Despite the rapid growth in the tech industry in Africa, there’s still a big problem – not enough women are involved, and funding opportunities for women-led startups are limited. Few women start their businesses, lead projects, or help others succeed. The funding gap for women in tech is a global issue, affecting even developed markets. A recent report indicates that all female-led startups in the US secured a mere 2.8% share of the total investment pie in 2019, amounting to $3.3 billion. African American women face an even wider gap, receiving just 0.2% of overall funding – a mere $6 for every $1 million invested.
In the UK, the picture is also bleak. Only 1% of venture funding goes to all-female founding teams. A 2019 report by the British Business Bank reveals that for every £1 VC investment, all-female teams receive less than 1 penny (1p), while men receive 89 pence (89p). “Venture capital investment in start-ups with female founders is increasing, but progress is slow. At current rates, for all-female teams to reach even 10% of all deals will take more than 25 years (until 2045),” the report highlights.
Despite the challenges mitigating female founders globally, more women are using technology to solve pressing challenges in Africa. Here is a list of four female founders revolutionising the African tech scene:
- Odunayo Eweniyi, PiggyVest.
Odunayo Eweniyi is a Nigerian technopreneur, investor, and co-founder. She is the Chief Operations Officer (COO) of PiggyVest, a leading fintech platform for savings and micro-investments she launched in 2016 with Somto Ifezue. PiggyVest aims to make financial services accessible to all, with over 60% of its users being millennials. Odunayo empowers low-to-middle-income savers in Nigeria to build a more secure financial future through this platform.
In January 2021, she co-founded First Check Africa, an investment fund dedicated to supporting early-stage tech startups led by women. First Check Africa provides initial funding to female-founded startups, reflecting her commitment to championing female entrepreneurs from the outset.
Odunayo also serves on the board of Village Capital, a venture capital firm that connects early-stage entrepreneurs with the resources and networks needed for success. Her efforts at PiggyVest have significantly advanced financial inclusion in Nigeria, particularly for young people, and have inspired a new wave of women in technology and entrepreneurship.
- Rebecca Enonchong, AppsTech.
Rebecca Enonchong, a Cameroonian-born entrepreneur and tech innovator, is the Founder and CEO of AppsTech. This leading company builds software that powers businesses, including Oracle ERP, CRM, and cloud services.
She founded AppsTech in 1999 to address the need for technology solutions that cater to the unique needs of businesses in Africa and emerging markets. She aimed to provide affordable, innovative, and reliable software solutions to help organisations grow and succeed.
She is also a co-founder of the African Business Angel Network (ABAN), a pan-African non-profit organisation that aims to support early-stage investors across the continent. By connecting and supporting these investors, ABAN helps to inspire them to believe in Africa’s potential and invest in its future.
- Judy Njogu Mokaya, VunaPay.
Judy Njogu Mokaya is a Kenyan entrepreneur, technology expert, and founder of VunaPay- a cutting-edge fintech company that provides management solutions to small-holder farmers in Africa. VunaPay is revolutionising the agricultural sector by digitising the remuneration system for farmers in East Africa’s cooperative societies.
In an interview with Kenyan Wall Street, Mokaya noted, “60% of Kenyans owe their bread and butter to agriculture and yet our small-holder farmers are struggling. If I was going to do anything that would make the most impact, it had to do with these small-holder farmers.” Makoya aims to address the inefficiencies in the small-holder farming sector, which accounts for 30% of the nation’s GDP but generates little value for farmers.
- Chineye Ochem, Tyms Africa.
Chineye Ochem is a Nigerian entrepreneur, technology expert, co-founder, and Chief Operating Officer (COO) of Tyms Africa. She is dedicated to delivering accessible and affordable technology solutions across the continent. Before joining Tyms Africa, Ochem established a successful career as a chartered accountant, working with top firms like PWC Nigeria and BDO USA. With six years of experience in accounting, auditing, and financial accounting, she understands what drives business growth.
Chineye leverages her expertise in technology and business to build Tyms Africa from scratch alongside her co-founder and CEO, Ibrahim Adepoju. They have successfully assembled a team of skilled professionals, secured funding, and established partnerships with key stakeholders to drive the company’s growth. They started Tyms Africa to address the need for accessible and affordable technology solutions in Africa, particularly for small and medium-sized enterprises (SMEs).
