The 2021 MasterCard Index of Women Entrepreneurs (MIWE) has released its latest rankings, marking the third consecutive year that Botswana (38.5%), Uganda (38.4%), and Ghana (37.2%) have secured the top positions as countries with the highest percentage of women business owners globally.
This index assesses the proportion of women business owners in relation to the total number of business owners. The MIWE, now in its fifth edition, sheds light on the substantial socio-economic contributions made by women entrepreneurs worldwide, including within Africa. It also provides valuable insights into the factors that both propel and impede their progress.
Many African nations face obstacles hindering the advancement of women, including unfavorable entrepreneurial conditions, limited access to funding, reduced opportunities for higher education, and structural barriers according to Business Insider Africa.
Nevertheless, despite the challenges worsened by the pandemic and economic downturn, MasterCard’s research reveals that women entrepreneurs in Africa exhibit remarkable resilience and adaptability, especially in low and middle-income economies. They frequently outperform men in terms of entrepreneurial activity.
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The MIWE 2021 report indicates that Nigeria, alongside Angola and Ghana, achieved the top global ranking in the Women’s Entrepreneurship Activity Rate. Furthermore, Nigeria secured the second position worldwide in the category of ‘women professional and technical workers,’ with a figure of 59.1%.
Angola also ranked second globally in hiring intentions, with 16.4% of adults expressing plans to hire six or more individuals in the near future.
Kenya has also taken significant strides in advancing financial inclusion for women. President William Ruto earlier this year announced a revamped Women Enterprise Fund (WEP) that offers women the opportunity to borrow at a favorable annual interest rate of six percent.
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This initiative aims to reach a larger number of women and expedite their economic empowerment. Unlike the past, where loan processing consumed 45 days, women can now access these loans instantly.
