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by: MAIN AVENUE BUSINESS PROCESS OUTSOURCING
November 29, 2023
The Essential Role of Women in Africa's Fintech Revolution
This article underscores the indispensable role of women in Africa's fintech revolution, shedding light on their diverse contributions, the challenges they encounter, and the potential for empowerment and inclusion within the industry.
Crescenda Babiera
ESG Certified | AI, Blockchain, IoT, IPV6, Web3 Explorer & Marketing Strategist | Entrepreneur | UNSDG Impact Maker
The Code Queens Meet-up held in Uganda this year provided a fresh perspective on how African women navigate the technology industry both within and outside the continent. Despite the abundance of passion, skills, talent, initiatives, manpower, and brilliant ideas, the only missing element for thriving in this industry are the opportunities.
This article underscores the indispensable role of women in Africa's fintech revolution, shedding light on their diverse contributions, the challenges they encounter, and the potential for empowerment and inclusion within the industry.
Driving economic growth and financial inclusion
In Africa, more and more women are actively taking part in the growing fintech revolution. They are making significant contributions such as running (SMEs) small to medium-sized businesses and holding key roles in banks and government organizations. These women are crucial in promoting financial inclusion and innovation in Africa's rapidly expanding fintech sector. This trend is essential as it rectifies the historical neglect of women by traditional financial services, enabling women entrepreneurs to obtain crucial capital and a diverse range of financial services. This, in turn, improves their financial resilience and significantly boosts local economies.
Women leaders are actively promoting inclusive solutions for financial empowerment.
Women in leadership positions are shaping fintech solutions designed for women, promoting financial literacy and digital skills among underserved women. Despite these positive efforts, gender bias and systemic barriers persist, impeding women's access to finance and growth opportunities in the fintech industry. To overcome these challenges, it is crucial to enhance the financial literacy of women and girls and develop fintech solutions specifically tailored to women, ensuring holistic financial inclusion for women in Africa.
Crescenda Babiera discusses women's capabilities in the FinTech industry at The Innovation Village Uganda, Africa in October 2023.
Strides and challenges as female founders lead, yet global board seats lag behind.
The industry is experiencing encouraging progress, as the number of fintech companies founded by women in Africa is almost twice the global average. Some of the noticeable female African fintech founders are, Jihan Abass (Kenya, Lami), Shamim nabuuma Kaliisa (Uganda, Chill AI Lab), Cynthia Wandia (Kenya, Kwara), and Hilda Moraa (Pezesha Africa Limited). Despite this, there is still a significant gap, with only 10% of global board seats in the fintech industry held by women.
To promote greater female participation in the fintech sector and leadership positions, it is essential to reshape prevailing perceptions of the industry and provide mentorship and networking opportunities.
To sum up..
The increasing significance of fintech in Africa offers a unique chance to incorporate women into the financial system, fostering their economic empowerment and enhancing the industry's overall growth and impact. It is imperative to make concerted efforts to empower women in Africa's fintech revolution, ensuring the creation of a more inclusive, fair, and impactful financial ecosystem.
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