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Uganda, Ghana and Botswana have Highest Percentage of Women Businesses owners in the world
The 2020 Mastercard Index of Women Entrepreneurs (MIWE) has once again ranked Uganda (39.6%), Botswana (38.5%) and Ghana (36.5%) as the world’s three leading economies having the most women business owners.
The Index’s benchmark indicator is calculated as a percentage of total businesses owners, and all three countries have grown their percentages since last year (2019).
Now in its fourth year, the MIWE highlights the vast socio-economic contribution of women entrepreneurs around the world, as well as provides insights on the factors driving and inhibiting their advancement.
Through a unique methodology – drawing on publicly available data from leading international organizations such as the Organisation for Economic Co-operation and Development (OECD) and International Labour Organization – MIWE 2020 includes a global ranking of the advancement of women in business in pre-pandemic conditions across 58 economies representing almost 80% of the global female labor force. This includes eight countries across Sub-Saharan Africa (Angola, Botswana, Ethiopia, Ghana, Malawi, Nigeria, South Africa and Uganda).
All but one (Botswana) of the Sub-Saharan African countries captured in the report showed improved MIWE scores since the last edition. South Africa displayed the biggest growth with a 7% increase from [60.2 score to 64.4].
Botswana however has also grown the number of women entrepreneurs since last year (36% in 2019 to 38.5% in 2020), earning the country the second spot globally and displacing Ghana who now comes in third.
The results also point to a strong representation of women business owners in Malawi, Angola and Nigeria, despite the economic and social challenges facing their entrepreneurial ecosystems.
According to the report, the high scores are spurred by a low fear of business failure, an absence of alternative income sources, and an eager commitment to contribute to their communities.
The report demonstrates that a high regard for risk taking, innovativeness, individuality and creativeness in entrepreneurship is prevalent in Uganda, Nigeria and Angola.
The report also notes the disproportionate impact of the COVID-19 pandemic on women entrepreneurs around the world, with 87% saying they have been adversely affected.
Overrepresentation in sectors hardest hit by the economic downturn, the pronounced digital gender gap in an increasingly virtual world, and the mounting pressures of childcare responsibilities are only a few factors that have left women particularly vulnerable.
In Ghana, for instance, a sectoral breakdown reveals that a large proportion of women-owned businesses (85.1%) operate in highly impacted sectors compared to 50.5% for men.
In Uganda, 61% of women-led small businesses failed to generate income even as lockdown measures were eased.
Ifeoma Dozie, director, Marketing and Communications, Sub-Saharan Africa, Mastercard, said “Our findings beckon us to consider the cost of untapped potential in women as contributors, not just in business and society, but on the national and global scale, as we chart the path of post Covid-19 recovery across Africa.
“This is especially important as more women owned businesses will likely be impacted by the pandemic making the support through incentives, necessary tools, mentorship and digital inclusion platforms even more urgent.
“At Mastercard, we continue to partner with leading organizations across Africa and around the world to create safe and accessible digitized payment solutions for female owned small businesses across Africa”.
Opportunities ahead
Despite the obvious challenges, the report highlights a number of opportunities for women in the COVID-19 era, particularly in online shopping and digital commerce. These have been supported by Mastercard research.
A recent Mastercard study revealed the exponential growth of e-commerce in Africa – with 81% of people surveyed in Nigeria, 72% in Tanzania, 68% in Ivory Coast, and 79% in both Kenya and Ghana saying they have been shopping more online since the pandemic began.
As the pandemic presents new business opportunities for women, especially in terms of online shopping and services, ensuring access to technology or digital solutions, affordable data and modern trade resources will empower more women to succeed in business.
The MIWE report is just one component in Mastercard’s broader mission to advance female entrepreneurs and small businesses. In 2020, Mastercard expanded its worldwide financial inclusion commitment, pledging to bring a total of one billion people and 50 million micro and small businesses into the digital economy by 2025.
As part of this effort, there will be a direct focus on providing 25 million women entrepreneurs with solutions that can help them grow their businesses, through a range of initiatives crossing funding, mentoring and the development of inclusive technologies.
Social Innovation Driven Entrepreneurship (SIDE) initiative, a flagship project under the Digital Access Program (DAP) by the UK NG Tech Hub, is geared towards addressing the critical need for accessible, safe, and secure digital access among underserved populations in Nigeria.
