In what did not come to many as a surprise, Africa ranks highest when it comes to women in business with Uganda, Ghana, and Botswana leading the pack out of 58 countries surveyed in the third edition of the Mastercard Index of Women Entrepreneurs which profiles the progress and achievement of women entrepreneurs globally. The ranking which listed the three African countries as global leaders in terms of women-owned businesses was based on publicly available data from international organizations including the International Labour Organization, UNESCO and the Global Entrepreneurship Monitor. The global Index tracks the progress and achievements of women entrepreneurs and business owners at three levels mainly women’s advancement outcomes, knowledge assets and financial access, and supporting entrepreneurial factors.
The results reaffirmed that women are able to make further business inroads and have higher labour force participation rates in open and vibrant markets where the support for SMEs and ease of doing business are high. They are also able to draw from enabling resources, including access to capital, financial services and academic programs.
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Although the available support in open markets is a significant indicator of success, the Index also revealed that it is not the only consideration. Despite traditionally featuring less favourable conditions, five of the eight African countries evaluated in this Index made it into the top 10 markets leading in women business ownerships. These “driven-by-necessity” entrepreneurs are determined to succeed despite a lack of financial capital and access to enabling services.
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Speaking on the results of the Index, Beatrice Cornacchia, Mastercard’s Head of Marketing and Communications for the Middle East and Africa, said that women entrepreneurs continue to have a direct impact on economic growth and the well-being of society, adding that in sub-Saharan Africa in particular, “women continue to demonstrate an unwavering commitment to supporting their communities through entrepreneurship. But to unlock the full potential of the African continent, we must continue to foster an entrepreneurship ecosystem for women that help them to overcome barriers – whether cultural, legal, social or traditional.”
Other key African insights from the Index are that women are achieving gender parity with men in terms of entrepreneurial activity in several markets including Ghana, Nigeria and Uganda, moreso, improvements in Angola and Malawi, also helped narrow gender disparity.
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Nigeria had the second highest proportion of women in professional/technician roles among the 58 markets surveyed, and an exceptionally high percentage of females as entrepreneurs. Specifically, nearly four in every 10 working age women are engaged in early-stage entrepreneurial activity (40.7% compared to 39% for men).
South Africa was one of the top scoring nations when it came to women having equal access to tertiary education, and it also scores higher than its African counterparts with regards to financial inclusion (86%) compared with men.
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The findings also highlighted women’s abilities to thrive as business owners and pursue opportunities. According to the World Bank, 45% of economies around the globe have laws constraining women’s decision to join and remain in the labour force.
In addition to shining a light on the progress of women entrepreneurs on a global and regional scale, Mastercard is committed to designing a better world for women that creates limitless possibilities for us all. In Africa and South East Asia, Mastercard is fueling women-led businesses with access to micro-credit and new digital marketplaces through platforms like Jaza Duka and the Mastercard Farmer Network. In South Africa, Mastercard has collaborated with Junior Achievement South Africa to run a 20-week entrepreneurial development programme, empowering women between the ages of 18 and 35 to start and run their own businesses. Furthermore, the Mastercard Center for Inclusive Growth is providing philanthropic support to enable financial literacy training and access to vital tools and services for women entrepreneurs in undeserved markets.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry