Africa faces a pressing need to generate millions of new jobs each year, with projections indicating the continent must create 15 million new jobs annually up to 2050 to keep pace with population growth. Women entrepreneurs represent a powerful solution to this challenge, as their businesses drive job creation, lift families out of poverty, and strengthen communities. However, women across Africa continue to face significant barriers to financial inclusion, including lack of access to formal banking services, insufficient collateral, high costs of financial services, and limited financial literacy. These obstacles prevent many women from expanding their businesses and contributing fully to economic growth.
To address this gap, the African Development Bank (AfDB) and the Alliance for Financial Inclusion (AFI) have partnered through the Affirmative Finance Action for Women in Africa (AFAWA) program. The initiative works across 20 African countries to study barriers to women’s access to finance and collaborate with policymakers, financial regulators, and stakeholders to implement inclusive financial policies. By making financial services more accessible, affordable, and responsive to women-owned businesses, the partnership aims to create a conducive environment for women entrepreneurs to thrive and generate the job opportunities Africa urgently needs.
Concrete examples across the continent demonstrate the impact of these policies. In Zimbabwe, financial inclusion among women increased from 68 percent in 2014 to 83 percent today, thanks to strategies such as women-focused banking desks, movable collateral laws, and credit guarantee schemes that reduce lender risk. Similarly, Egypt has expanded women’s access to financial services from 9 percent in 2015 to 69 percent in 2024, supported by national strategies, regulatory reforms, and dedicated MSME lending programs. In Zambia, women’s financial inclusion rose from 33 percent in 2015 to 70 percent, facilitated by financial literacy programs, simplified banking requirements, and loans using movable collateral such as vehicles or livestock.
Through these initiatives, thousands of African women have received training, access to tailored banking products, and the resources needed to scale their businesses. By enabling women entrepreneurs to overcome financial barriers, Africa can not only generate millions of new jobs but also build robust, inclusive, and sustainable economies, demonstrating the transformative potential of women’s financial empowerment across the continent.
