She’s Next: Visa Regional Manager Reflects on Empowering Female Entrepreneurs in Armenia
15.01.2025 | 15:54 Home / News / Visa Voice /
The second wave of She’s Next Empowered by Visa in Armenia has successfully concluded, with over 120 women entrepreneurs participating in an online educational program developed by Visa in collaboration with the European Bank for Reconstruction and Development (EBRD). In this interview, Diana Kiguradze, Visa’s Regional Manager for the Caucasus Region, reflects on the initiative’s impact and its role in empowering female entrepreneurship in Armenia.
The second wave of She’s Next Empowered by Visa has been completed in Armenia, and an educational program has been offered to women entrepreneurs in partnership with the EBRD. Tell us more about the partnership and the goal of the campaign.
It’s inspiring to witness the She’s Next initiative gaining momentum in Armenia, with an increasing number of women entrepreneurs aspiring to achieve new milestones in business. Collaborating with the EBRD to organize an online educational program and seeing over 120 women participate with such enthusiasm and determination was truly uplifting.
Visa’s vision to promote entrepreneurship and financial literacy is in line with EBRD’s efforts to drive economic development and financial inclusion. In May 2024, we signed the Memorandum of Understanding with the EBRD to boost digital payments, support SMEs, and empower women entrepreneurs, building a foundation for an equal and prosperous future. Together, this partnership combines our strengths to create a lasting impact in Armenia and beyond.
Through joint efforts, we launched the second wave of the She’s Next initiative to provide women entrepreneurs with education, mentorship, and access to a range of resources. We also sought to enhance digital and financial literacy, equipping participants with the tools needed to thrive in a dynamic business environment.
Visa, together with EBRD, remains committed to empowering female entrepreneurs and fostering inclusive economic growth in Armenia.
She’s Next is a global initiative by Visa, which is tailored to meet local needs. How did the masterclasses address the unique challenges faced by women entrepreneurs in Armenia's evolving business landscape?
The She’s Next initiative is rooted in the lived experiences of women and is grounded in a research-driven approach. That’s why, in 2022, Visa conducted an in-depth study in collaboration with Emerging Europe, a leading regional growth hub, to understand the realities of female entrepreneurship in Eastern and Southeastern Europe, Central Asia, and the Caucasus. The findings highlighted that 58% of Armenian women prioritize professional and financial independence, with a strong focus on income growth. Many also struggle with fundraising and are keen to enhance skills in areas, such as digital marketing, SMM, e-commerce, and international business expansion.
Building on these insights, Visa crafted practical, locally relevant masterclasses that covered essential topics, such as starting and growing a business, navigating legislation, fundraising, pitching, communicating with target audiences, and more. These workshops tackled critical barriers faced by women entrepreneurs in Armenia, including limited access to funding, mentorship, and business networks. The masterclasses, not only built skills, but also created a supportive community of women, addressing gaps in Armenia’s business landscape.
During the Visa Cashless Forum in Armenia this November, you highlighted Visa’s role in driving digital transformation. How do you believe advancing women entrepreneurs and supporting small and medium-sized businesses (SMBs) can contribute to the sustainability of the economy and accelerate the process of digital transformation?
The Visa Cashless Forum was a remarkable celebration of Armenia's progress in adopting cashless payments. For over two decades, Visa has proudly operated in Armenia, during which the country has achieved significant milestones. Supporting women entrepreneurs and SMBs is crucial to continuing this progress, as they are the foundation of economies around the world. They don’t just create jobs—they drive innovation and growth, shaping the communities we live in. In Europe alone, Visa’s research shows that SMBs make up 61% of the job market and provide work for nearly 100 million people.
Women-led businesses play an equally powerful role. According to the International Monetary Fund (IMF), narrowing the gender gap in labor markets could boost GDP in emerging economies by almost 8%. Fully eliminating that gap could lead to an average increase of 23%. And it’s not just about growth—another IMF study found that businesses led by women are often more profitable, proving just how valuable their leadership can be.
In Armenia, SMBs, particularly, those led by women, are vital to strengthening the local economy. SMBs are key catalysts for innovation, job creation, and digital adoption. As small entrepreneurs embrace digital tools and cashless payments, they accelerate the transition to a digital-first economy. By providing SMBs with training in areas such as financial literacy, e-commerce, and easy-to-use payment technologies, Visa not only solidifies their success but boosts digital inclusion and lays the foundation for broader economic growth.
What’s next for She’s Next in Armenia? How do you see the She’s Next shaping the future of female entrepreneurship in Armenia fostering a lasting community?
The future of She’s Next in Armenia aims to make a bigger impact with more resources and continued support for female entrepreneurs.
I believe She’s Next will contribute to establishing a vibrant, supportive community where women can support each other and collaborate across sectors. To foster this sense of community, Visa has already created a digital platform for women entrepreneurs, in collaboration with Emerging Europe. This platform enables female entrepreneurs from Armenia to connect with their peers across Eastern and Southeastern Europe, Central Asia, and the Caucasus, offering opportunities to share insights, access resources, and explore foreign markets. By strengthening the international entrepreneurship ecosystem, Visa is helping women entrepreneurs innovate, scale their businesses, and overcome challenges together, setting them up for long-term success.
