Innovative Financing Empowering Women Entrepreneurs in The Gambia
Written by: Awa Jagne, UNCDF
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In many LDCs, women are less likely to trust financial services and use redress mechanisms because of a lack of knowledge and skills. This, combined with inadequate support and financing for women-owned micro, small and medium enterprises (MSMEs) constrain their ability to grow their businesses and achieve economic independence.
To address these challenges in The Gambia, the UN Capital Development Fund (UNCDF) partnered with the Ministry of Gender, Children and Social Welfare (MoGCSW), to strengthen the ministry's capacity to implement innovative financing solutions that have the potential to empower women. The partnership entailed technical assistance and financial support provided as part of the Jobs, Skills and Finance (JSF) Programme for women and youth, funded by the European Union (EU).
Considered a precursor within the country, the partnership and its activities aligned with the vision behind the Women Enterprise Fund (WEF) managed by MoGCSW to create nationally owned structures and digital solutions that contribute to the empowerment of women entrepreneurs in The Gambia.
The collaboration between UNCDF and the Ministry unfolded around three objectives.
Enhancing Capacity Building for Gender Mainstreaming and Innovative Solutions
The first objective focused on enhancing capacity building at multiple levels for mainstreaming gender and the effective implementation of innovative technological solutions. This approach aimed to support existing strategies and ensure the successful integration of gender perspectives across various sectors. As part of this effort, UNCDF provided support for the development of strategies for credit guarantees, women’s bank and digital solutions. To strengthen the knowledge and skills of the ministry’s workforce, a comprehensive two-week training on financial literacy, the WEF processes, and objectives was organized for the entire ministry workforce. Additionally, a thorough review exercise was conducted in collaboration with UNCDF to enhance administrative documentation, including strategic manuals and processes related to the WEF. These capacity-building measures aimed to empower the ministry and its stakeholders to implement gender-responsive and innovative solutions for women in The Gambia.
Building Financial Access and Resilience of Women
UNCDF provided support in various areas, including financial literacy activities for women about credit and savings; the selection and onboarding of financial service providers for women's enrolment and account opening; and financing projects that promote climate change adaptation in vulnerable communities. Recognizing that the Women Enterprise Fund (WEF) aims to provide loans to women entrepreneurs for one year, it was crucial to extend financial literacy to the beneficiaries. This ensured that women were equipped with the necessary knowledge and tools to effectively utilize the funds and save for loan repayment. Beneficiaries and stakeholders participating in the WEF program received training on financial planning, savings, loans, bookkeeping, and risk management, facilitating proper financial management. Starting in June 2022, this countrywide financial literacy exercise, conducted in collaboration with the ministry, provided financial education to 30,000 women as of December 2022.
Piloting Solutions for Financial Access and Resilience of Women
During the final phase of the project in March 2023, the focus was on piloting solutions to enhance the financial access and resilience of women. As part of that objective, the UNCDF, together with the Ministry, developed a comprehensive database to serve as a monitoring and evaluation tool for the entire program. The centralized database provides an overview of the programme to effectively monitor the beneficiaries' progress within the programme and their loan repayments.
UNCDF also developed two applications to support women's financial empowerment. The first is a digital application specifically designed to provide financial literacy resources. This user-friendly platform incorporates voice and images to cater to diverse learning needs. The second application is a women's app that offers a wealth of information about women's health, including the nearest women's hospital, resources for gender-based violence support, and helpline services. Moreover, the app includes modules on entrepreneurship and financial literacy, aimed at enhancing the capacity of women entrepreneurs in The Gambia.
As the program approaches its final months, the ministry remains committed to pursuing the activities and reaching out to more women. The WEF will continue to prioritize women's issues, aligning with the objectives of Sustainable Development Goal #5 (SDG 5) on Gender Equality. By sustaining the different activities, the WEF aims to create a lasting impact and contribute to the advancement of women and youth in The Gambia, ensuring a more inclusive and equitable society.
For more on this partnership and JSF Programme read:
- Afrijula - A Digital Tool Empowering Entrepreneurs in The Gambia
- From saving under a pillow to savings in a mobile wallet in the Gambia
- Sulayman's Journey towards Financial Inclusion and Growth