Prioritising digital skills training and capacity building to equip women with the knowledge needed to navigate the digital landscape has been highlighted as a way to empower more women entrepreneurs.
At the just concluded one-day conference organised by New Faces New Voices, NFNV-Nigeria, held in Lagos with the theme, ‘Digital Financial Inclusion and Women Cross Border Trade in West Africa: Prospects and strategies” stakeholders disclosed that, for significant economic prosperity and empowerment of women across Africa, it is pertinent to address issues relating to digital financial inclusion.
The conference, which served as a platform for dialogue, collaboration and action through targeted interventions and strategic partnerships, aimed to equip women entrepreneurs with the tools, resources and knowledge they need to thrive in the digital age. Cross-border trade has long been a cornerstone of economic growth in West Africa, with women entrepreneurs at its forefront, fueling economic activity and enriching the social fabric of communities.
The organisers however noted that despite their invaluable contributions, women entrepreneurs engaged in cross-border trade face formidable challenges; from inadequate infrastructure to cumbersome customs processes and harassment.
Speaking, CEO, CFG Advisory, Tilewa Adebajo, revealed that the Economic Community of West African States (ECOWAS) GDP is $810 billion, the population is 448 million while total trade volume stands at $277.22 billion. He added that Africa’s GDP is between $2.6 and $3 trillion, its population is 1.216 billion while its total trade volume is around $1 trillion. Adding that women account for roughly 50 per cent of the population in West Africa, he said they control 70 per cent of the informal sector trade which accounts for half the GDP.
Revealing that women are also increasingly being active participants in the formal sector, he said, “It is safe to say women contribute at least $350 billion to ECOWAS’ GDP and account for at least $100 billion of the region’s trade. Cross-border trade plays a crucial role in the economic growth and development in West Africa and women constitute a significant portion of cross-border traders, engaging in small-scale importation, exportation and informal trade. Their participation in cross-border trade is essential for household income generation, poverty alleviation and economic resilience in the face of external shocks. Women contribute significantly to regional integration, job creation, economic growth and development.”
Speaking on the value of digital financial inclusion, Tilewa said it has emerged as a promising solution to empower women traders and enhance their participation in cross-border commerce, by helping them build savings, access credit and obtain insurance against unforeseen events.
Another facilitator, Gender Communications Specialist, RADIO/TV Host, Coumba Bah, who spoke on West African Women’s Cross-Border Trading: The Power of Digital Communications, said, women entrepreneurs in West Africa often struggle to secure loans and investment capital to grow their businesses due to biases and lack of collateral. “Cultural norms and safety concerns restrict women’s freedom of movement, limiting their ability to travel for trade and networking. Many women lack access to business training, market information and digital skills, putting them at a disadvantage”, she said.
Tilewa regretted that despite women’s contributions to Nigeria’s GDP, trade and economic development, they still face numerous challenges, including limited access to financial services. He said these challenges present opportunities for stakeholders to collaborate and develop innovative solutions that address the unique needs and preferences of women traders.
Another speaker, Co-Founder/COO of Semicolon, Africa, Ashley Immanuel, stressed the need for women to explore opportunities in cross-border trade within West Africa.
Speaking, the National President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, urged women to fight against financial exclusion by upscaling their businesses as entrepreneurs by embracing all the technology enablement available.
Bah added that digital technologies have the potential to transform cross-border trade and drive financial inclusion for women in West Africa and embracing this digital revolution to unlock new opportunities and fuel economic empowerment is key.
She urged policymakers to develop and implement policies that foster a supportive environment for women-led cross-border businesses and promote financial inclusion through digital means.
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