Looking ahead, we’re excited to see She’s Next in Armenia grow even further. With more tailored activities, we’re focused on providing women with the skills and tools they need to thrive in today’s digital economy. We hope to leave a lasting impact—creating a business environment where women’s contributions are celebrated, valued, and fully recognized.
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The second wave of She’s Next Empowered by Visa has been completed in Armenia, and an educational program has been offered to women entrepreneurs in partnership with the EBRD. Tell us more about the partnership and the goal of the campaign.
It’s inspiring to witness the She’s Next initiative gaining momentum in Armenia, with an increasing number of women entrepreneurs aspiring to achieve new milestones in business. Collaborating with the EBRD to organize an online educational program and seeing over 120 women participate with such enthusiasm and determination was truly uplifting.
Visa’s vision to promote entrepreneurship and financial literacy is in line with EBRD’s efforts to drive economic development and financial inclusion. In May 2024, we signed the Memorandum of Understanding with the EBRD to boost digital payments, support SMEs, and empower women entrepreneurs, building a foundation for an equal and prosperous future. Together, this partnership combines our strengths to create a lasting impact in Armenia and beyond.
Through joint efforts, we launched the second wave of the She’s Next initiative to provide women entrepreneurs with education, mentorship, and access to a range of resources. We also sought to enhance digital and financial literacy, equipping participants with the tools needed to thrive in a dynamic business environment.
Visa, together with EBRD, remains committed to empowering female entrepreneurs and fostering inclusive economic growth in Armenia.
She’s Next is a global initiative by Visa, which is tailored to meet local needs. How did the masterclasses address the unique challenges faced by women entrepreneurs in Armenia's evolving business landscape?
The She’s Next initiative is rooted in the lived experiences of women and is grounded in a research-driven approach. That’s why, in 2022, Visa conducted an in-depth study in collaboration with Emerging Europe, a leading regional growth hub, to understand the realities of female entrepreneurship in Eastern and Southeastern Europe, Central Asia, and the Caucasus. The findings highlighted that 58% of Armenian women prioritize professional and financial independence, with a strong focus on income growth. Many also struggle with fundraising and are keen to enhance skills in areas, such as digital marketing, SMM, e-commerce, and international business expansion.
Building on these insights, Visa crafted practical, locally relevant masterclasses that covered essential topics, such as starting and growing a business, navigating legislation, fundraising, pitching, communicating with target audiences, and more. These workshops tackled critical barriers faced by women entrepreneurs in Armenia, including limited access to funding, mentorship, and business networks. The masterclasses, not only built skills, but also created a supportive community of women, addressing gaps in Armenia’s business landscape.
During the Visa Cashless Forum in Armenia this November, you highlighted Visa’s role in driving digital transformation. How do you believe advancing women entrepreneurs and supporting small and medium-sized businesses (SMBs) can contribute to the sustainability of the economy and accelerate the process of digital transformation?
The Visa Cashless Forum was a remarkable celebration of Armenia's progress in adopting cashless payments. For over two decades, Visa has proudly operated in Armenia, during which the country has achieved significant milestones. Supporting women entrepreneurs and SMBs is crucial to continuing this progress, as they are the foundation of economies around the world. They don’t just create jobs—they drive innovation and growth, shaping the communities we live in. In Europe alone, Visa’s research shows that SMBs make up 61% of the job market and provide work for nearly 100 million people.
Women-led businesses play an equally powerful role. According to the International Monetary Fund (IMF), narrowing the gender gap in labor markets could boost GDP in emerging economies by almost 8%. Fully eliminating that gap could lead to an average increase of 23%. And it’s not just about growth—another IMF study found that businesses led by women are often more profitable, proving just how valuable their leadership can be.
In Armenia, SMBs, particularly, those led by women, are vital to strengthening the local economy. SMBs are key catalysts for innovation, job creation, and digital adoption. As small entrepreneurs embrace digital tools and cashless payments, they accelerate the transition to a digital-first economy. By providing SMBs with training in areas such as financial literacy, e-commerce, and easy-to-use payment technologies, Visa not only solidifies their success but boosts digital inclusion and lays the foundation for broader economic growth.
What’s next for She’s Next in Armenia? How do you see the She’s Next shaping the future of female entrepreneurship in Armenia fostering a lasting community?
The future of She’s Next in Armenia aims to make a bigger impact with more resources and continued support for female entrepreneurs.
I believe She’s Next will contribute to establishing a vibrant, supportive community where women can support each other and collaborate across sectors. To foster this sense of community, Visa has already created a digital platform for women entrepreneurs, in collaboration with Emerging Europe. This platform enables female entrepreneurs from Armenia to connect with their peers across Eastern and Southeastern Europe, Central Asia, and the Caucasus, offering opportunities to share insights, access resources, and explore foreign markets. By strengthening the international entrepreneurship ecosystem, Visa is helping women entrepreneurs innovate, scale their businesses, and overcome challenges together, setting them up for long-term success.
Looking ahead, we’re excited to see She’s Next in Armenia grow even further. With more tailored activities, we’re focused on providing women with the skills and tools they need to thrive in today’s digital economy. We hope to leave a lasting impact—creating a business environment where women’s contributions are celebrated, valued, and fully recognized.
