5 Women-Owned African Fintechs Bridging The Gender Gap in Financial Inclusion And Empowering Women-Led Enterprises

Fintech has emerged as a powerful tool in providing financial services and solutions, as well as bridging the gender gap in financial inclusion. In Africa where Fintech is gaining increasing prominence, these platforms play a vital role in providing women with access to essential financial services and resources.

As we commemorate International Women’s Day today March 7th, 2024, it is crucial to acknowledge several Women-Owned African fintech startups bridging the gender gap in financial inclusion and empowering Women-led enterprises.

By leveraging technology and innovative solutions, these Fintech companies are breaking barriers and creating new opportunities for women to thrive in the financial landscape.

Listed below are Five (5) women-owned African fintech startups driving financial inclusion and growth for women:

Herconomy:

Herconomy, founded by Ife Durosimi-Etti, is Nigeria’s first Fintech company for women dedicated to empowering female entrepreneurs and professionals through Financial Services, Capacity Building, Community, and Opportunities.

The startup first began as a community for women to access opportunities and grants, before it later metamorphosed into a paid community of 1,500 members.  Herconomy’s slogan is “save, earn, learn, connect, and thrive”. The company believes that saving is women’s first step towards financial buoyancy and wealth management.

For women who want to take control of their finances, the startup empowers them to gain control of their money and secure their financial future through savings.

Herconomy mission is to create a better economic future for women and women-owned businesses.

Hervest –

Founded by Solape Akinpelu in 2019, Hervest is a fintech company providing inclusive finance to African women through goal-oriented savings, impact investing, and credit options for smallholder women farmers and women-led SMEs. 

The platform boasts over 40,000 users and it provides familiar access to savings, fund transfers, impact investment, financial insights, and tools to underserved women while offering blended finance to smallholder female farmers in underserved African communities. 

Put simply, Hervest offers a way to invest in female farmers while seeing a return on that investment and gives the farmers the financial literacy, education, and opportunities they might not have otherwise had access to. 

By investing in these women, HerVest aims to provide growth opportunities toward specific crops, grain banking, livestock, and the provision of digitized e-extension services to female small-scale farmers in rural areas.

Regxta:

Founded by Rukayat Kolawole, Regxta is a digital bank for millions of underserved Africans. Regxta was inspired by Rukayat’s mum, to provide finance to underserved micro business owners like her Mum.

The startup is helping micro-businesses in Africa access business and financial support like savings, loans, business incorporation, data reporting, etc. The brand’s vision has expanded beyond lending to include digital wallets, savings, payment solutions, micro insurance, pensions, health services, and mortgages. The platform also helps micro businesses to restructure and keep financial records.

The Regxta mobile app is powered by advanced data science and artificial intelligence and provides instant underwriting and loan disbursement to those without a borrowing history. Users can also open accounts, save money, and generate financial records with the help of trained community agents.

Notably, Regxta’s app aims to fill this gap, offering loans to people with no borrowing history, while also allowing users to open digital wallets, save money, and generate financial records through well-trained community agents. 

SheCluded:

Shecluded is a female-focused FinTech company, that was founded by Ifeoma Uddoh, a Social Entrepreneur passionate about women’s empowerment. 

The startup was founded to improve the influence and financial strength of women beyond the African continent. It provides financial services such as growth loans and insurance to female entrepreneurs in various sectors of the economy. 

Shecluded aims to bridge the inequality gap by providing equal opportunities and a level-playing field for women to dream and become. Growing to a strong community of over 20,000 female entrepreneurs, the fintech startup is providing financial products and services to women-owned businesses.  

Mighty Fin:

Mighty Fin is a tech-enabled business that offers secured loans to small businesses and individuals in Zambia. The FinTech offers digital financial inclusion for women-owned and women-led businesses to empower them through working capital loans. 

Using technology, the company has made the traditional loan application process simple, accessible, and straightforward. At Mighty Finance, the startup is dedicated to revolutionizing the way SMEs access and manage finances. 

With its embedded and inclusive financial solutions, the company provides the tools and support necessary for businesses to thrive.