Women’s economic empowerment is not just a pressing issue; it’s urgent. Despite some progress, the fact that one in every ten women still lives in extreme poverty is a stark reminder of the work that needs to be done. If current trends continue, a staggering 342.4 million women and girls will remain in poverty by 2030. The gender gap in labour force participation, which has persisted at 30% since 1990, is another alarming statistic. In 2022, women’s labour force participation rate was 61.4%, compared to 90.6% for men.
Also, women are disproportionately represented in informal and vulnerable employment, with nearly 60% of women’s employment globally in the informal economy. They face a gender wage gap of 20%, earning 80% of what men earn. Additionally, women are less likely to be entrepreneurs, with women’s start-up activity in 2022 at 10.1%, or 80% of the rate of men. These challenges are particularly pronounced in Africa, with women facing limited access to social protection, financial services, and economic opportunities.
Innovative solutions and programs are needed to address these issues, support women’s economic empowerment, and bridge the gender gap. The Enterprise, Growth, and Opportunities (EGO) Foundation, a non-profit founded by Toluwase Olaniyan, is working to bridge the poverty gap and foster financial stability for women in Africa.
Since its inception in 2018, EGO has focused on enterprise development, technology education, skill development, and collaborations, with a significant emphasis on women and youth. Its mission is to promote shared prosperity amongst women and youth in underserved communities by supporting 3 million people out of poverty by 2025.
SheEnabled is a financial and digital inclusion project designed to empower women in business to improve their trade, showcase their businesses on digital platforms, upgrade their business bookkeeping skills, and connect them to business advisors and global funding opportunities.
Through SheEnabled, the EGO Foundation has implemented various innovative approaches and strategies to address the gender gap in economic opportunities and resources. In Lagos, the program featured a seven-day event with artisan cluster engagements, access to funding engagement by the Lagos State Employment Trust Fund (LSETF), and a one-day in-house training session covering bookkeeping, financial inclusion, digital literacy, and savings for investment. SheEnabled has recently empowered over 1,000 women-owned Micro, Small, and Medium Enterprises (MSMEs) in Orile Iganmu, Lagos.
Building on this success, SheEnabled expanded to Osogbo and Akure, offering practical, hands-on training sessions to about 4000 women. These sessions covered financial literacy, including budgeting, financial planning, effective money management, essential technological skills, and leveraging digital tools for marketing, sales, and business operations. The program also introduced a community loan scheme with a strong focus on sustainability, enabling beneficiaries to actively engage in loan rotation, democratize access to the community’s financial resources, and prioritize sustainable development initiatives.
SheEnabled’s impact is not just theoretical; it’s tangible. The program has partnered with local entities like Access Bank to provide comprehensive financial inclusion and literacy initiatives, effectively tackling poverty and gender inequality. The success stories of its participants, like Kolawole Oluwatoyin, a fish farmer from Egbeda, testify to the program’s effectiveness. Kolawole shared her experience: “I have learned how I can use digital marketing to take my business internationally, how to access credit facilities on personal terms and conditions and insure my business.” This testimonial is just one of many that highlight the transformative impact of SheEnabled in empowering women to scale their businesses and access new opportunities.
By addressing the gender gap in economic opportunities and resources, Toluwase Olaniyan is using SheEnabled to empower women to thrive in the entrepreneurial landscape and contribute to a more inclusive and prosperous economy.
