A new report has revealed that while more Kenyan women are venturing and owning businesses, their businesses struggle to remain sustainable and grow.
In the report by Mastercard, 93 per cent of Kenyan women with nine in every ten women consider starting or running their own businesses far higher than the regional average of 51 per cent who are likely to consider themselves entrepreneurs across Eastern Europe, the Middle East, and Africa (EEMEA).
However, these businesses struggle to stay afloat compared to the businesses in other countries. According to the report, Kenyan women in businesses are faced with a myriad of challenges including lack of funding being the biggest reason, representing 53 per cent.
Other challenges are a lack of financial resources at 44 per cent and the difficulty in securing startup capital at 34 per cent.
Many women also struggle with building sustainable businesses, with 47 per cent unsure of how to scale. Four in 10 women representing 41 per cent also lack the know-how to develop a business plan.
This is a figure higher than the EEMEA average of 31 per cent.
While Kenyan women are ambitious and want to own and venture into businesses, the report highlighted the need for structured support, mentorship, and training.
While launching the report, Selin Bahadirli, executive vice president of services for Eastern Europe, Middle East, and Africa (EEMEA) at Mastercard, expressed the need for Kenyan women to be supported so that the country can have more women-led businesses that are thriving.
"With access to the right financial tools, mentorship, and digital resources, women entrepreneurs can unlock new business opportunities, drive innovation, and contribute significantly to economic development," Bahadirli revealed.
Women who partook in the survey revealed that for businesses to thrive they needed mentorship and support through interparental networks, business plan training, and increased access to grants.
These reports come even after President William Ruto had promised to improve women's funding in 2024. Speaking during the Women's International Celebrations on March 8, Ruto promised to effect changes to the Women Enterprise Fund, to support the women who have been particularly active in the uptake of development funds.
Apart from owning businesses, more Kenyan women are also venturing into side hustles with 76 per cent of women engaged in income-generating activities outside their main job, highlighting a strong entrepreneurial drive across all generations.
The new research revealed that Kenyan women are driven by the fact that they want financial independence, flexible working hours, and are in pursuit of personal dreams.
