Entrepreneur's Corner

Why the African Guarantee Fund Deserves More Support For Empowering Women Entrepreneurs In Africa

BY Steve Biko Wafula · November 21, 2023 12:11 pm

Women entrepreneurs in Africa face many challenges when it comes to accessing finance, markets, skills, and networks. According to the African Development Bank, there is a $42 billion financing gap facing women in Africa.

This gap limits their potential to start, grow, and scale their businesses, and contributes to the persistent gender inequality and poverty on the continent.

However, there is a solution that can help bridge this gap and unlock the economic potential of women entrepreneurs in Africa: the African Guarantee Fund (AGF).

AGF is a specialized guarantee provider that advances economic development, sustainable job creation, and poverty reduction in Africa by supporting financial institutions to increase their lending to small and medium-sized enterprises (SMEs), especially those owned or led by women.

AGF, in partnership with the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, has launched the AFAWA Finance Series, a series of events that aim to raise awareness, build capacity, and facilitate collaboration among key stakeholders in the financial ecosystem to enhance gender-smart investing and lending practices in Africa.

The AFAWA Finance Series has already been held in several African countries, such as Tanzania, the Democratic Republic of Congo, Ghana, and Nigeria, and has received positive feedback and commitments from government representatives, policymakers, financial institution leaders, and women entrepreneurs. The series has also helped to inform and influence the development of gender-sensitive policies and regulations, such as Ghana’s digital financial services policy, which aims to increase financial inclusion and empowerment for women.

The next edition of the AFAWA Finance Series is taking place in Nairobi, Kenya, from 23 to 25 November 2023, and it will bring together lenders, business development service providers, and women-led or owned SMEs to discuss the challenges and opportunities surrounding access to finance for women entrepreneurs in Kenya and better address means of creating a gender-sensitive economy in the country.

The AFAWA Finance Series Is a timely and urgent initiative that deserves more support and recognition from all stakeholders who are interested in promoting women’s economic empowerment and inclusive growth in Africa. By supporting and investing in AGF and AFAWA, we can help to close the gender financing gap, unleash the entrepreneurial potential of women, and create a more prosperous and resilient Africa for all.

About Steve Biko Wafula

Steve Biko is the CEO OF Soko Directory and the founder of Hidalgo Group of Companies. Steve is currently developing his career in law, finance, entrepreneurship and digital consultancy; and has been implementing consultancy assignments for client organizations comprising of trainings besides capacity building in entrepreneurial matters. He can be reached on: +254 20 510 1124 or Email: info@sokodirectory.com

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