Across Africa, systemic barriers continue to limit women’s economic participation. From restricted access to credit and property rights to deeply entrenched social norms, these challenges perpetuate cycles of poverty and exclusion. Yet, empowering women economically is not just an ethical imperative—it is a proven strategy for driving sustainable growth and development.
Globally, women reinvest up to 90% of their income into their families and communities, compared to 30–40% for men (UN Women, 2018). This reinvestment leads to better education, improved health, and stronger local economies. Despite these clear benefits, women in Sub-Saharan Africa remain significantly underserved by financial systems. According to the Global Findex Database, women in the region are 10% less likely than men to own bank accounts and even fewer have access to credit (Demirgüç-Kunt et al., 2022).
Real life impact
During a visit to Tanzania, I met a woman who had accessed credit through a consumer lending company. She used her loan to build her first home—a secure foundation for her family and a step toward financial independence. For her, the house was more than a physical asset; it symbolized safety, stability, and empowerment. Her story illustrates the transformative impact that access to tailored financial products can have on women’s lives.
However, access alone is insufficient. For financial inclusion to be meaningful, services must address the unique challenges women face. Flexible repayment options, lower collateral requirements, and affordable terms are critical. Additionally, systemic reforms are needed to ensure financial inclusion leads to long-term empowerment. For example, strengthening women’s property and inheritance rights can enhance their ability to access and control financial resources. Countries with stronger legal protections for women report higher rates of female entrepreneurship and labour force participation (World Bank, 2018).
Cultural shifts are equally important. In many African communities, deeply rooted social norms constrain women’s autonomy and decision-making power. Programs that engage both men and women challenge stereotypes. Promoting shared responsibilities within households has proven effective in creating environments where women can thrive (UN Women, 2018).
Working together
Achieving these changes requires collaboration across sectors. Governments, businesses, and community organisations must work together to dismantle barriers and create inclusive ecosystems. Governments can provide supportive policy frameworks. However, consumer lending companies and financial service providers are uniquely positioned to develop innovative solutions tailored to women’s needs. By offering credit for homebuilding, small businesses, and education, these companies not only empower individuals but also contribute to broader economic growth.
Reflecting on the Tanzanian woman’s story and the resilience of women across Africa, I am inspired by their determination to uplift themselves and their families. Growing up, I saw how women in my community transformed small opportunities into meaningful change. Their efforts demonstrate that when women have access to the right resources, they don’t just improve their own lives—they uplift entire communities.
Empowering women economically is more than an ethical obligation; it is a strategic priority for Africa’s development. By addressing financial, legal, and cultural barriers, we can unlock the full potential of women as agents of change. For the continent, this is not just an opportunity—it is an urgent necessity.
Continue the conversation
In a recent Wheeler event, The Power of Business: Flourishing Careers, Flourishing Children: Lessons in Balancing Family and Work panellists explored how business can drive meaningful social impact. They discussed how governments, corporations, and communities can collaborate to ease the care burden and empower women to pursue both family and professional fulfilment with ultimately benefits women and their communities. The event in partnership with Dharma Life Labs, hosted leaders from diverse fields. You can read a full write up of the event discussion here.
About the author
Tebogo Seima, a CFA Charterholder, is an MBA candidate at London Business School and a recipient of the prestigious Laidlaw Foundation Women in Business Scholarship. With over five years of experience in debt capital markets and ESG transactions, Tebogo has sourced over $150 million in funding and led initiatives to promote financial inclusion across African markets. Previously, she contributed to financial services research at ABSA Group and the South African Reserve Bank. A graduate of the University of Cape Town with a Bachelor of Business Science in Economics, Tebogo is passionate about mentorship, community engagement, and advancing opportunities for women in business.
The Wheeler Institute for Business and Development is seeking to understand, illuminate and offer solutions to the challenges faced by the developing world, with an aim to identify the role of business in addressing these challenges and a focus on the implications and actions for those in developing countries. In support of our students, we approach this blog section as a reflective platform and a space where individuals can generate debate as long-term agents of positive change.