A recent report has shown that although more Kenyan women are stepping into entrepreneurship and running businesses, many of these businesses struggle to survive and expand.
According to a report by Mastercard, 93 percent of Kenyan women—equivalent to nine out of every ten—either own or consider starting a business. This is significantly higher than the regional average of 51 percent in Eastern Europe, the Middle East, and Africa (EEMEA), where fewer women identify as entrepreneurs.
Despite this strong entrepreneurial spirit, Kenyan women-owned businesses face more difficulties staying afloat compared to those in other countries. The report highlights several key challenges that hinder their success, with lack of funding being the biggest obstacle, affecting 53 percent of women entrepreneurs.
Other major barriers include limited financial resources, which impact 44 percent of women, and difficulties in securing startup capital, affecting 34 percent. Many women also struggle with scaling their businesses, with 47 percent unsure how to expand effectively. Additionally, 41 percent of Kenyan women entrepreneurs lack the knowledge to create a proper business plan, a figure higher than the 31 percent regional average in EEMEA.
Although many Kenyan women are eager to start and grow businesses, the report emphasizes the need for structured support, mentorship, and training programs to help them succeed.
During the report’s launch, Selin Bahadirli, Executive Vice President of Services for EEMEA at Mastercard, stressed the importance of empowering Kenyan women entrepreneurs. She noted that with access to the right financial tools, mentorship, and digital resources, women could unlock new business opportunities, drive innovation, and significantly contribute to the country’s economic growth.
Women who participated in the survey pointed out that mentorship, networking opportunities, business training, and better access to grants are essential for their businesses to thrive.
The findings come at a time when President William Ruto has promised to improve financial support for women-led businesses. Speaking during the International Women’s Day celebrations on March 8, Ruto announced plans to enhance the Women Enterprise Fund in 2024. He acknowledged that Kenyan women have actively utilized development funds and pledged to introduce changes to make financial assistance more accessible.
Beyond business ownership, many Kenyan women are also engaging in side hustles to supplement their income. The report found that 76 percent of women participate in income-generating activities outside their main jobs, demonstrating a strong entrepreneurial mindset across different generations.
The research further revealed that financial independence, flexible working hours, and the pursuit of personal goals are the key factors motivating Kenyan women to venture into business. These findings highlight the resilience and determination of women entrepreneurs in Kenya, despite the numerous challenges they face.
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