Bosnia and Herzegovina: strengthening women's entrepreneurship

Ever since she was little, Selma Ćatović, from Lukavac, in the north east of Bosnia and Herzegovina, had only one desire: to own a beauty salon. For years after finishing high school she searched for work. But at the end of 2013 a new path opened for her when she finished an educational programme in Tuzla and decided to start up a beauty business, called ‘Butterfly’.

With the help of funds from the microfinance institution MI-BOSPO, Selma opened a salon where she provides everything from facials and pedicures to eyebrow shaping and nail extensions. 

There are four salons close to Selma’s, but she is happy with the amount of work she has. Selma says, "It was very difficult, at first, to stand out from the competition and to gain clients' trust that they can get a quality service from me that’s different from the rest. But I was very confident and I knew what I wanted.” 

In 2014 Selma won first place at an international competition held in Sarajevo. "I am always updating my knowledge,” she says. “I follow seminars and workshops." Business was sufficiently strong for her to hire another person in late 2015.

Focus on women 

MI-BOSPO’s mission is to provide access to credit and non-financial services to individuals, especially women entrepreneurs, on low incomes to strengthen entrepreneurship, and their economic and social status. It is affiliated with the Women’s World Banking network, a global nonprofit devoted to giving more low-income women access to the financial tools and resources they require to build security and prosperity.

In 2018 CEB approved a €2 million loan to MI-BOSPO, - the first to serve mostly low-income women entrepreneurs with limited or no access to bank financing. 

“In the 23 years since its formation, MI-BOSPO has financially supported almost 70,000 women entrepreneurs. Today, the participation of women in the MI-BOSPO portfolio is 65%,” says Safet Husić, MI-BOSPO Director.