In collaboration with the Network of Incubators and Innovators (NINE), the SIDE project has engaged entrepreneurs across Nigeria’s six geopolitical regions, utilizing selected innovation hubs to provide support. The aim is to address sustainable solutions that target economic data, risk capital, infrastructure, and advisory gaps within key sectors. By leveraging digital innovation, the project seeks to alleviate poverty and address challenges faced by SMEs in identified markets and sectors, particularly those affecting underserved populations.
The SIDE project is a 4-month acceleration program tailored for entrepreneurs, startups, and SMEs developing sustainable, relevant, and scalable solutions to local challenges through digital innovation. Focused on various economic indicators aimed at poverty alleviation, the program is supporting entrepreneurs in developing sustainable and scalable solutions across key sectors such as health, education, food security, employment, and climate change.
The initiative began with the design and validation of a research-focused challenge brief in collaboration with Nigeria’s academic ecosystem. Subsequently, a call for applications was made, resulting in over 900 submissions. From these, 60 startups were selected to participate in the Masterclass phase, conducted in collaboration with partner hubs in Adamawa, Edo, Enugu, Kaduna, Kwara, and Osun.
Following the Masterclass and pitching sessions, 12 startups were chosen to participate in a 16-week acceleration program, culminating in a Demo Day scheduled for June 25, 2024, at the Radisson Blu Hotel, Victoria Island, Lagos.
This event aims to provide SIDE startups with a platform to showcase their progress, attract potential investors, receive valuable feedback, and network with industry experts, thereby facilitating the growth and scalability of their businesses.
Event Highlights:
The Demo Day will feature stakeholders from Nigeria’s vibrant tech ecosystem, providing them with an opportunity to witness impactful solutions and extend their support. Join us as we accelerate change and empower communities through digital solutions.
To register for the SIDE Demo day: visit https://sidenigeria.com/
Having any questions, further information or need to make inquiries, kindly email us at [email protected] or visit our website: https://sidenigeria.com/.
Engr. Ikechukwu Nnamani, CEO of Digital Realty Nigeria, received the prestigious Lifetime Achievement Award at the recent Africa’s Beacon of ICT Merit and Leadership Awards organized by Nigerian CommunicationsWeek.
Engr. Ikechukwu Nnamani, CEO of Digital Realty Nigeria, (R) receiving Lifetime Achievement Award from Mr. Ayotunde Coker, MD Open Access Data Centre (l) at the 2024 Africa’s Beacon of ICT Merit and Leadership Awards
For the past three decades, Nnamani has been a driving force in Nigeria’s digital space, particularly in interconnected services and data centers, which are now considered the backbone of the digital economy. Industry experts acknowledge his significant contributions.
“We are honored to present you with the Lifetime Achievement Award,” declared Mr. Ken Nwogbo, founder of Nigerian CommunicationsWeek, at the ceremony that highlights initiatives propelling Nigeria’s ICT sector on the global stage.
This award recognizes Nnamani’s unwavering commitment to providing innovative ICT solutions that fuel Nigeria’s flourishing digital economy. He was one of only four individuals chosen for this esteemed honor by a meticulous selection panel.
Under Nnamani’s leadership, Digital Realty (formerly Medallion Data Centres Limited) has become the most interconnected data center facility in West Africa. It boasts the region’s number one peering point, providing a crucial link for submarine cables, long-distance providers, fixed and mobile service providers, Over-the-Top (OTT) providers, internet exchanges, Value Added Service (VAS) providers, and global Tier 1 service providers.
Nnamani’s influence extends beyond Nigeria. Over the past 30 years, he has actively promoted the development of telecom infrastructure in several African nations, including Ghana, Togo, Liberia, Sierra Leone, Ivory Coast, Senegal, Kenya, Uganda, Botswana, and Angola.
As economic challenges loom large, the quest for quality at an affordable price becomes more crucial than ever, especially in the realm of smartphones. Amidst this backdrop, TECNO emerges as a beacon of innovation and hope with the launch of the POVA 6 Neo. This budget-friendly marvel defies expectations and redefines value in the smartphone market.
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Powered by the MediaTek G99 Ultimate Gaming Processor, the POVA 6 Neo delivers powerhouse performance without the hefty price tag. Seamlessly navigate through apps, games, and tasks with lightning-fast speeds, thanks to its 256GB of storage and 16GB of RAM – proving that high performance doesn’t have to come with a high price.
Built to Last, Built for You:
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Entertainment at Your Fingertips:
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The POVA 6 Neo proves you don’t have to break the bank to experience innovation and performance. Its unmatched endurance, stunning camera capabilities, and powerful performance make it the perfect choice for budget-conscious consumers who refuse to compromise on quality. So why settle for less when you can have it all with the POVA 6 Neo?
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