Entrepreneurship As Gateway To West African Women’s Financial Inclusion

Entrepreneurship has been identified as the “gateway to women’s financial redemption,” through an inclusive process that will unlock the potential of West African women in critical sectors of the economy.
This was the crux of the just concluded Third Extraordinary session and Second Parliamentary Seminar of the Parliament of the Economic Community of West African States (ECOWAS) in Lome Togo, with calls for more financial inclusion and investments to promote women entrepreneurship and economic empowerment in West Africa.

Across the region, inadequate access to finance and lack of capital for expansion have been some of the factors that have hindered women’s entrepreneurship. African women are very innovative as it is estimated that women produce over 80 percent of the food consumed in Africa and West African women have made enormous contribution to this effort.

It is therefore apt that efforts are being intensified to improve women entrepreneurship as a power drive for economic growth and development as well as eradication of poverty.

Speaker of the ECOWAS Parliament, Rt. Hon Memounatou Ibrahima, who expressed gratitude at the end of the session, said it offered the opportunity for the regional Parliamentarians to reaffirm their commitment to address the myriad of challenges militating against West African women who are largely represented at the Parliament by the ECOWAS Female Parliamentarians Association (ECOFEPA).

During the sessions which commenced on September 24, ECOFEPA organized a symposium on “Financial Inclusion and Economic Empowerment of Women in ECOWAS sub region” on Wednesday October 2, 2024 to address the challenges women face in accessing financial services in order to promote economic empowerment.

The Speaker in her remarks called on the regional leaders and institutions to ensure that women have access to the resources that they need whether it is a bank account or a loan or investment opportunities so that they can realize their potential.

There were calls to strengthen the African Continental Free Trade Agreement (AfCFTA) to accommodate female entrepreneurship in order to boost businesses in various sectors where women play critical roles.

The Speaker said “It is clear that women are change agents and they should be supported in the key role that they play if we want to speed up the realization of the Sustainable Development Goals (SDGs).

“Our collective responsibility is therefore to ensure that financial inclusion of women is not limited to access to financial services, but we must ensure it becomes a fundamental human right and a pillar of economic equality.
“Clearly the path to true financial inclusion and economic empowerment calls for concerted efforts of all

members of the society to drive policies that will foster equity to enable women to overcome the obstacles facing them.

“Let us bear in mind that the path to financial inclusion and economic empowerment is a long process. We need to advocate for equitable opportunities that will enable women to blossom.

“Let us commit ourselves to the path where every woman will realize her full potential where economic barriers are eliminated and financial inclusion is a reality for all. This is how we can break the chain of poverty within our families and communities.”

President of ECOFEPA, Veronica Sesay in her remarks said that investment in financial inclusion for women will make the region more prosperous and egalitarian, devoid of oppression and discrimination against women.

She noted that “entrepreneurship is the gateway to women’s financial redemption,” stressing that ECOFEPA is pushing for more financial resources that will empower women to be economically independent and to pursue their political aspirations.

Former Vice President of Liberia and the Secretary General of the African First Ladies Peace Mission, Dr. Jewel Howard-Taylor, noted that the Global Taskforce to empower one million Women in the Trade Industry by International Business Leaders in Washington has opened more possibilities for West African women to benefit from the initiative.

She quoted a report saying that closing the gender gap will trigger a $3trillion GDP growth rate around the globe even as she called on regional leaders to ensure West African women have access to credit facilities to grow their businesses.