The Future of African Finance and Fintech: A Promising Horizon
African finance and fintech are on the cusp of significant transformation, yet they still have considerable ground to cover before they can rival the leading positions held by other continents. However, the landscape is changing positively, driven by growing gender equality and advancements in children’s education, particularly in STEM (Science, Technology, Engineering, and Mathematics) fields.
Mastercard’s Girls4Tech Initiative
A notable example of this positive shift is Mastercard’s recent digital Girls4Tech Connect Marathon, which engaged 515 girls aged between seven and twelve. This initiative aims to inspire and prepare young girls for careers in science and technology, addressing the gender gap in these fields. The marathon included in-person sessions led by employee volunteers and has since expanded to cover critical topics such as artificial intelligence and cybersecurity.
The program’s evolution reflects a commitment to making STEM education more accessible. By offering digital sessions and a comprehensive online learning experience through their Girls4Tech website, Mastercard is paving the way for future generations of female leaders in technology.
Virtual Sessions Across Africa
As part of the marathon, volunteers from Mastercard hosted a series of virtual sessions in schools across South Africa, Ghana, Nigeria, and Kenya. These sessions are designed to equip girls with foundational STEM knowledge and skills essential for their future studies and careers. The initiative not only provides educational resources but also fosters a sense of community and support among young girls interested in STEM.
Impact of the Girls4Tech Program
Launched in 2014, the Girls4Tech education program has set an ambitious goal to impact five million girls by 2025. Having already educated over one million young women by 2020, the program has reportedly reached more than two million girls across 49 countries. This impressive reach underscores the growing recognition of the importance of gender equality in education and the workforce.
Bongani Mgoqi, principal at Tshedimosho Mahlaleng Primary School in Soweto, South Africa, highlights a significant challenge: the perception among young girls that STEM careers are not meant for them. He emphasizes the crucial role companies like Mastercard play in changing this narrative by exposing girls to diverse career opportunities in STEM.
Rising Female Entrepreneurship in South Africa
The push for gender equality in education is complemented by positive trends in female entrepreneurship. The recent Mastercard Index of Women Entrepreneurs revealed a rise in the number of female business owners in South Africa. Notably, South Africa is one of only 12 economies where women’s entrepreneurial activity rates have increased, with 11.1% of working-age women engaged in early-stage entrepreneurial activities—up from 10.2% the previous year.
This growth in female entrepreneurship is particularly significant as it indicates a shift in societal attitudes towards women in business. Interestingly, women outpaced men in terms of growth in early-stage entrepreneurial activities, with 11.7% of men involved—a mere 0.3% increase from the previous year.
The Importance of STEM Skills for Future Employment
Kamini Redhi, Vice President of Marketing and Communications for Mastercard in Sub-Saharan Africa, emphasizes the importance of STEM skills in the job market. Global statistics indicate that 80% of jobs created in the next decade will require some combination of STEM skills. Yet, only 30% of the science and technology workforce is currently comprised of women. This disparity highlights the urgent need for initiatives like Girls4Tech, which aim to build foundational STEM knowledge and develop critical skills among young girls.
Redhi notes that Mastercard is tackling this challenge head-on. Through the Girls4Tech program, the organization aims to provide real-life, hands-on activities that demonstrate how various skills—whether mathematical, artistic, scientific, logical, or creative—are interconnected with STEM careers. This approach not only makes learning engaging but also empowers girls to envision themselves in these roles.
A Bright Future Ahead
The strides being made in gender equality and education in Africa are promising indicators of a brighter future for finance and fintech on the continent. With initiatives like Mastercard’s Girls4Tech and the rising rates of female entrepreneurship, there is a growing recognition of the importance of inclusivity in driving economic growth and innovation. As these trends continue to evolve, the potential for African finance and fintech to catch up with global leaders becomes increasingly attainable.