Female entrepreneurs in developing countries continue to excel in difficult conditions

The second edition of the Mastercard Index of Women Entrepreneurs, released on International Women's Day, revealed that female entrepreneurs in developing countries are thriving despite facing challenging conditions. Mark Elliott, Division President for Mastercard Southern Africa, discussed the key findings of the index in an exclusive interview with CNBC Africa. The index highlighted the resilience, determination, and desire of women in developing nations to provide for their families, shedding light on the important role they play in driving economic growth. In South Africa, women entrepreneurs have improved their global ranking, moving up to 22nd place. This improvement is a testament to the increasing entrepreneurial spirit among women in the country. The index measures various factors that impact women entrepreneurs, such as the availability of opportunities and support systems for their businesses. While discussing the comparison between women entrepreneurs in developing countries and other regions, Elliott pointed out that women in African countries like Uganda and Ghana are more driven by necessity, while women in countries like New Zealand are more opportunity-driven. This distinction in motivators influences the success and growth potential of businesses founded by women in different regions. Elliott emphasized that regardless of the initial driver, sheer determination is a key factor behind the success of women-led businesses. He highlighted the importance of providing support and resources to female entrepreneurs to help them overcome challenges and achieve their full potential. In South Africa, efforts are being made to promote gender equality in entrepreneurship by improving education, financial inclusion, and creating public-private partnerships to support women starting new businesses. While progress has been made, there is still room for improvement in empowering women to take on entrepreneurial roles. Education plays a critical role in shaping the entrepreneurship landscape, with initiatives needed to encourage more women to pursue business opportunities. Elliott shared that only one in five businesses in South Africa is currently led by a woman, indicating the need for initiatives to increase this ratio. Mastercard is actively involved in supporting female entrepreneurs through programs like the back-to-work initiative, which helps women return to the workforce after a career break, and partnerships with organizations like Junior Achievement to empower aspiring entrepreneurs. These efforts aim to foster a more inclusive and supportive environment for women in business, driving economic growth and inspiring future generations of female entrepreneurs.