Creating female-centric financial products and solutions for Africa’s power-force of women entrepreneurs is gaining momentum as a core focus for banking and financial services industries on the continent. Financially empowered women hold the key to boosting Africa’s economic success.
The fintech industry as a whole has an important role to play in acknowledging and practically addressing issues around female inclusion. CR2 is proud to partner with banks who are actively supporting female-centric initiatives. Read more about these initiatives in our article marking International Women’s Day 2021.
Creating female-centric financial products and solutions for Africa’s power-force of women entrepreneurs is gaining momentum as a core focus for banking and financial services industries on the continent. Financially empowered women hold the key to boosting Africa’s economic success. CR2 is proud to partner with banks who are actively supporting female-centric initiatives. Barriers to financial inclusion include lower levels of education and financial literacy, lack of decision- making power within households, lack of regular income, lower rates of mobile ownership, and societal and legal restrictions. But there are signs of change on the continent, including a growing number of women entrepreneurs entering the fintech space, and proactive steps from leading financial institutions to drive inclusion. Martha Mghendi-Fisher is the founder of African Women in Fintech and Payments, a networking platform for women in banking, fintech and payments in Africa. She points out that women have traditionally been the backbone of many African economies. “Women have traded, financed and done a lot of things that are directly linked to fintech. Think about ‘chamas’ [informal savings investment cooperatives], or what is now referred to as table banking. It is a financial service, the only difference being that it wasn’t digital,” Mghendi-Fisher told Platform Africa. She says it isn’t surprising that a growing number of African women are now entering the fintech space – as both entrepreneurs and in leadership positions within the industry where they are shaping services and solutions focused on women. We are seeing evidence of this progress too. Our customer, Standard Bank South Africa, reports that women comprise 60 per cent of its permanent workforce, and 50 per cent of managerial positions. Another leading customer – Standard Chartered Bank – is actively addressing the vital role of women in fintech in Africa through its Women in Technology Incubator programme in Kenya, in partnership with iBizAfrica Centre at Strathmore […]
