AfDB Decries Inadequate Funding For Female Entrepreneurs With $42b Financing Gap in Africa

Across Africa, female entrepreneurs have been faced with an average of $42 billion financing gap which has hindered the growth of their businesses, says African Development Bank Group (AfDB).

This is as the African bank called for improved funding to boost women businesses and bridge the financing gap.

The AfDB President, Dr. Akinwumi Adesina made the call during Access Bank’s International Women’s Day Conference held in Lagos, Investors King reports.

Adesina enjoined banks to create more ideas and come up with initiatives channeled towards alleviating and meeting the needs of women in business.

He noted that the number of women in business across Africa is on the increase, harping on the need to support them for improved results which would reflect in the economy and provide more employment opportunities.

Dr Adesina assured that the AfDB is set to work on the issue and provide support for female entrepreneurs.

AfDB President added that most women who have benefitted from loan schemes have been faithful in repayment hence the need to support them more.

His words, “In fact, nine out of 10 women pay back their loans, a truly extraordinary number and this shows that women are bankable.

“It is, however, bewildering that women in Africa continue to face a $42b financing gap in Africa.

“All financial institutions in Africa and indeed globally should have well-designed programmes and instruments for lending to women.”

In her remarks, the Group Head, W Initiative, Access Bank, Abiodun Olubitan, said that the W’ initiative is aimed at assisting female entrepreneurs grow their businesses.

She disclosed that the initiative gave out N40.5 billion loans last year to women and is planning to increase it to N100 billion this year.