According to the World Bank’s Global Findex Database 2021, the gap in access to financial services between men and women dropped to 4 percentage points for the first time in the past decade. Worldwide, 78% of men now have an account, compared to 74% of women. The gap is more significant in developing economies at six percentage points (74% of men with an account compared to 68% of women). Despite this general trend toward narrowing gender gaps in developing economies, barriers such as a lack of identification or a mobile phone, distance from a bank branch, and low financial capability continue to hamper women’s ability to participate in the formal financial system. These barriers may also contribute to women’s low financial resilience, meaning they need help to quickly come up with money to deal with an emergency within 30 days. This lack of economic access hinders women’s ability to start, grow, and sustain businesses. That’s where Ifeoma Uddoh, a visionary entrepreneur and founder of Shecluded, comes in. Shecluded is a fintech startup that makes loans accessible to female-led businesses.
Ifeoma Uddoh’s Shecluded bridges the financial gaps for women entrepreneurs in Africa
Women entrepreneurs in Africa often face a hidden hurdle when seeking loans or credit lines: the fear of rejection. Many assume their applications will be denied, so they don’t try. For example, 6.5% of African women-led businesses didn’t apply for loans due to fear of rejection, compared to just 3.5% of men-led companies. This fear prevents women from accessing the funds to grow businesses, create jobs, and contribute to their communities.
In Nigeria, 24.5 million young people (18-35) struggle to find decent employment. Women face even more obstacles due to early family responsibilities and limited education. However, Ifeoma Uddoh has successfully created a platform to support female entrepreneurs by leveraging her industrial mathematics and management science background.
“The best way to predict the future is to create it.” – Peter Drucker, Austrian American Philosopher.
Founded in 2019, Shecluded has grown into a community of over 200,000 women, providing access to financial services and resources. This growth is a testament to the increasing support for women’s economic empowerment and encourages more women to join this community.
Shecluded: Affordable loan options for female entrepreneurs
The fintech startup offers loans with highly competitive single-digit interest rates, ranging from 2.9% to 4%, depending on the investment amount. This affordable credit option empowers women entrepreneurs by providing them with accessible financial resources to grow and expand their businesses.
Programs and Initiatives: empowering women to succeed
- Dream to Business Incubator Program: This program revolutionises the entrepreneurial landscape for women by providing the tools, guidance, and resources to turn dreams into thriving businesses.
- FINWOMEN Project: This initiative addresses youth unemployment by providing 1,000 young women access to financing, financial literacy, and business training.
Charting new horizons: taking the vision global.
Shecluded’s vision is to establish itself as a leading Pan-African brand that supports women’s economic independence and bridges gender financing gaps across Africa. The fintech plans to expand to other countries and eventually enter new markets, including the United States, starting with Nigeria. The goal is to grow the community to 100,000 women and launch a financial literacy learning platform, equipping them with the knowledge and skills needed to succeed.
Impact and Recognition
So far, Shecluded has made significant strides in empowering women financially, deploying over one billion Naira (N1,000,000,000) in loans, launching the Shecluded Hub, and receiving recognition for its impact, including the Google Black Founders Fund and Echoing Green Fellowship.
The Ifeoma Uddoh-led startup is committed to creating a future where women’s financial independence is a reality. By joining this growing community, women can access resources, gain financial literacy, and transform their entrepreneurial dreams into successful businesses.
If you are a woman entrepreneur looking for financial support, visit shecluded.com to learn more about their programs, join the community, and take the first step toward financial independence.
