Bankers, heads of development finance institutions, policymakers, civil society organizations and women entrepreneurs convened at a strategic breakfast forum on November 27 during the Africa Investment Forum Market Days to advance gender-lens financing across North Africa.
Morocco's Minister of Economy and Finance Nadia Fettah presented a strong and focused opening statement emphasising the need for concrete action: “Women have nothing left to prove. They have already done their part of the work. It is up to the ecosystem to recognize that the talent is there, that the innovation is there, that the desire is there,” she said.
"When we encourage and promote women's entrepreneurship and women's business financing, it is not to correct an injustice, it is to amplify the future, growth and ambition of our continent," she added.
The event, hosted by the African Development Bank Group’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, as well as the African Guarantee Fund, addressed a major barrier for women-led businesses: not a lack of bankability, but a persistent perception gap among financial institutions. Despite data consistently showing women entrepreneurs are a low-risk, high-return segment, many financial institutions still view them as high-risk.
"Financial institutions perceive risk in women's businesses,” Minister Fettah said, noting that only 11% of women’s businesses in the kingdom secure funding and acknowledging Morocco's challenges in this area, despite strong support from His Majesty the King. If Bank managers assessed women entrepreneurs, they would see that they did not present a high risk, the minister noted.
African Development Bank President, Dr Sidi Ould Tah, emphasised the institution's unwavering commitment to AFAWA, highlighting its concrete results. "The African Development Bank Group, under my direction, will continue to accord paramount importance to this initiative," he stated. Dr Ould Tah pledged to bolster support for women entrepreneurs by deploying guarantee mechanisms closer to them, enabling access to finance without requiring collateral.
Jules Ngankam, Group CEO of the African Guarantee Fund, outlined the compelling track record of the AFAWA Guarantee for Growth (G4G) program. “Women in Africa have the highest participation in economic activity in the world. The average in Africa is 65%, and the global average is 47%. Nevertheless, their contribution to GDP is very low,” he explained.
AFAWA is driving an ambitious plan to unlock $5 billion in financing for women entrepreneurs, with $2.8 billion already approved and $1.3 billion fully disbursed. A central pillar of these efforts is G4G, which is implemented by the African Guarantee Fund. The program has worked with more than 100 financial institutions since 2021 to place $800 million into the hands of 12,000 women entrepreneurs across Africa, with an ultimate goal of disbursing $3 billion. The African Development Bank is deploying a further $2 billion to women-owned and women-led businesses through direct instruments, including credit lines, trade finance facilities and equity investments.
During a panel discussion, financial leaders addressed both supply-side and demand-side barriers to women's financing. Omar Shawki, Managing Partner at ForvisMazar noted that many women-led businesses struggle owing to incomplete financial records and business registration issues having operated informally for years. The session also highlighted the role of unconscious bias in banking decisions as a major hurdle.
Leaders from Morocco and Mauritania committed to concrete action, announcing negotiations for new guarantee partnerships and pledging to expand financing for women-led SMEs.
The session further highlighted the success of gender bonds as an investment vehicle in Africa.
- - Morocco became the first African country to issue a gender bond through Banque Centrale Populaire in 2021, raising $20 million.
- - NMB's $32 million Jasiri gender bond, issued on Tanzania's Dar es Salaam stock exchange—the first in sub-Saharan Africa.
- - Ecobank's $16 million issuance in West Africa.
All three gender-bonds were oversubscribed, with speakers challenging attendees to make measurable individual commitments to gender bond investments before the next Africa Investment Forum.
The 2025 Africa Investment Forum Market Days, taking place over three days, has the theme "Bridging the Gap: Mobilizing Private Capital to Unlock Africa's Full Potential." Click here to see the agenda
