Women Excelling in Finance: Driving Financial Inclusion in Africa

Women are increasingly taking the reins in the finance sector across Africa, challenging long-standing male-dominated norms and driving financial inclusion. These trailblazing experts are not only reshaping economic strategies but also offering innovative solutions, particularly in the burgeoning fintech landscape.

African Women Opinion Leaders in Finance

Five remarkable African women are making waves in finance, influencing budgetary policies and holding strategic positions in major financial institutions. Their achievements serve as powerful inspirations for the next generation of women aspiring to high-responsibility roles.

Louise Mushikiwabo: Renowned Rwandan Diplomat

Louise Mushikiwabo exemplifies the transformative impact women can have on Africa’s financial narrative. As a former Minister of Finance in Rwanda, she played a pivotal role in enhancing the country’s economic stability and growth. Currently serving as the Secretary-General of La Francophonie, Mushikiwabo’s influence extends beyond national borders, showcasing her extensive expertise in global finance.

Arese Ugwu: Best-Selling Author

Arese Ugwu, the author of the bestselling book The Smart Money Woman, is inspiring a new generation of African women in finance. Her work combines financial literacy with compelling storytelling, making complex financial concepts accessible. Through her initiative, Smart Money Africa, Ugwu is dedicated to guiding young Africans toward financial independence, emphasizing the importance of financial knowledge in earning, saving, and growing wealth.

Bola Sokunbi: Financial Education Expert

Bola Sokunbi, a bestselling author and globally recognized educator, is committed to the economic empowerment of African women. As the founder of Clever Girl Finance, she provides a comprehensive platform for personal finance education. Sokunbi focuses on equipping women with the tools necessary for financial success, promoting savings, and preventing debt, ultimately aiming to build substantial wealth.

Arunma Oteh: Global Financial Expert

Arunma Oteh has held significant roles, including leading the Securities and Exchange Commission of Nigeria and serving as Treasurer and Vice President at the World Bank. Her extensive experience at the African Development Bank has contributed to the development of robust financial systems across the continent, making her a key figure in global finance.

Anne-Marie Chidzero: Investment Director at Alitheia IDF

With over two decades of experience in microfinance and investments, Anne-Marie Chidzero is shaping the future of finance in Africa. As an investment leader at Alitheia IDF, she focuses on strategically investing in businesses led by women, thereby fostering economic growth and empowerment across the continent.

Portrait of African Women in Fintech Who Have Succeeded

The fintech sector in Africa is experiencing explosive growth, projected to reach $230 billion by 2025, according to McKinsey. Despite being male-dominated, several women entrepreneurs have carved out significant roles in this dynamic field. During Black History Month in February 2023, five prominent Black female leaders in fintech were recognized for their contributions.

Kahina Van Dyke

Kahina Van Dyke is a recognized pioneer in fintech with over 20 years of experience. Her career spans prestigious institutions like Standard Chartered Bank and Facebook, where she made history by launching the first global mobile banking wallet at Citibank. Van Dyke’s innovative strategies at MasterCard focused on deploying payment solutions in Africa, promoting financial inclusion. Her accolades include being ranked number one in the Financial Technology Report 2019 and being recognized as one of the Top Women in Banking by Fintech Futures in 2020.

Peggy Alford

Peggy Alford is celebrated as a key figure in the fintech sector, being the first Black woman to sit on Facebook’s board of directors. She has held significant roles at PayPal, leading commercial teams across major markets. Alford’s journey includes a notable stint as Chief Financial Officer at Rent.com, following its acquisition by eBay, showcasing her remarkable career trajectory.

Olayinka Odeniran

As the founder and President of the Black Women Blockchain Council (BWBC), Olayinka Odeniran is dedicated to promoting the inclusion of young Black girls and women in blockchain technology. The BWBC aims to provide educational resources and training in distributed ledger technology, empowering women to participate in this transformative sector. Odeniran’s expertise in compliance and risk management has earned her recognition in Fortune’s 2021 article on combating financial inequality.

Sheena Allen

Sheena Allen, the founder and CEO of CapWay, is recognized as America’s youngest female business owner. CapWay focuses on providing financial services to those excluded from traditional banking systems. Allen is also the author of The Starting Guide, detailing her journey in technology and emphasizing the importance of cashless economies, particularly in underserved regions.

Charlène Fadirepo

Charlène Fadirepo, founder and CEO of Guidefi, leads a fintech platform that connects women of color with financial experts and wealth education. Her work integrates cryptocurrency and Bitcoin for small businesses and non-profits, particularly in Nigeria. Fadirepo’s background as a former regulator and consultant adds depth to her expertise, making her a significant player in the fintech landscape.

Factors Influencing the Rate of Female Entrepreneurship in Africa

Several factors impact female entrepreneurship in Africa. Socio-cultural environments often impose conservative systems and sexist beliefs that can stifle women’s entrepreneurial spirit. Limited access to financing remains a significant barrier, as legal discrimination and lack of capital hinder women from starting and growing businesses.

The choice of industry also plays a crucial role; many female entrepreneurs operate in the informal sector, which is often unstable and less profitable. Education is another critical factor; proper training can equip women with the skills needed to navigate the business landscape effectively.

Government Measures to Encourage Female Entrepreneurship in Africa

Various African governments have initiated programs to stimulate female entrepreneurship:

• Nigeria has launched the Women’s Assistance Fund (WAF) to provide affordable financing to women entrepreneurs.
• South Africa has established the Isivande Women’s Fund program, offering discounted loans to women-owned businesses.
• Côte d’Ivoire has introduced the "Women, Entrepreneurship, and ICT" program to enhance digital skills among female entrepreneurs.

These initiatives aim to reduce financial and educational barriers that hinder women’s entrepreneurial efforts.

International Institutions Supporting Women Entrepreneurs in Africa

International institutions play a vital role in supporting women entrepreneurs in Africa. The African Development Bank’s African Women in Business Initiative strengthens the capacities of national associations of women business leaders. The International Labour Organization (ILO) enhances economic opportunities for women through its WEDGE project.

The Women Entrepreneurs Finance Initiative (We-Fi) is a multilateral partnership designed to assist women in accessing markets, financing, and technology. Additionally, ImpactHER has trained over 99,511 African women entrepreneurs, helping them become investment-ready and manage successful businesses.

Through these collective efforts, women in finance and fintech are not only breaking barriers but also paving the way for a more inclusive economic future in Africa.