When women win, Africa wins!

By Marie-Laure Akin-Olugbade

Africa’s women entrepreneurs face a significant challenge: a staggering US$42 billion financing gap, despite their substantial contributions to our economies. In Nigeria, about 41 percent of businesses are led by women, and nearly 23 million women run micro-businesses. However, they receive only 10 percent of commercial loans, a disparity seen across sub-Saharan Africa.

At the African Development Bank (AfDB) Group, we are committed to changing this narrative through initiatives like the Affirmative Finance Action for Women in Africa (AFAWA). We are not just challenging barriers; we are building bridges to financial inclusion.

Why is this important? Because empowering women means empowering entire communities. Research shows that African women reinvest up to 90 percent of their income in family and community welfare, compared to 40 percent for men. Imagine the transformative impact if we fully support women’s businesses.

By the end of this year, AFAWA aims to increase the total amount of approved funds from US$1.7 billion to US$2 billion, supporting up to 30,000 women-owned small and medium-sized enterprises. Women are not just bankable – they are catalysts for economic transformation.

I witnessed this potential firsthand when I met young innovator Amina Momoh-Orimoloye, founder of Rumer. Her blockchain platform is revolutionizing Nigeria’s livestock industry, from operational metrics to access to finance solutions. Amina exemplifies the innovation and resilience of Africa’s women entrepreneurs.

As AfDB president Akinwumi Adesina says, “When women win, Africa wins!”

Marie-Laure Akin-Olugbade is Vice President, Regional Development, Integration and Business Delivery at the African Development Bank.