Closing the gender finance gap to accelerate Africa’s growth

South Africa’s presidency of the G20 in 2025 and the work of the B20 business engagement group, could not be more timely. Both platforms have placed entrepreneurship and financial inclusion firmly on the agenda, creating a rare opportunity to address systemic barriers facing small businesses. The conclusion of the two-day Standard Bank Top Women Conference 2025 this week was a reminder that visibility matters, but that visibility must now translate into structural change, particularly for women entrepreneurs.

Entrepreneurship is never easy. Accessing finance, building markets, and navigating regulation are hurdles faced by all small and medium-sized businesses. Yet these challenges are often more pronounced for women. From a financial inclusion perspective, women are less active in formalised business activity and face persistent gaps in access to capital compared to men, with the global credit gap for women-owned SMEs estimated at between $1.4 to $1.7 trillion . The needs are highest in Sub-Saharan Africa and East Asia.

Social realities also compound the issue: gender inequality in household and care responsibilities means women entrepreneurs often have to work harder than men to achieve outcomes that come more readily to their male counterparts. The result is that structural barriers weigh more heavily on women, even though they are addressing the same set of entrepreneurial challenges.

High collateral requirements, limited credit histories and persistent informality mean many women are unable to access affordable finance or integrate into supply chains. This is a social equity issue and an economic constraint that holds back growth, job creation, and competitiveness.

The B20’s Finance & Infrastructure Task Force, co-chaired by our Group Chief Executive, Sim Tshabalala, has emphasised the following reforms that could materially improve access to capital for women-led enterprises (B20 SA Recommendations):

• Blended finance and guarantee schemes to de-risk SME lending.
• Early-stage project preparation facilities to make businesses investment-ready.
• Public–private partnerships to broaden financing options and market entry.
• KPIs and accountability measures to ensure inclusion commitments are monitored.

These priorities echo what we see through Standard Bank’s Enterprise and Supplier Development (ESD) programme. Over the past year, ESD has supported thousands of jobs, channelled funding to black-owned SMEs, and delivered targeted interventions for women entrepreneurs. Initiatives such as the Basali Development Programme have equipped women business owners with skills development and grant funding. Outcomes, detailed in our 2024 Report to Society, show that when women entrepreneurs access finance, skills and markets, they reinvest in families, communities and future growth.

Research shows women entrepreneurs are less likely to default on loans than men, and that their reinvestment patterns amplify the developmental return on capital. Closing the gender finance gap would therefore unlock new growth markets, diversify supply chains, and accelerate Africa’s integration into global trade.

The risk is inertia. Conferences and communiqués create visibility, but without measurable implementation, structural barriers will persist. This is why the B20’s focus on KPIs is critical. Policymakers, financiers and corporates must now move beyond intent to action.

South Africa’s G20 presidency provides a rare chance to embed women’s financial inclusion into global economic policy. Beyond the rhetorical, this task is practical as it adjusts risk models, reform procurement, scale blended finance and measure outcomes. Not if, but when we succeed, the continent will empower its women entrepreneurs and strengthen its competitiveness in global markets.