Empowering Change: Female-Led Startups in Nigeria
In recent years, female-led startups in Nigeria have emerged as powerful agents of change, tackling everyday challenges and driving innovation across various sectors. From fintech to healthtech, these women entrepreneurs are not just creating businesses; they are enhancing access to credit, digitizing healthcare, streamlining food supply chains, and generating jobs in underserved communities. Despite navigating a challenging business climate, their impact is undeniable.
The Landscape of Female Entrepreneurship in Nigeria
Industry data consistently highlights a significant disparity in venture capital funding for female-led startups in Africa. In Nigeria, where overall startup funding has tightened due to global economic pressures, women founders often face even stricter scrutiny. They encounter smaller ticket sizes and longer fundraising cycles, making it more difficult to secure the necessary capital for growth.
However, many female entrepreneurs are finding innovative solutions to these challenges. Some are turning to alternative financing options, such as revenue-based funding and cooperative lending, to sustain their operations. This resilience is particularly evident in the tech space, where Nigerian women are making significant strides.
Spotlight on Prominent Female-Led Startups
Odunayo Eweniyi – Fintech
Odunayo Eweniyi is the co-founder and COO of PiggyVest, a savings and investment platform that empowers Nigerians to manage their finances better. With a first-class degree in Computer Engineering, Eweniyi is not only a tech advocate but also a vocal supporter of financial inclusion. As a co-founder of the Feminist Coalition, she has been recognized on Forbes Africa’s “30 Under 30” list for her contributions to the fintech landscape.
Temie Giwa – HealthTech/Logistics
As the founder and CEO of LifeBank, Temie Giwa is revolutionizing healthcare logistics in Nigeria. Her company utilizes technology to deliver blood, oxygen, and essential medical supplies to hospitals, ensuring that patients have access to vital healthcare products. Giwa’s motivation stems from personal healthcare challenges, driving her commitment to improving medical access across Africa.
Bilikiss Adebiyi-Abiola – Environmental Tech/Social Enterprise
Bilikiss Adebiyi-Abiola founded WeCyclers, a waste management company in Lagos that employs cargo bicycles to collect recyclable waste from low-income households. Participants are rewarded with points that can be exchanged for household goods, creating a sustainable model that benefits both the environment and the community. Adebiyi-Abiola holds an MBA from MIT, where the concept for WeCyclers was born.
Funke Opeke – Digital Infrastructure
Funke Opeke is a trailblazer in digital infrastructure as the founder and former CEO of MainOne, one of West Africa’s largest digital infrastructure companies. After gaining experience in the U.S. at Verizon, she returned to Nigeria to address connectivity issues by building a $240 million submarine cable linking West Africa to Europe. Her work has significantly improved internet access in the region.
Damilola Olokesusi – Mobility/Logistics
Damilola Olokesusi co-founded Shuttlers, a technology-driven mobility company that offers affordable bus-sharing services for professionals in Nigerian cities. By redefining urban mass transit, Shuttlers aims to provide comfortable and efficient transportation solutions, addressing the challenges of daily commuting in bustling urban environments.
Ifeoluwa Dare-Johnson – HealthTech
Ifeoluwa Dare-Johnson is the founder and CEO of Healthtracka, a health tech startup focused on decentralizing access to essential medical laboratory testing. By offering at-home testing and digital results, Healthtracka has expanded its operations to multiple African states, making healthcare more accessible to a broader audience.
Uche Pedro – Media/Entertainment
Uche Pedro is the founder and CEO of BellaNaija, one of Africa’s leading online media platforms for entertainment, fashion, lifestyle, and weddings. Her influence as a media entrepreneur has made BellaNaija a go-to source for millions, showcasing the richness of African culture and creativity.
Ifedayo Durosinmi-Etti – Fintech
Ifedayo Durosinmi-Etti is the founder and CEO of Herconomy, Nigeria’s first digital platform dedicated to empowering women through financial services. Herconomy provides a community for women to access savings, loans, networking opportunities, job openings, grants, and training, fostering a supportive environment for female entrepreneurs.
The Role of Female Entrepreneurs in Nigeria’s Economy
The contributions of these female-led startups extend beyond their individual successes; they are reshaping the economic landscape of Nigeria. By addressing critical issues such as financial inclusion, healthcare access, waste management, and transportation, these entrepreneurs are not only creating jobs but also inspiring a new generation of women to pursue their entrepreneurial dreams.
As they continue to navigate the complexities of the business environment, the resilience and innovation of Nigerian female entrepreneurs serve as a beacon of hope and a model for others in the region and beyond. Their stories are a testament to the power of determination and creativity in overcoming obstacles and driving meaningful change.
About the Author
Folake Balogun is a renowned tech journalist who provides insightful analysis of Africa’s rapidly growing digital economy, particularly within Nigeria. She closely monitors the health of the African startup ecosystem, covering significant venture capital trends, investment deals, and the challenges faced by emerging firms. Known for her deep dives into the fintech sector, Balogun explores the evolution of digital payments and the dynamics of major financial innovations, extending her focus to emerging technologies like Artificial Intelligence (AI) and their economic and social impacts.