Closing the $42bn financing gap: Empowering women-led businesses in Africa

Empowering women-led businesses in Africa is crucial for economic growth and development on the continent. Despite having one of the world's highest rates of female entrepreneurship, Africa faces a significant financing gap of $42 billion for these businesses. CNBC Africa recently sat down with Elizabeth Wasunna, Business Director at Absa Bank Kenya, to discuss the progress made in closing this gap and the initiatives needed to ensure the sustainability of women-led SMEs. Wasunna highlighted the importance of providing women with both financial and non-financial support to help them grow their businesses effectively. She emphasized the need for a holistic approach that includes access to sustainable finance, markets, networking, mentoring, and coaching. Absa Bank's 'Absa Women, Absa She Business Account' offers women entrepreneurs access to tailored financial products and resources to support their business needs. The account provides access to sustainable finance with extended repayment periods, access to markets through strategic partnerships, networking opportunities, and mentoring and coaching support. By addressing the unique challenges faced by women in business, Absa Bank is making significant strides in empowering women to succeed in the marketplace. With a focus on impact measurement, interest rates, and eligibility for women across various industries, Absa Bank is committed to supporting women entrepreneurs at every stage of their business journey.