Africa’s $5 Trillion Opportunity: Closing the Gender Financing Gap to Unlock the Continent’s Full Economic Potential

Across Africa, women are the engines of growth, resilience, and innovation. They make up 58 percent of the self-employed workforce, dominate the small and medium-sized enterprise (SME) space, and reinvest more in their families and communities than any other demographic. Yet, they remain systematically excluded from the financial systems that should be empowering them.

This is not just a gender gap – it is a market failure. A $42 billion financing shortfall for women entrepreneurs in Sub-Saharan Africa alone is a missed opportunity for economic growth, for inclusive prosperity, and for Africa’s full potential. The $1.7 trillion financing gap for women-owned businesses is not merely a missed opportunity for women across the world, it is a structural failure that not only limits women’s economic potential, but also undermines the continent’s ability to unlock inclusive, sustainable growth.

Across African markets, the evidence is consistent: women repay their loans more reliably, build resilient businesses, and drive household stability. And yet, they are still perceived as high-risk borrowers. Why?

Because the financial systems we inherited – and in many cases, have failed to reform – were never designed for women. Collateral-based lending models persist, even as we know that African women are significantly less likely to own titled assets due to legal, cultural, and historical barriers. Financial literacy programs often overlook the fact that many African women already manage complex household and informal economies with discipline and foresight. And while the future of finance is digital, a persistent gender gap in digital access continues to exclude millions from mobile banking, digital wallets, and mobile credit.

These issues are not theoretical. They are lived daily by women across our continent. From the Burundian woman rebuilding her life through micro-savings, to the Ghanaian entrepreneur whose dreams are stifled by fear of credit, to millions of women locked out of digital finance due to lack of access or digital literacy – these stories reflect a system that was not designed with women in mind.

Yet, we continue to make the same choices: treating women as a niche market, allowing financial illiteracy to persist, and building systems that penalise instead of empowering women in business. These are not inevitable outcomes. They are policy and design choices. And choices can – and must – change.

The economic case is irrefutable. Studies show that women reinvest up to 90% of their income into their families and communities – multiplying the social and economic impact of every dollar they earn. Women-led businesses deliver stronger returns. Economies with higher gender parity in finance are more resilient. Financial inclusion is not just a moral imperative—it is sound economic policy.

However, the question is no longer whether women deserve access to finance. The question is: Are we bold enough to reimagine Africa’s financial systems so they work for women – and are powered by them?

The answer to that question lies in moving beyond microfinance and into long-term, scale-up capital. It means designing financial products around the needs of cross-border traders, agri-entrepreneurs, and informal sector leaders – many of whom are women.

It also means redesigning Africa’s financial architecture with intentionality; Gender-intelligent lending models that rely on cash flow and business data – not just collateral. It means creating digital solutions that close the access gap by providing women with safe, convenient, and secure financial tools. It is time to scale up impact investments and blended finance that de-risk capital for women-led ventures. Pan-African partnerships that harmonise regulatory and financial frameworks to make cross-border trade more accessible for women-owned businesses are also critical to driving change for women entrepreneurs. We must move women from the margins of the financial system to its very engine – from borrowers to investors, from financial literacy to financial mastery.

Women do not need to be fit into outdated financial models – they need financial ecosystems built for them. Ecosystems that reflect their realities, harness their entrepreneurial ambition, and help them build wealth. We must stop treating women as a niche market and recognise them as a $5 trillion global opportunity, with Africa as one of the most dynamic frontiers for gender-smart finance.

As a leader in Africa’s financial sector, I offer this challenge to banks and financial institutions: Stop treating women as a fringe demographic. They are a $5 trillion opportunity hiding in plain sight. To policymakers, move beyond neutral language and legislate financial inclusion with intention, data, and urgency. To investors, back women boldly—not out of charity, but because it’s good business. And to women, Own your financial power. Demand more. Borrow to grow. Invest to lead. You are not just part of the financial future—you are the future.

At the core of this discussion is a simple but radical idea: Her Money. Her Power. It is not just a slogan; it is an economic transformation waiting to unfold. It is a mindset. It is a commitment to building a financial system where women are not only served, but are central. Because when women control their money, they control their future. And when that happens, communities thrive, economies grow, and the continent rises.

The goal is not to simply invite women into the financial system—it is to rebuild that system with women at the centre. The future of finance in Africa will be inclusive, digital, and woman-centered—or it will fall short of its promise.

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Josephine Anan-Ankomah is the Regional Executive, Central, East, and Southern Africa and Managing Director, Ecobank Kenya