Africa: Empowering Women in Finance: 5 African Fintechs Led by Women Breaking Barriers

Fintech has become a potent force in advancing financial services and bridging the gender gap in financial inclusion. In Africa, where the prominence of Fintech is on the rise, several women-owned startups are playing a pivotal role in providing women access to crucial financial services and resources.

On this International Women’s Day, March 7th, 2024, it is imperative to recognize and celebrate the achievements of these five women-owned African fintech startups that are actively working towards bridging the gender gap in financial inclusion and empowering women-led enterprises.

1. Herconomy: Founded by Ife Durosimi-Etti, Herconomy is Nigeria’s first fintech company dedicated to empowering female entrepreneurs and professionals through financial services, capacity building, community, and opportunities. Starting as a community for women to access opportunities and grants, Herconomy has evolved into a paid community of 1,500 members, focusing on empowering women to take control of their finances and secure their financial future through savings. The mission is to create a better economic future for women and women-owned businesses.
2. Hervest: Solape Akinpelu founded Hervest in 2019, a fintech company providing inclusive finance to African women through goal-oriented savings, impact investing, and credit options for smallholder women farmers and women-led SMEs. With over 40,000 users, Hervest offers familiar access to savings, fund transfers, impact investment, financial insights, and tools to underserved women. The platform aims to invest in female farmers, providing growth opportunities and financial literacy to small-scale farmers in rural areas.
3. Regxta: Founded by Rukayat Kolawole, Regxta is a digital bank designed for millions of underserved Africans, inspired by the vision to provide financial support to micro-business owners. The platform helps micro-businesses access financial support, including savings, loans, business incorporation, and data reporting. Beyond lending, Regxta’s vision expands to digital wallets, savings, payment solutions, micro-insurance, pensions, health services, and mortgages. The app is powered by advanced data science and AI, offering instant underwriting and loan disbursement.
4. SheCluded: Ifeoma Uddoh, a social entrepreneur passionate about women’s empowerment, founded Shecluded. This female-focused fintech company aims to enhance the influence and financial strength of women beyond Africa. Shecluded provides financial services such as growth loans and insurance to female entrepreneurs in various sectors. With a community of over 20,000 female entrepreneurs, Shecluded is committed to bridging the inequality gap by offering equal opportunities and a level-playing field for women in business.
5. Mighty Fin: Mighty Fin, operating in Zambia, is a tech-enabled business offering secured loans to small businesses and individuals. Focused on digital financial inclusion for women-owned and women-led businesses, Mighty Fin simplifies the loan application process through technology. The startup is dedicated to revolutionizing the way SMEs access and manage finances, providing inclusive financial solutions to empower businesses.

This International Women’s Day, these fintech pioneers showcase the transformative power of technology in advancing financial inclusion and empowering women across Africa. Their innovative solutions break barriers and create opportunities for women to thrive in the financial landscape.