Investing in women is a strategic imperative for sustainable development

Women in Marigat, Baringo County, joyfully sing while clutching various types of indigenous seeds as they mark International Women's Day on March 8, 2024. [Kipsang Joseph, Standard]

There is often a prevailing notion that empowering women is merely about giving them a seat at the table or a voice to speak. But true empowerment goes far beyond that - it is about providing women with the tools and opportunities to shape their own futures. A key area is financial empowerment as it enables one to experience a better quality of life, to thrive and grow healthy communities.

A common barrier faced by women, especially in developing countries like Kenya, is lack of access to capital to finance businesses. Whereas financial access between men and women narrowed from 8.5 per cent in 2016 to 4.2 per cent in 2021, as per data from the Financial Sector Deepening Kenya, there is still a long way to go in closing the gender gap. Without the financial means to start and grow businesses, women remain constrained in their ability to be economically empowered. This limits their ability to realise their potential and also reduces their agency to determine their quality of life.