When I was 9 years old, I discovered the freedom that money gave, and I became the ‘self-appointed’ money manager for my family. Yet, at that same tender age, I was already being told to “learn how to cook so you will be eligible for a husband.” While I appreciated the freedom I had to explore my interests in finance and technology, I felt an invisible chain holding me back, telling me to conform to societal expectations and almost take a ‘back seat’ when it came to economic decisions, as it was not my primary function as a woman.
As I did my doctoral research, I discovered this was not just my story; it was the story of millions of African women. My research showed that 78% of women believe that society determines their access to capital, and 26% of women self-exclude from financing opportunities anticipating bias.
While data like the African Development Bank’s $42 billion annual economic gap for financing female entrepreneurs and a McKinsey report on how the global economy will gain $27 trillion if women fully participate showcase the effects of the gender economic gap, they don’t fully surface or address these invisible systemic and psycho-social barriers. This is what led me to found reafafrica.org, building on my doctoral research, to surface these barriers and develop the framework to dismantle them on a policy, financial institution, and individual level so we can have more inclusive economies.
I hope these conversations can be surfaced on more global stages, like the UNGA.
You can watch our webinar replay and download our REAF policy paper at bit.ly/reafwebinar. You can also learn more about REAF Africa to partner and collaborate with us at reafafrica.org.
#UNGA80 #SDG5 #FinancialInclusion