From margins to mainstream: Recognizing women's economic contributions

The potential of local women entrepreneurs in South Africa is an untapped resource that could significantly boost the country's employment figures. With unemployment levels at 32.9 per cent in the first quarter of 2024, totaling 16.7 million people without jobs, the need to support and empower women in entrepreneurship is more crucial than ever. CNBC Africa recently hosted a panel discussion featuring Dudu Zondo, Head of MoolaLend, and Gugu Mjadu, Executive GM at Business Partners Limited, to delve into this pressing issue. Dudu Zondo highlighted the importance of financial inclusion for women entrepreneurs, emphasizing MoolaLend's efforts to provide funding access and inspire a new generation of female business owners. On the other hand, Gugu Mjadu shed light on the increase in women entrepreneurs employing more people, with a rise in financing approval rates for women-led businesses from 23 percent to 39.3 percent. The panelists also discussed the challenges women face in accessing funding, including approaching financial institutions later in their business journey, which often leads to higher debt burdens. They stressed the need for tailored solutions and flexibility in lending to support women entrepreneurs effectively. Furthermore, the importance of having women in decision-making roles within finance institutions to understand and address the specific needs of women-led businesses was underscored. As the conversation delved deeper, the role of corporate citizenship in supporting women entrepreneurs came to the forefront. Both MoolaLend and Business Partners emphasized the need for corporates to recognize the impact of financing women-owned businesses not only on individual growth but also on community development. They advocated for a gender lens approach in financing and urged for a shift towards partnership and collaboration in lending practices. The discussion also touched on the importance of celebrating and showcasing successful women entrepreneurs to inspire the next generation. By highlighting the achievements of women in business and providing networking opportunities, the path for aspiring female entrepreneurs can be paved with more confidence and determination. In conclusion, the panelists emphasized resilience, adaptability, and the importance of having a supportive funding partner to navigate the challenges of entrepreneurship. They called for a collective effort from financial institutions, corporates, and aspiring women entrepreneurs to create an enabling environment that fosters women's economic empowerment and drives sustainable growth in South Africa's business landscape.