Samke Mhlongo on the importance of women in wealth creation

A recent survey published by Ipsas revealed that 72% of African women are primarily concerned with financial independence. This statistic underscores the growing desire for economic empowerment among women across the continent. CNBC Africa recently interviewed Samke Mhlongo, the author of Kids Entrepreneurship Workbook, to delve into the importance of women in wealth creation. The conversation highlighted various challenges that women face in their pursuit of financial freedom and underscored the need for inclusive financial solutions. Mhlongo emphasized the significance of leveraging multiple income streams to achieve financial stability and freedom. She also discussed the disparities in financial inclusion between men and women, pointing out the cultural and institutional barriers that hinder women's access to formal banking services. Despite efforts to promote financial inclusivity, women continue to lag behind in financial empowerment. Mhlongo emphasized the importance of redefining wealth creation for African women and breaking traditional barriers to financial independence. She emphasized the need for women to convert their incomes into diversified asset bases to weather economic uncertainties effectively. The conversation also touched on the challenges that women face in accessing favorable lending arrangements from formal financial institutions. Mhlongo called for alternative funding models that recognize diverse forms of collateral beyond physical assets. She highlighted the potential for social influence and brand value as valuable assets in the digital economy. While acknowledging the existing gaps in financial institutions' lending practices, Mhlongo advocated for a paradigm shift towards more inclusive and flexible funding mechanisms. Mhlongo's passion for empowering children through entrepreneurship education was also a focal point of the discussion. She highlighted the lack of targeted efforts to cultivate entrepreneurial skills in young Africans and emphasized the need for support structures in education and the private sector to foster entrepreneurship among children. Mhlongo's advocacy for holistic entrepreneurship education underscores the importance of equipping the next generation with the skills and mindset needed to succeed in a rapidly evolving economic landscape. Overall, the interview with Samke Mhlongo shed light on the multifaceted challenges facing African women in wealth creation and financial inclusion. It underscored the need for concerted efforts to empower women economically and create a more inclusive financial ecosystem that supports their endeavors.