In 2010, Coca-Cola kicked off its 5by20® initiative. The program, which set an ambitious goal of economically empowering 5 million women entrepreneurs by the year 2020, initially focused on Africa where Coca-Cola identified its biggest opportunities.
In East Africa, the 5by20® initiative worked through the Manual/Micro Distribution Center (MDC) innovative distribution program. The MDCs were not only a model for social development and foundation for 5by20, but also benefited Coca-Cola’s core business operations. Notably, the MDCs were financed solely through business funding and at least 86% of them were owned and/or operated by women. These MDCs served as distribution hubs for Coca-Cola’s beverages.
In fact, 5by20® was so successful that by the end of 2020, it had expanded to more than 300 programs in 100 countries. And on International Women’s Day 2021, Coca-Cola announced that 5by20 has reached over 6 million businesswomen including fruit farmers, retailers and restaurant owners, artisans, recyclers and distributors. These women were provided access to business skills training, financial services, peer networks, mentors and other resources.
5by20 is helping women entrepreneurs to overcome social and economic barriers to business success and create thriving, sustainable communities. The belief is that women are pillars of their communities and investing in them creates a multiplier effect for economic growth and sustainable change. According to Coca-Cola’s Chairman and CEO, James Quincey, “investing in women’s economic empowerment over the past decade, we have created shared value in hopes of a better shared future—enabling improved livelihoods for women, their families and their communities.”
This report was submitted by our Independent Reporter, Onyinyechi Cynthia (Nigeria). You too can start earning money by becoming our Independent Reporter. Contact us at [email protected]