collaboration with Visa. This transformative initiative provides unparalleled opportunities for women entrepreneurs in fashion and other industries across Saudi Arabia. The program demonstrates a steadfast commitment to empowering Saudi women with tools for success by offering access to funding, tailored mentorship, and specialized training.
The program not only addresses key challenges faced by women entrepreneurs but also sets a foundation for sustainable growth and innovation. We are confident that this collaboration will strengthen the women-led entrepreneurial ecosystem, promote economic diversification, and significantly contribute to the aspirations of Saudi Vision 2030.”
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 Saudi Arabia. The Index scores businesses based on 5 indicators: online presence, digital payments acceptance, payment security awareness, customer engagement, and customer retention. For Saudi, the index reveals that women-owned businesses scored highest in digital payments, online presence, and security awareness.
Ali Bailoun continued: “According to our Women SMB Digitalization study, women-owned businesses in Saudi Arabia are looking for ways to expand their business, 42% of respondents cited finding the right talent as their biggest obstacle to growth, while 33% pointed to the need for better access to capital or funding, and an equal percentage highlighted the need for digital transformation support.
She’s Next directly addressing these needs by providing crucial funding, expert mentorship tailored to the fashion industry, and resources to help navigate the digital landscape. We are confident that this program will empower women fashion designers to overcome these obstacles, scale their businesses, and contribute to the vibrant economic growth of Saudi Arabia.”
Key findings of the Women SMB Digitalization Index study include:
Raising capital
- The survey finds that women-owned businesses rely on personal savings (46%), bank loans (33%), and help from friends and family (33%) to set up their businesses.
- To support business growth and pursue key projects, Saudi women entrepreneurs look to various sources for additional funding. The most common approaches include securing additional personal savings (36%), obtaining advance payments from customers (32%), and seeking additional help from friends and family (27%).
Using technology
- Women entrepreneurs in Saudi Arabia understand the impact of AI in business, using the technology in payment and billing (67%), customer service (64%), human resources (63%), and product development (63%).
- 55% of women entrepreneurs in Saudi Arabia are familiar with cyber threats.
- Over half of survey respondents (56%) reported increased accuracy in transactions and reconciliations after using AI in their company payments. Additionally, 51% experienced streamlined customer authentication and verification.
- Women-owned businesses in Saudi Arabia actively use their eCommerce, business and consumer accounts (47%) or their own apps (44%) to sell products and services online.
- Women entrepreneurs in Saudi Arabia prioritize advanced security measures (53%) and employee awareness and training (51%) to secure digital transactions.
Future aspirations
- Half of respondents (50%) aspire to enhance the range of products or services offered to expand the business.
- Four in ten surveyed women-owned businesses (48%) want to enhance new markets or industries and boost the company’s social or environmental impact.
- Many women entrepreneurs would like to learn more about cybersecurity to protect their business (24%), how to plan the roles and responsibilities of staff (24%) and how to develop and interest your employees (23%).
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.
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