Bank’s programme gives women entrepreneurs a leg up in Africa and Middle East

Mobilising support for female entrepreneurs is a necessary factor in improving livelihoods and transforming the global economy. A Boston Consulting Group study concluded that if female entrepreneurs received as much support as their male counterparts the global economy could experience a boost of $5-trillionHowever, the sobering reality is that not enough is being done to enable female start-ups to thrive.

The WEF gender gap report states that women cite lack of access to finance as the largest obstacle to entrepreneurship, by far. Regarding tech start-ups, only 2% of $725.6m in venture capital funding was invested in women-owned businesses in Sub-Saharan Africa throughout 2018.

To support female entrepreneurs we must look at tackling both elements to incite real change, from empowering females to believe in their ideas through a positive network to providing them with the financial capabilities to grow a sustainable business. We recognise that there is a growing tech ecosystem across the continent and that many startups are embracing the benefits of technology. WiT is a unique programme in that it not only addresses two of the key problems facing female entrepreneurs but also tackles the digital-gap many female-led entrepreneurs’ experience. It’s not surprising that most female entrepreneurs we encounter through the programme want or are using technology to grow their businesses.

Source: News Formal (newsformal.com)

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