While access to finance is a big barrier the major issues that women-led SMEs face are non-financial.
One of the most profound and well-documented gaps in entrepreneurship is the gender gap. While many women in Africa, are involved in trade ventures, very few of their businesses are likely to attract investment, go global, and scale.
And while access to finance is a big barrier the major issues that women-led SMEs face are non-financial.
“As we spoke to the women founders, the things that they told us were, yes, we need access to finance. That’s a big thing. But then there is also the non-financial stuff. Like; how do you make sure you have a business continuity plan? How do you make sure that you know, mental wellness is okay? How do you, you know, interact with the different organisations and the government? What about branding and sourcing and keeping the employees happy?” noted Absa Bank Kenya Business Banking Director Elizabeth Wasunna.
According to Ms Wasunna, the three things that matter most to women entrepreneurs are access to finance, networks and mentorship, and coaching.
These issues hinder women-led businesses especially when it comes to accessing emerging markets and attracting investors and, therefore, their companies remain intentionally small.
“We realised that women entrepreneurs need a platform. That’s why the International Trade Centre launched the SheTrades initiative in 2016 to remove barriers to women’s participation in trade by working with private sector partners, governments, business support organisations, and eventually, the women-led businesses themselves,” says Phyllis Mwangi, the Regional Coordinator for East and South of International Trade Centre (ITC) SheTrades Hub during the launch of The Absa InspireMe Conference scheduled to take place from June 18th to 19th. ITC is the joint agency of the United Nations and the World Trade Organisation, supporting small businesses from developing countries to become more competitive.
“We identify the women entrepreneurs and support them to access markets, finance, digital knowledge, information, and networks. This is what a 2016 survey that we did identified as their key challenges in scaling,” says Ms Mwangi.
In the latest collaboration, ITC and Absa will bring together 10,000 businesswomen from across Africa in a Nairobi gathering in which they will meet 11 global buyers and 20 large African corporations to access global markets.
The Absa InspireMe Conference is an initiative under Absa Bank’s women in business proposition, launched in 2021. The conference is organised annually to facilitate market linkages, business-to-business networking, and business mentorship for women entrepreneurs. The theme of this year’s conference which will be accessed both physically and virtually, is “Empowering Your Story for Growth,” which is in line with Absa’s new brand promise launched earlier this year—Your Story Matters—which shifts the bank’s purpose to a more deliberately customer-centric business.
“We are thrilled to once again be hosting the conference in Nairobi. Our mission is to create a platform that brings together prominent African women in business and entrepreneurs to share ideas, empower one another, and discuss emerging trends and skills necessary to transform their institutions and propel them to various levels of growth,” said Ms Wasunna.
This year’s conference brings together women entrepreneurs from Absa participating countries, which include Kenya, Ghana, Zambia, Mauritius, and Uganda, as well as participating countries under SheTrades Hubs in Africa, that is, Mauritius, Rwanda, South Africa, Ghana, The Gambia and Nigeria.
“We want to see trade deals happening one woman at a time. It’s going to be a real marketplace. We also have delegations of at least five women-led businesses coming from some of our 16 hubs across the globe. We have a real great conglomerate coming to look at what we have and partner, and access the $1.4 billion in markets, access UK markets, and eventually international markets,” said Ms Mwangi.
At the conference select women-led businesses from the agrifood, textiles and apparel, handicrafts, and accessories sectors will participate in a series of one-to-one business meetings with potential buyers from the UK delegation and African corporations. Representatives from participating SheTrades Hubs will also discuss potential collaboration with the three participating UK delegates from the Greater Birmingham Chamber of Commerce and Industry, Chamber International, and West and North Yorkshire Chamber of Commerce and Industry as well as export opportunities available through the UK Developing Countries Trading Scheme.
“Our call to women is that you must be bold, brave, and intentionally follow through after making contact. Take the step, you never know who is sitting next to you,” Ms Wassuna rallied while adding that women who want to clinch deals must come prepared and equip themselves with adequate knowledge.
The conference will welcome a prestigious line-up of successful entrepreneurs, government representatives, regulators, Absa senior executives, and managing directors from Kenya, Ghana, Zambia, and other key stakeholders, including the Kenya Association of Manufacturers. The event will feature separate panel discussions covering various topics aligned with the main theme of ‘Empowering Your Story for Growth.
