Bridging the funding gap for women-led businesses

As the world celebrates International Women's Month in March, the focus on inclusion and empowerment for women-led businesses has become more crucial than ever. CNBC Africa had the opportunity to speak with Iris Irumba, the Founder and CEO of Lead Access Limited, during the inaugural Women Leadership Summit in Kigali. Through this summit, Lead Access aims to empower women not just during Women's History Month in March but every day of the year. The organization's primary goal is to celebrate and empower women across Africa, particularly in Rwanda, who are excelling in various sectors. Lead Access focuses on boosting leadership skills in entrepreneurs, professionals, and students, with a significant 89% of their clients being women. The company identified a specific need to empower women, boost their confidence, and create a platform for conversations around women empowerment and leadership. Irumba emphasized the importance of women realizing their value, gaining confidence, and actively pursuing leadership positions. She acknowledged that despite various empowerment initiatives, women often hold themselves back due to lack of confidence. Lead Access aims to inspire women to recognize their potential and believe in their capabilities. The organization celebrates women across 15 sectors as exemplary leaders to inspire others to pursue leadership roles. One of the key challenges highlighted in the conversation was the lack of access to finance for women-led startups and businesses, particularly in the agriculture and finance sectors. Irumba stressed that women often lack information about available opportunities and struggle to secure funding despite their presence in business. She emphasized the importance of identifying organizations and partners that focus on empowering women, such as the Massacar Foundation, which targets at least 70% of its beneficiaries to be women. The foundation collaborates with partners like Agra, BP, ESP, BPN, and AFR to support women entrepreneurs, especially those who face challenges like a lack of collateral, including single mothers and rural women. Additionally, the focus extends to marginalized groups such as handicapped women and refugees who are often overlooked in funding conversations. Looking ahead to 2024, Irumba highlighted the progress made in women empowerment but emphasized the need to continue building on the foundation laid by past women leaders. She urged current women leaders to mentor and support others on their leadership journey, emphasizing the importance of giving back to the community and uplifting those who are striving for success.