Bridging the gap between women entrepreneurs and financial institutions

Jacqueline Darko launched her food business in 2020, funding it entirely from her savings. Her vision was ambitious: to connect smallholder farmers with consumers, creating a positive impact on local communities. However, her plans were quickly disrupted by pandemic lockdowns that strained cash flow and left her struggling to secure investment. However, this setback did not stop her entrepreneurship dream. “I took the previous attempt as a gathering of experience,” she said at a Business-to-Business (B2B) meeting organized by FAO. With newfound knowledge from two years of training and capacity building, Jacqueline started a shea butter skincare business, aiming to capitalize on the high demand for shea butter. Once again funding the business from her own savings, she faced a familiar obstacle—limited access to financing. Traditional financial institutions were hesitant to invest in a small, women-led startup.

Charlotte Tay, a cosmetics entrepreneur specializing in natural soap products, encountered similar hurdles. “I was rejected by banks because I couldn’t provide formal audit reports that met their bookkeeping requirements,” she explained. “Without access to financing, it’s hard to scale up and approach larger retailers or supermarkets.”  This constraint is widely experienced among small and medium enterprises (SMEs) in Sub-Saharan Africa, particularly women-led businesses in the agrifood sector. Despite women comprising over 90% of Africa’s informal labor force (FAO, 2021) and playing a vital role in agriculture, financial institutions often view them as high-risk borrowers. Like Jacqueline and Charlotte, “women often face barriers in accessing the financial resources necessary to scale their businesses and tap into broader market opportunities, including those created by the African Continental Free Trade Area (AfCFTA),” said Bethel Terefe, Senior Gender Expert in the FAO Regional Office for Africa.

Linking resources and opportunities

On December 11–12, 2024, Jacqueline and Charlotte joined other women entrepreneurs at the B2B Meeting in FAO Regional Office for Africa. The meeting aimed to connect women-led enterprises with financial institutions, allowing these women to gain insights into the gender-sensitive financial services and products provided by banks. Additionally, it offered them the opportunity to present their business plans and explore potential financing options. The meeting marks another milestone in FAO’s ongoing efforts to empower women-led businesses and foster inclusive growth in the African agri-food sector. Building on the success of the Empowering Women in Agriculture Trade (EWAT) programme, FAO aims to continue supporting women entrepreneurs by enhancing their investment readiness and strengthening their business plans.

“Through FAO’s training, I learned how to improve bookkeeping and the importance of branding,” Jacqueline shared. She revamped her shea butter packaging, opting for lightweight designs that highlighted her brand’s vision. Over two years, FAO has equipped women like Jacqueline with skills in marketing, financial management, and business strategy. They have improved their knowledge base to a point where investment is now the next necessary step to advance, scale up, and grow to reach regional markets, such as the African Continental Free Trade Area (AfCFTA).
Also attending the B2B meeting were the representatives from 5 major financial institutions in Ghana. “The goal is to remove all barriers for women entrepreneurs in the agrifood system,” said Prince Oppong, FAO Agribusiness and Access to Finance specialist. “To achieve this, we need to match the supply and demand sides of finance.” On the demand side, women entrepreneurs often struggle with a lack of collateral, high interest rates, and limited financial knowledge. For financial institutions, the challenge lies in understanding the unique needs of women-led businesses. By facilitating direct engagement, Prince said the B2B meeting would bridge these gaps, creating a platform where women could pitch their ideas and receive feedback. This approach aligns with FAO’s broader mission to foster inclusive growth and empower women entrepreneurs in Africa’s agrifood systems.


Mutually beneficial results for entrepreneurs and financial institutions

Fidelity Bank was among the financial institutions participating in the meeting. “This is one of the best women groups we’ve ever met!” said Daniel Amankwah, a Fidelity Bank representative. Fidelity’s “Impact Lending” program focuses on businesses that engage smallholder farmers, promote financial inclusion, and empower women, youth, and people with disabilities. Amankwah noted the potential for impact in the pitches presented by the entrepreneurs and encouraged them to refine their business plans and storytelling skills. 


Sarah Annam from Pan-Africa Savings and Loans echoed this sentiment. “This meeting bridges the knowledge gap between financial institutions and these amazing women entrepreneurs,” she said. As the gender program head of “Mama,” Annam emphasized the importance of addressing women’s unique needs and aspirations. “We look at their fears, dreams, and plans, and we walk the journey with them,” she added.  Other institutions, including Absa Bank, Access Bank, and Zenith Bank, also expressed enthusiasm for FAO’s initiative. They voiced interest in attending future meetings to connect with more women entrepreneurs in agrifood sector. 


For entrepreneurs like Jacqueline, the meeting offered hope and tangible opportunities. “Pan-Africa Savings and Loans has a package that suits me,” she said. “They provide small loans for small businesses. I also gained valuable advice from other banks, which will be useful as my business grows.”  For financial institutions, this meeting offers a dual benefit: supporting women-led enterprises with tailored financial products and identifying strong, local businesses with growth potential that align with their investment priorities. This collaboration not only drives inclusive growth but also strengthens the agrifood systems that underpin Ghana's food security and economic development.


FAO’s Regional Office for Africa will continue its efforts to empower women agripreneurs and help them seize new trade opportunities. The B2B meeting was organized by FAO in collaboration with the International Trade Centre (ITC), reaffirming FAO’s commitment to empowering women in agrifood systems and driving sustainable development in Africa.  Learn more about FAO’s gender integration initiatives here.