Our Reporter
THE Third MasterCard Index of Women Entrepreneurs (MIWE) has listed three African countries as global leaders in terms of women-owned businesses.
Uganda, Ghana and Botswana were ranked as the top three countries with the highest percentages of women-owned businesses across the 58 markets evaluated around the world.
Based on data from international organisations, including the International Labour Organisation, United Nations Educational, Scientific, Cultural Organisation (UNESCO) and the Global Entrepreneurship Monitor, a statement from MasterCard International Foundation said the global Index tracks the progress and achievements of women entrepreneurs and business owners at three levels: women’s advancement outcomes, knowledge assets and financial access, and supporting entrepreneurial factors.
The results, according to the statement, reaffirmed that women are able to make further business inroads and have higher labour force participation rates in open and vibrant markets where the support for Small and medium-sized enterprises (SMEs) and ease of doing business are high. They are also able to draw from enabling resources, including access to capital, financial services and academic programmes.
Although the available support in open markets is a significant indicator of success, the Index also revealed that it is not the only consideration. Despite traditionally featuring less favourable conditions, five of the eight African countries evaluated in this Index made it into the top 10 markets leading in women business ownerships.
These “driven-by-necessity” entrepreneurs are determined to succeed despite a lack of financial capital and access to enabling services.
MasterCard’s Head of Marketing and Communications for the Middle East and Africa, Beatrice Cornacchia, said: “Women entrepreneurs continue to have a direct impact on economic growth and the well-being of society.
In sub-Saharan Africa in particular, women continue to demonstrate an unwavering commitment to supporting their communities through entrepreneurship.
But to unlock the full potential of the African continent, we must continue to foster an entrepreneurship ecosystem for women that help them to overcome barriers – whether cultural, legal, social or traditional.”
Other key African insights included that women are achieving gender parity with men in terms of entrepreneurial activity in several markets including Ghana, Nigeria and Uganda.
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Nigeria, the index said, had the second highest proportion of women in professional/technician roles among the 58 markets surveyed, and an exceptionally high percentage of females as entrepreneurs.
Specifically, nearly four in every 10 working age women are engaged in early-stage entrepreneurial activity (40.7 per cent compared to 39 percent for men).
The findings also highlighted women’s abilities to thrive as business owners and pursue opportunities. According to the World Bank, 45 per cent of economies around the globe have laws constraining women’s decision to join and remain in the labour force.
In addition to shining a light on the progress of women entrepreneurs on a global and regional scale, MasterCard is committed to designing a better world for women that creates limitless possibilities for us all.
In Africa and South East Asia, MasterCard is fuelling women-led businesses with access to micro-credit and new digital marketplaces through platforms like Jaza Duka and the MasterCard Farmer Network.
Furthermore, the MasterCard Center for Inclusive Growth is providing philanthropic support to enable financial literacy training and access to vital tools and services for women entrepreneurs in underserved markets.
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