Omokehinde Adebanjo, Mastercard Area Business Head for West Africa, shares why finance to women-owned SMEs is vital to the global supply chain. She says that the Mastercard Index of Women’s Entrepreneurship (MIWE) found that female entrepreneurs in developing countries are driven by resilience, determination and the desire to provide for their families. Although the research was focused on only select markets initially, they learned that women in these markets typically tap into local business opportunities that are not dependent on knowledge or innovation alone, effectively allowing them to avoid substantial financial, regulatory or technical constraints.

Index showed that Uganda has the highest percentage of female business owners in any of the 54 countries surveyed worldwide, with 34.8 percent of businesses in the country owned by women. What’s more, Uganda’s women boast a 100 percent entrepreneurial activity rate, 93.9 percent labour participation rate and 90.5 percent borrowing or saving rate for the purposes of opening a business.

She says that the Kenyan Government has made provision for 33 percent of government jobs and procurement opportunities to be accessed by women. Nigeria, also has a high percentage of female entrepreneurship, with as many as 41 percent of the country’s women acting as entrepreneurs. This is notably higher than many developed countries like the USA where only 10 percent of women are entrepreneurs and France where a tiny three percent of women are entrepreneurs.