Finance

Africa Investment Forum: Putting women at the heart of financial systems

Thursday, 08 November 2018 19:13
Africa Investment Forum: Putting women at the heart of financial systems

(AFRICAN DEVELOPMENT BANK) - Panelists on the first day of the inaugural Africa Investment Forum have urged investors to ensure that women are placed  at the heart of financial systems, echoing President Akinwumi Adesina’s call for increased support to women.

Adesina made the comments while addressing a session on “Investing in Women for Accelerated Growth,” as the Forum got underway in Johannesburg, South Africa.

Adesina, joined a panel of prominent and successful women including Ibukun Awosika, President of First Bank of Nigeria Limited, Hayat Sindi, Senior Advisor to the President of the Islamic Development Bank and Daphne Mashile-Nkosi, Executive Chairman of Kalagadi Manganese attended the session. Omar Alghabra Parliamentarian Secretary to the Minister of foreign Affairs of Canada was also present.

 He called for solutions such as the Affirmative Finance Action for Women in Africa (AFAWA) “to change the financial system to be able to lend more to women and “de-risk lending to women businesses through guarantee facilities,” he added.

Panelists called for increased investment in women-led businesses to strengthen their contribution to the economic development of their communities and help lift the continent out of poverty. “We need to make women a critical component of our financial system,” said Awosika.

Women entrepreneurs experience significant funding gap of US$42 billion (should this be annually?), the panel revealed. However, women are more likely to reimburse loans compared to their male counterparts.  Women are still confronted with banking systems that are reluctant to lend to them to start or develop a business.

Constraints that deny African women entrepreneurs’ access to financing include the perceived risk of investing in women led-businesses and gender-related discrimination.

Sharing her experience, Mashile-Nkosi, recalled the time when she was looking for funding to develop her mining business. Despite being deemed worthy of financial support, some banks demanded she quit her position as group CEO before receiving any funding.

Men see risk when they look at women,” she added.

The discussions ended on a positive note with an overview of solutions to empower women for greater financial autonomy. Some of the solutions discussed included, FirstGem, an offering by First Bank designed to provide enabling opportunities for women to achieve their financial goals and aspirations;  the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) aimed at unlocking women entrepreneurship through strategic partnership.  The Asian Development Bank Transform Fund, which provides seed money for start-ups and SMEs to develop their ideas and facilitate commercialization of technology among the institution’s member countries.

Empowering women through education and knowledge was also mentioned as a way to support women entrepreneurs.

The panel session was part of the Africa Investment Forum knowledge events. The Forum, an initiative of the African Development Bank is an innovative investment marketplace dedicated to developing projects to bankable stages, raising capital, and accelerating financial closure of deals.

About the African Development Bank Group

The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.

24872 in Electricite Serge Marie NGuessan



 
Telecom


 
Public Management


Following the French president (photo) Emmanuel Macron's announcement of the launch...
Cloudleaf Inc partnered with the tech services provider Bahwan CyberTek (BCT) to...
The African Development Bank’s Business Opportunity Seminar (BOS), an initiative to...

Live News

Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.