The African Union, recognizing the critical need to address the financial exclusion of women and youth across the continent, has launched a collaborative initiative to unlock economic opportunities for these marginalized groups. The Women and Youth Financial and Economic Inclusion Initiative (WYFEI 2030), a cornerstone of the African Women’s Decade on Financial and Economic Inclusion 2020-2030, aims to mobilize $100 billion to empower at least 10 million women and youth by 2030. This ambitious goal recognizes that achieving inclusive economic growth requires a fundamental shift in how resources are allocated and policies are designed, placing women and youth at the center of these processes. The initiative highlights the crucial role of the private sector, not as a mere contributor but as a vital partner and co-owner of this transformative agenda.
The WYFEI 2030 initiative goes beyond simply recognizing the problem; it focuses on concrete actions and systemic reforms to achieve tangible results. Its core objectives include designing gender- and youth-responsive financial products and services that cater to the specific needs and challenges faced by these groups. This involves reimagining traditional financial instruments, developing innovative solutions, and ensuring that these services are accessible and affordable. Beyond access to finance, the initiative emphasizes the importance of building robust market infrastructure and data systems that can accurately assess and support the growth of underserved entrepreneurs, making them more attractive to investors. This includes providing technical support and business development services that equip women- and youth-led enterprises with the tools and resources they need to scale and thrive.
A high-level convening, co-organized by the African Union Commission’s Women, Gender, and Youth Directorate, Sterling One Foundation, and supported by GIZ, brought together key public and private sector leaders to advance the WYFEI 2030 goals. This partnership underscores the collaborative nature of the initiative, recognizing that effective solutions require the combined expertise and resources of various stakeholders. The convening served as a platform for dialogue, exploring how the private sector can play a more active role in unlocking capital and creating an enabling environment for women and youth entrepreneurship. The emphasis was not just on financial contributions, but also on sharing expertise, building partnerships, and driving innovation to achieve lasting impact.
The discussions during the convening centered on how to translate commitments into action. Participants explored strategies for mobilizing private capital and creating an investment landscape that is more conducive to inclusive growth. This involved addressing structural barriers that limit access to finance for underserved markets, from the initial stages of deal origination to the collection and analysis of relevant data. The focus was on moving beyond rhetoric and towards shared execution, ensuring that partnerships are structured to reflect the realities of Africa’s investment landscape and address the specific challenges faced by women and youth entrepreneurs.
The urgency of addressing these challenges was highlighted by leaders across both public and private sectors. Prudence Ngwenya, Director of the Women, Gender, and Youth Directorate at the African Union Commission, stressed the imperative for systemic change, advocating for a fundamental shift in resource allocation and policy-making. Olapeju Ibekwe, CEO of Sterling One Foundation, echoed this sentiment, emphasizing the centrality of women and youth to Africa’s economic future and the need for inclusive strategies that reflect this reality. Dr. Tobias Thiel from GIZ underscored the moral and economic imperative of addressing these challenges, calling for bold and decisive action to create a truly equitable playing field.
The high-level meeting also served as a launching pad for initiatives directly aligned with the WYFEI 2030 goals. The EmpowerHer Africa program, introduced by Dr. Nadi Albino of UNICEF, aims to empower 50 million adolescent girls and young women across Africa by providing access to financing, technology, and entrepreneurial resources. This program serves as a tangible example of how the WYFEI 2030 framework can be translated into actionable programs that directly benefit the target population. By fostering the next generation of women leaders and innovators, EmpowerHer Africa contributes directly to the broader goal of unlocking the economic potential of women and youth and driving sustainable and inclusive growth across the continent.
