Africa led the 2020 Mastercard Index for Women Entrepreneurs having the highest percentage of female business owners in the world. . Uganda leading with 39.6%, closely followed by Botswana at 38.5% and Ghana at the 3rd position with 36.5%. This report points to a strong inclination of women from less developed countries to engage in early-stage entrepreneurial activity as compared to men and most of their global peers.
Now in its fourth year, the MIWE highlights the vast socio-economic contribution of women entrepreneurs around the world and provides insights on the factors driving and inhibiting their advancement. The results also point to a strong representation of women business owners in Malawi, Angola, and Nigeria, despite the economic and social challenges facing their entrepreneurial ecosystems. According to the report, the high scores are spurred by a low fear of business failure, an absence of alternative income sources, and an eager commitment to contribute to their communities.
Despite the strain posed by the pandemic on many small businesses, most women-owned businesses showed significant growth from 2019. The pandemic also presents new business opportunities, and an opening for more of of these pre-existing businesses to scale up in terms of online shopping and services, ensuring access to technology or digital solutions, affordable data and modern trade resources will empower more women to succeed in business.