Breaking Cultural and Financial Barriers for African Women Entrepreneurs

In Kenya, Mary Nyambura, founder and CEO of Ecocharge Limited, transforms agricultural waste into biomass briquettes for cleaner and more affordable energy. Despite challenges like erratic weather halting production, Nyambura now sells over 20,000 tons of briquettes annually, attributing her success to mastering access to finance and securing contracts. “As a woman, you have to stand your ground,” she shares, reflecting on overcoming biases in business.

Africa boasts the highest female entrepreneurial activity globally, with 24% of women involved in business, according to estimates. Yet, outdated laws and cultural biases often hinder women from accessing financing, childcare, or equal workplace opportunities. The World Bank’s Women, Business, and the Law report highlights these barriers, emphasizing the need for targeted reforms.

Multifaceted Support for Women in Business

Organizations like IFC provide tailored training, networking, and financing to African women entrepreneurs. Programs such as IFC’s She Wins Africa and Nigeria’s Access Bank mini-MBA have equipped women like Mawuse Gyisun, founder of Sommalife, with tools to expand their ventures. “Training and networking are invaluable,” Gyisun says, highlighting the support she received to overcome stereotypes and grow her business.

Baobab Group’s Credit Jappo program in Senegal focuses on cooperative funding, helping women entrepreneurs launch ventures in soap-making, tea production, and agriculture. Similarly, IFC’s Sourcing2Equal program connects women-led businesses to corporate supply chains, providing market access and training.

Leveraging Digital Inclusion

While digital tools are expanding financial access, Africa faces a significant gender-based digital divide. IFC’s Her Fintech Edge report reveals that women represent less than 25% of fintech customers, with few firms tailoring products to their needs. By targeting women with data-driven strategies, fintech firms can unlock new markets and enhance financial inclusion.

Building a Stronger Foundation

To support women entrepreneurs, experts like Nathalie Gabala, IFC’s Global Director of Gender and Economic Inclusion, emphasize addressing six essentials: confidence, capability, capital, connectivity, community, and care. This approach includes expanding digital access, fostering peer support networks, and improving childcare services.

With focused efforts, African women entrepreneurs can overcome persistent barriers, drive economic growth, and inspire the next generation of business leaders.