Empowering Women for Economic Prosperity: Insights from International Women's Day 2024
On 8 March, an event entitled ' Accelerating Women in SADC for Joint Economic Growth' brought together key stakeholders to mark International Women's Day 2024.
The event aimed to highlight the critical need to improve women's access to finance in the SADC region and explored innovative solutions to promote financial inclusion and women's economic empowerment by highlighting existing challenges and opportunities. The event aimed to highlight the critical need to improve women's access to finance in the SADC region and explored innovative solutions to promote financial inclusion and women's economic empowerment by highlighting existing challenges and opportunities. It also highlighted the potential of digital solutions in addressing these challenges.
The goal of achieving women's economic empowerment and gender equality by 2030 faces significant hurdles, including a severe lack of financing, exacerbated by lower levels of financial and digital literacy among women. These barriers are often exacerbated by traditional gender roles that assign women primary responsibility for domestic tasks.
According to the African Development Bank, there is a significant US$42 million financing gap for women. In addition, women founders in emerging markets receive only 7% of private equity and venture capital. This is despite the fact that sub-Saharan Africa has the highest rate of female entrepreneurship in the world, with one in four women involved in business.
To address this issue, the African Union has declared 2020 to 2030 the Decade of Financial and Economic Inclusion for African Women. This initiative is supported by various frameworks and protocols, such as the SADC Gender Protocol and the SADC Regional Multi-Dimensional Women Economic Empowerment Programme. Progress in improving the business environment for women has been slow.
Improving women's access to finance and digital solutions can unlock their entrepreneurial potential, expand economic opportunities and contribute to poverty reduction and social development. Women's economic empowerment has multiplier effects that benefit families, communities and entire economies. Studies show that women reinvest 90% of their income back into their families and communities, underscoring the importance of this initiative.
Speaking at the event, European Union Ambassador Petra Pereyra emphasised the importance of promoting gender equality and women's economic empowerment in the SADC region. She stressed the need to share insights, best practices and innovative solutions to identify bottlenecks and develop actionable ideas.
Nene Maiga, CEO of Orange Botswana, highlighted the under-representation of women in STEM careers, despite their significant presence among STEM graduates in Africa. She called for renewed efforts to bridge this gap and create a more inclusive environment.
The panel discussion at the event included distinguished guests from GOPA, women entrepreneurs, the Botswana Ministry of Entrepreneurship and Access Bank Botswana. The discussion focused on the challenges women face in starting and scaling up their businesses. Panelists provided insights on tailoring financial products to women's specific needs, the need to join forces and increase collaboration, and addressing financial and digital literacy among women in the region.
The event highlighted an important milestone: the launch of the new SADC Financial Inclusion Strategy for SME Access to Finance, which includes a Gender Action Plan. During the event, stakeholders exchanged ideas, shared experiences and learned from each other. The focus was on understanding the needs of women in business and how best to support them.
The event was organised by GIZ SADC/Botswana with support from the German Federal Ministry for Economic Development and Cooperation (BMZ), in partnership with the Southern African Development Community (SADC) and the Orange Digital Centre.