Facilitating Digital Trade for Women Cross-Border Traders in West Africa

The New Faces New Voices Nigeria (NFNV-NIGERIA), with support from United Parcel Service (UPS), recently hosted a one-day regional conference on the Prospects of Digital Financial Inclusion in Women Cross Border Trade (DFI-WCBT), in Lagos, Nigeria, to empower West African women cross-border traders with knowledge and skills to thrive in the digital age.

The New Faces New Voices (NFNV) is a women in finance network under the Graça Machel Trust (GMT) dedicated to amplifying the role and influence of women in Africa’s financial landscape. In the same vein, NFNV-NIGERIA comprises a dynamic network of business and finance professionals committed to catalyzing transformation within Nigeria and West Africa’s financial sector.

GMT is a pan-African advocacy organization dedicated to promoting women’s economic and social advancement, which has been at the forefront of initiatives aimed at empowering African women entrepreneurs. With a presence in about 18 countries across Africa, GMT has built critical networks and partnerships that drive transformation in key sectors critical to Africa’s economic growth and development.

To this end, NFNV-NIGERIA believes in the potential of technology and digital innovation in effectively bridging societal divides and driving financial inclusion. Thus, it continually explores innovative solutions that promote financial inclusion and empowerment among women traders and gather insights from the real-life experiences of women involved in cross-border trade.

Themed: “Digital Financial Inclusion and Women Cross Border Trade (DFI-WCBT) in West Africa: Prospects and Strategies”, the one-day NFNV Nigeria regional conference sought to equip women in cross-border trade with the necessary tools, resources, and knowledge to thrive in the digital age across digital financial literacy, digital payments, trade logistics, market information, among other non-financial challenges.

Mrs. Aishatu Debola Aminu, the Country Director of NFNV-Nigeria, while welcoming the conference delegates, underscored the critical importance of addressing the diverse barriers hindering the economic prosperity of women entrepreneurs in West Africa, accentuating the indispensable role of women in driving cross-border trade and the urgent need for tailored strategies to support their endeavours.

Mrs Aminu identified inadequate infrastructure, cumbersome customs procedures, and harassment as major barriers for women-cross border traders, alongside other diverse and complex roadblocks associated with cross-border trade. She pointed out the fact that COVID-19 had further exacerbated these pre-existing challenges, underscoring the urgent need for innovative solutions to support women entrepreneurs navigating the evolving landscape of cross-border trade in the region.

“Through targeted interventions and strategic partnerships, we aim to equip women entrepreneurs with the tools, resources, and knowledge they need to thrive in the digital age. From capacity-building initiatives to leveraging digital technologies for financial inclusion, no other financial institution can relate with the collaboration and action, we, as NFNV-NIGERIA want to achieve from this convening than the Pan-African Bank – ECOBANK; we sincerely appreciate your acceptance to participate.

“I am filled with optimism about the transformative impact we can collectively achieve. Together, we have the power to break down barriers, foster inclusive growth, and create a more equitable and prosperous future for all. Let us harness the collective wisdom and expertise in this room to drive meaningful change and advance the cause of women’s economic empowerment in West Africa,” Mrs Aminu urged.

In her goodwill message, Ms. Juliet Kimotho, Advocacy Manager at the Graca Machel Trust (GMT), re-echoed the sentiments of Mrs. Aminu, emphasizing the transformative potential of digital financial inclusion for women in cross-border trade. She therefore stressed the importance of leveraging technology and digital innovation to bridge the gender gap in access to financial services and create pathways to economic independence for women entrepreneurs across Africa.

“GMT believes investing in women’s economic empowerment is a catalyst for economic transformation in Africa because empowering women with access to financial resources and opportunities transform them into agents of change who uplift their families, communities and nations. Moreover, digital financial inclusion and cross border trade are essential pillars for achieving gender equality, sustainable development and profitability for women SMEs,” she said.

Kimotho said GMT’s flagship Women’s Leadership for Financial Inclusion and Economic Recovery (WLFI) project, funded by the Bill and Melinda Gates Foundation, had since 2022 been actively building and institutionalizing a collective of women leaders and networks aimed at influencing policy actions that promote inclusive economic recovery in Africa, including empowering women in cross border trade.

“We are keen on facilitating women entrepreneurs to take advantage of trading opportunities such as the African Continental Free Trade Area (AfCFTA), which seeks to enable the free flow of goods and services across the continent and boost the trading position of Africa in the global market. Through the WLFI project, we have hosted leadership webinars on AfCFTA to enhance the understanding of entrepreneurs and women in finance on the benefits of the AfCFTA,” she said.

Kimotho noted that GMT was also entering into a partnership with the African Union Women Gender and Youth Development Directorate (WGYD) to domesticate the African Union Women and Youth Financial and Economic Inclusion Initiative (WYFEI) across the AU’s 55 Member States, leveraging the best practices that GMT’s networks such as NFNV Nigeria have recorded over the years.

Another speaker, Ms Coumba Bah, a gender specialist, emphasized the pivotal role of digital technologies in transforming cross-border trade and driving financial inclusion for women in West Africa. Ms. Bah, therefore, called for strategic partnerships between governments, NGOs, financial institutions and tech companies to develop holistic solutions that address the unique needs of women entrepreneurs.

“It is pertinent that women advocate for gender-inclusive policies by urging policymakers to develop and implement policies that foster a supportive environment for women-led cross-border businesses and promote financial inclusion through digital means,” Ms Bah stated.

Mr. Tilewa Adebajo, an entrepreneurship management expert, highlighted the transformative potential of digital financial inclusion in empowering women engaged in cross-border trade, emphasizing the role of digital financial services in enhancing women’s financial resilience, promoting economic independence and facilitating access to markets and trade opportunities in West Africa. 

“By providing women traders with access to affordable, accessible, and relevant financial services, digital technologies can enhance their economic agency, improve their livelihoods, and contribute to inclusive economic growth and development in the region. To harness the full potential of digital financial inclusion, concerted efforts are needed to address the remaining challenges and promote gender-sensitive policies and initiatives that prioritize the financial inclusion and empowerment of these women.”

The DFI-WCBT regional conference fostered meaningful dialogue on advancing the economic empowerment of women entrepreneurs in West Africa. Stakeholders at the conference believe harnessing the power of technology and fostering strategic partnerships will create an enabling environment for women entrepreneurs to realize their full potential as drivers of economic growth and social development in the region.