‘Solidarity with women is an economic strategy’

The Arab Bank for Economic Development in Africa (BADEA) has partnered with the African Women Leaders Network (AWLN) to promote financial inclusion for women entrepreneurs on the continent. The two organisations, which signed a memorandum of understanding (MoU) on the sidelines of the African Development Bank (AfDB) annual meetings in Abidjan, pledged to work together to boost access to capital for women-led and women-owned businesses in Africa.

BADEA and AWLN also agreed to consolidate their efforts to advocate for greater representation of women in corporate boardrooms, management positions, and key decision-making roles.

“This partnership… opens the door to new strategic alliances aimed at amplifying the Network’s impact across the continent,” AWLN said in a statement.

Launched in 2017 under the aegis of the African Union Commission (AUC) and the United Nations (UN), AWLN is a network of accomplished women leaders in Africa drawn from the political, business, academia, science, community and general leadership arenas.

Timely partnership

Bineta Diop, AU special envoy on women, peace and security and AWLN co-convener, welcomed the partnership with BADEA. She said that the move was aligned with the network’s mission to “empower women with resources and decision-making power. AWLN, through its Private Sector Coalition and African Women Impact Fund, works to reduce disparities by forming partnerships, securing funding, and building alliances that empower women with resources and decision-making power.”

She noted that the focus on financial inclusion was particularly timely in light of the significant gap in access to formal financial services that many African women entrepreneurs grapple with.

“Financial inclusion for women in Africa continues to be a significant obstacle,” Diop said. “According to ACET [African Centre for Economic Transformation], women make up 58% of Africa’s active workforce, yet only 30% have access to formal financial services. The financial inclusion of women is a vital economic growth strategy.”

Get more women on boards

Diop urged business leaders and decision makers in the private sector to make more space for women in leadership.

“We still have low representation of women on boards and management. We are still below 10% in Africa.”

Fatima Farouk Elsheikh El Toum, secretary general of the boards of directors and governors of BADEA, said that getting more women on boards required a mindset shift – and not just among men, but also among women in leadership positions. She urged women leaders to be more assertive and confident in their abilities.

“You need to have the feeling that you can lead, you can thrive, you don’t have to be apologetic for who you are. It is never something that is handed to you: it has to be demanded. We’re not usually granted opportunities,” she said on a panel during the MoU signing ceremony.

The panel explored strategies to increase women’s access to executive roles, board seats, and institutional presidencies, highlighting concrete solutions to close the gender gap in decision-making spaces.

She highlighted the need for more public and private investment in education, arguing that this was the key to arming women with the power to lead major organisations.

“We have to believe that we are part of the making of the future and we have to make sure that this continent is offering girls quality education that can make them future leaders. Without education we will not reach our vision,” she said.

“It’s on us to create the opportunity for the next generation. We must ensure there is quality education so that we can bring a woman [into a boardroom] who is equally competent and able to speak to the chairperson of a corporation and tell him ‘no’.”

Speaking on the same panel, Mitwa Gambi, CEO of MTN Côte d’Ivoire, delved into how African women in business can ascend to positions of leadership and responsibility much quicker. “You must have self-belief and a support network,” she said. She also highlighted the importance of networking to find mentors. “It’s not always about formal mentorship. Take advantage of the people you meet.”

Gambi added that in addition to the right attitude and right network, women leaders needed to invest in themselves – to boost their skills, knowledge and understanding of their field.

Sharpen your craft

“Ultimately you have to be great at what you do. You need to sharpen your craft, going to bed knowing something new each day,” she said.

Toyin Sani, founder of the Emerging Africa Group investment organisation, recounted her journey establishing the group seven years ago, stressing that it was important for women leaders to embrace risk.

“Courage is of critical importance. We must change our attitude towards risk taking. I left a high-paying job in a listed investment bank.

“Today I employ around 120 people and we’ve helped raise more than $1bn for our clients,” Toyin said.

She added that her firm is keen on creating a working environment where women’s contributions can be seen and rewarded.

“We have set up an environment to groom women in leadership positions. Key roles such as the head of risk management and our CFO are now women,” she said.

Promoting inclusion

Monique Nsanzabaganwa, former deputy chairperson of the AUC, underlined the crucial role of the private sector in levelling the playing field for women in Africa.

“Our aspirations to empower women will remain a vision and a statement until the private sector is involved. Jobs are created in the private sector.

She welcomed the move by an increasing number of companies to report on women’s representation in the workforce, noting that accountability was key in ensuring progress in advancing gender equality in the private sector.

“Reporting on women representation in board and management by the private sector is key. You’re opening yourself up to scrutiny and it works. As we speak we have seen how the number of women in boards and executive and CEO positions has grown [as a result of reporting].”

Nasseneba Toure, minister of women, family and children of Côte d’Ivoire, stressed the need for an inclusive approach that doesn’t leave behind women in rural areas, particularly those working in agriculture.

“Supporting women is key for Africa’s prosperity. Solidarity with women is not a slogan but an economic strategy, and that’s why we must not leave behind women in rural areas. It is thanks to them that we eat in our cities and villages. These are the women who feed Africa,” she emphasised.