Banks have been urged to break away from long-standing lending biases and extend more credit to women and women-led enterprises, a move seen as crucial to closing the persistent financial gaps across local economies.
Speaking at this year’s Aggrey-Fraser-Guggisberg Memorial Lectures on the theme “Her Money, Her Power: Making Finance Work for Women,” Josephine Anan-Ankomah, Regional Executive at Ecobank for Central, Eastern, and Southern Africa and Managing Director of Ecobank Kenya, emphasized the urgent need for financial institutions to rethink their approach to funding women-owned businesses.
She highlighted that despite the growing influence of women in business, they continue to face significant barriers to accessing finance, limiting their potential to contribute fully to economic growth.
Anan-Ankomah called for policy reforms, innovative financial products, and a shift in banking culture to ensure women entrepreneurs receive the capital they need to scale their businesses and drive inclusive economic development.
Women led businesses grow incrementally rather than exponentially. The irony is banks are missing out on a golden opportunity,” she stated.
“Women entrepreneurs have proven to be more reliable borrowers. They have the lowest Non- Performing Loans ratio yet because traditional banking models prioritize collateral over potential, many promising women led businesses never get the capital they need to to thrive,” she added.
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