Addressing Structural Barriers to Financial Inclusion for Women in Africa

While gender-inclusive finance has made strides across the continent, a significant gap persists between access and utilization. Despite millions more women now having bank accounts—driven by mobile money and digital financial services—they continue to receive only a fraction of formal financing.

According to Carol Oyedeji, Group Head of Commercial Banking at Ecobank, this $42 billion gap stems from structural issues rather than behavioral ones. Women entrepreneurs often operate smaller, less formal businesses lacking the traditional collateral required by banks.

Beyond Access: Towards Utilization and Scale

The conversation is shifting beyond mere inclusion to ensuring financial systems actively support business expansion and long-term economic participation. This requires recognizing that women represent a commercially viable customer base with unique needs—particularly in terms of risk assessment, distribution channels, and engagement strategies.

Ecosystem Approach to Financing

Ecobank’s Ellevate program exemplifies this shift by combining collateral-light lending with pricing incentives, training, mentoring, and trade connectivity. This holistic approach addresses multiple barriers simultaneously:

• Collateral constraints: Offering flexible funding options that recognize alternative assets
• Market access: Connecting businesses to regional supply chains through platforms like the Ecobank Single Market Trade Hub
• Capability building: Providing training and mentorship to strengthen business fundamentals
• Financial visibility: Encouraging digital payments and record-keeping to formalize operations

This ecosystem approach views financing as more than just capital provision—it’s about supporting businesses in moving up the value chain, accessing new markets, and building sustainable financial foundations.