Supporting and enabling women entrepreneurs and SMEs is vital to growing SA’s economy, creating jobs and building a sustainable future. However, a lack of skills, education, infrastructure and access to finance are among the key hurdles.
In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs. According to the World Bank, SMEs represent about 90% of businesses and more than 50% of employment worldwide and formal SMEs contribute up to 40% of emerging economies’ national income (GDP) – these numbers are significantly higher when informal SMEs are included.
This is why Access Bank, with more than 70 years in business on the continent and a growing footprint built on trust and expertise in South Africa, prides itself as a great partner for entrepreneurs to bank on. We are driving key initiatives focusing on their support and development. We are rolling out new solutions in the SA space that will shake up the status quo – among others, low-cost transactional and commercial accounts tailored for businesses with annual turnover of R5 million and R750 million.
We understand this innovation journey must be amplified if the massive growth dividend of women entrepreneurship is to be fully harnessed. According to research by McKinsey, advancing women’s equality in Africa can deliver $316 billion or 10% to GDP in the period to 2025. However, at the current rate of progress, it would take Africa more than 140 years to reach gender parity.
Not nearly enough is being done across the economy and in the public space to assist women to succeed. Statistics South Africa data reflects a gloomy outlook, as in 2022, 47% of South African women were recorded as economically inactive. This means that almost half of the working-age women in South Africa are out of the labour force compared to 35,6% of their male counterparts. The latest global labour force participation rate for women is about 47% compared to 72% for men (ILO,2022). It is abundantly clear that the productive potential of South African women in the labour market remains unused.
In South Africa, the Women Entrepreneurs Job Creators Survey, in turn, showed that only 14% of respondents received external financing for their businesses within the prior 12 months and 29% reported that they had applied for external financing and 39% received it.
At Access, we are making active strides to help fix the above picture so that women and women-owned SMEs can thrive. For example, our “Womenpreneur Her Perfect Pitch” competition in partnership with Jacaranda FM shines a spotlight on successful women-led businesses, giving them the tools and financial support to succeed. This nationwide initiative to support local women entrepreneurs – or as we say, ‘womenprenuers’ – saw this year’s top 3 winners take away their share of prize money and mentorship worth over R1 million.
During Women’s Month in August, Jacaranda FM and Access Bank join forces in a drive to elevate female entrepreneurs, empower women, and shape success in business. It focuses on women in business with a minimum of 50% ownership, and this year’s entrants stand a chance to win a share of over R2 million. We believe ‘womenpreneurs’ will continue to shape and transform the entrepreneurship landscape. Their resilience in the face of challenges and invaluable contributions to the global business ecosystem provides a firm foundation for the future.
Our commitment to helping grow these businesses remains unwavering as we recognise the profound impact of women-led businesses on the broader economy. What this initiative has shown over the years is that SA has a remarkable pool of powerful, resourceful and innovative women entrepreneurs. They just need the support to succeed, but there is little doubt that these women are the pioneers that will take SA’s economic prosperity forward.
For us, diversity and inclusion are not just buzzwords; we firmly believe that a diverse workforce drives innovation and fosters a culture of inclusivity. We provide an environment where women can thrive and ascend to leadership positions, championing a more equitable and diverse corporate landscape.
The future of Africa and regional economies is extremely bright if women-owned SMEs can be given the room to flourish. We all must work towards supporting these businesses on their future growth journeys, or the economic lost opportunity will be felt for many generations.
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