Connecting and networking women in business key to unleashing their economic potential

Whether on board a bus in Lusaka or a matatu in Kenya, you will quickly realize that women form the backbone of economies in Sub-Saharan Africa (SSA). The sight of these women, heavy-laden with merchandise as they ostensibly head to their market stalls, tells a story of resilience and enterprise rolled in one. Yet with close to 13 million formal and informal small and medium-sized enterprises owned by one or more women, only 16-20% are able to access long-term financing from formal financial institutions to scale up their businesses. The hurdle is as much in the access to the finances as it is in the lack of information about available financing. I will return to this later. While full economic and social empowerment remains crucial to increase productivity levels, enhance economic efficiency, and improve overall development outcomes to achieve inclusive growth, women entrepreneurship in SSA is often hampered by multiple challenges. Existing and potential women entrepreneurs continue to face gender-specific barriers such as limited access to information and networking opportunities, lower levels of education and business training. Most African governments have made progress in eliminating gender discrimination in business laws, however, family law often gives husbands control over property and land. Weak property rights deprive women collateral and tangible assets, legal barriers impede their economic activities. A study by the African Development Bank (AfDB) which was conducted in selected African countries showed that lack of access to information is a significant impediment to women starting and growing businesses. A good starting point therefore should be eliminating or mitigating the challenges to accessing information about financial and non-financial services. In many cases, removing barriers which women entrepreneurs specifically face may involve slow-moving policy debates, however, more direct and practical interventions can make a huge difference. Take, for example, the use of Information Communication Technologies (ICTs). A digital platform providing answers By harnessing ICTs, the Common Market for Eastern and Southern Africa (COMESA), the East African Community (EAC) and the Economic Community for Western African States (ECOWAS) have jointly created the first of its kind digital platform to help women deal with the challenge of limited access to information on financial and non-financial services. This platform, known as 50 Million African Women Speak (50MAWSP) will connect, network and empower women in business by providing them with the basic information to start and run businesses, and going a step further to make training and capacity building resources available to help them grow their business ventures. In addition, the 50 Million Women Speak platform comes with social networking functionality, meaning women will be able to connect with each other not only to do business but also engage in peer to peer sharing/learning. The digital platform which is funded by the AfDB and is being implemented in 38 African countries. The platform can be accessed via the web or through mobile devices as an app. It is a unique proposition that builds a community of women entrepreneurs who will act as peers, mentors, advisors and financiers to each other, through a networking area embedded in the platform. It also comes with a rich resources area which provides information on financial products which are specifically tailored for women, market opportunities and guides on how women can improve their business prospects by addressing aspects such as packaging, record keeping and marketing, among others. In a nutshell, this is a tool that guides women on how to set up businesses, shows them where to find financing, and ultimately, helps them build connections that lead them to markets. It is the hope of the implementing partners; COMESA, EAC and ECOWAS, that the platform will ultimately directly impact 50 Million African women and create fair waged jobs for young people from the increased business activities within the three regional economic communities, and the African continent as a whole. Furthermore, connecting, networking and empowering women entrepreneurs in Africa is in line with provisions for women and youth empowerment in the African Union Agenda 2063 sixth aspiration ‘An Africa where development is people-driven, unleashing the potential of women and youth’ and the Sustainable Development Goals (SDGs) 5 on achieving gender equality and empowering women and girls by the year 2030. We may still be a long way off from closing the estimated $42 billion financing gap for women entrepreneurs in SSA, but one thing is clear, with practical interventions such as the 50 Million African Women Speak platform, we are on our way there. If you have not signed up or downloaded the app already, you need to do so today at www.womenconnect.org This article was authored by Mrs Beatrice Hamusonde, the Director for Gender and Social Affairs at the COMESA Secretariat.