Despite the tremendous progress that has been made to advance women’s financial inclusion and economic empowerment, women still face significant socio-economic barriers that constrain their ability to contribute meaningfully to their communities, countries, and continental development. Majority of African women are either unemployed, under-employed, or vulnerably employed. This is largely due to the disproportionate burden that women face in caring for their children and families, which constrains their ability to seek and keep jobs and participate fully in economic activities.
In addition, women entrepreneurs are predominantly in the informal sector with limited access to capital and other formal financial services. They are hindered by the lack of essential skills to effectively manage and sustain businesses, and take advantage of available financial services, products, and other existing business opportunities. Only a limited number of financial institutions understand the unique needs of women offer relevant products and services that adequately respond to their needs. This underlines the critical need to address gender disparities in access to financial resources, economic opportunities, and social services. Estimates by the UN, show that the annual deficit in spending on gender equality measures amounts to a staggering USD 360 billion.
Africa’s Agenda 2063 provides a comprehensive framework for addressing key challenges and harnessing the potential of African women as drivers of sustainable development. Through initiatives such as the African Women's Decade on Financial and Economic Inclusion 2020- 2030, and existing policies such as the AU Strategy for Gender Equality & Women’s Empowerment, the Protocol to the African Charter on Human and Peoples’ Rights on the Rights of Women in Africa (Maputo Protocol), the Solemn Declaration on Gender Equality in Africa (SDGEA) and the African Charter on the Rights and Welfare of the Child, the AU has demonstrated its commitment to advancing gender equality and women's empowerment across the continent.
In celebration of International Women's Day 2024, the African Union Commission's Women, Gender, and Youth Directorate, in collaboration with development partners, will convene a Forum on Financial Inclusion for women under the theme “Invest in Women: Accelerate progress towards women's financial and economic inclusion for sustainable development in Africa." The forum will elaborate on the existing and prospective avenues for increased investment in women and girls across the continent, including addressing the financing gap for gender equality measures, fostering economic empowerment, guaranteeing access to education and healthcare, and championing policies that safeguard the rights of women and girls.
The Financial and Economic Inclusion forum will, among others, enable an enhanced understanding of the Gender Financing Gap and offer an opportunity for participants to:
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Analyze the root causes and implications of the gender financing gap in Africa, including factors contributing to women's poverty and economic marginalization.
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Explore the intersections of gender, economics, and development, and the impact of systemic inequalities on women's access to financial resources and opportunities.
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Share knowledge and inspire action to address gender-related financial barriers.
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Celebrate women’s success stories of entrepreneurship and leadership.
For further information please contact:
Dr. Jeanne Flora Kayitesi | Women, Gender, and Youth Directorate | African Union Commission | E-mail: kayitesijf@africa-union.org
Ms. Arlette Akingeneye | Women, Gender, and Youth Directorate | African Union Commission | E-mail: AkingeneyeA@africa-union.org
Information and Communication Directorate, African Union Commission I E-mail: DIC@africa-union.org
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