As the world marks Women’s Month, Desideria Mwegelo, Head of Corporate, Commercial and Business Banking (CABM) for Tanzania and Head of CIB Marketing for Africa at Standard Chartered, has called for urgent and sustained action to unlock the full economic potential of women entrepreneurs across East Africa.
Mwegelo emphasised that women are not merely participants but the backbone of the East African economy. In Tanzania and Kenya, they own a significant share of micro, small and medium-sized enterprises (MSMEs) and constitute the majority of the agricultural workforce, sustaining households, driving informal trade, and anchoring community resilience.
Despite their substantial contribution to GDP, women-led businesses continue to face deep structural barriers, including limited access to land ownership, formal finance, education, and business training. These challenges suppress both individual potential and broader regional economic growth.
“Closing the gender financing gap is not just a matter of equity — it is an economic imperative,” said Mwegelo.
Recent research highlights a financing gap of approximately US$1.7 billion for women-led businesses in East Africa. Bridging this gap demands a more inclusive financial ecosystem with tailored solutions that address the unique realities of women entrepreneurs.
Mwegelo noted that positive momentum is building, with development finance institutions and private sector players aligning efforts through targeted trade finance programmes and gender-focused funding lines. These initiatives are helping women-led businesses transition from survival mode to sustainable scale.
Capacity-building programmes are equally critical. Standard Chartered is playing a leading role through its foundation-led initiatives and strategic partnerships. The bank’s Ready for Inclusive Sustainable Employment and Entrepreneurship (RISE/E) programme equips young women with essential skills, mentorship, and structured pathways to employment and entrepreneurship.
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Complementing this is the Wazo Bora Pitch Challenge, which provides training, mentorship, and catalytic funding for women — including those with disabilities — enabling them to transform business ideas into viable, growth-oriented enterprises.
“True empowerment goes beyond access to finance,” Mwegelo stated. “It requires strengthening the entire ecosystem — skills development, networks, and clear pathways to opportunity.”
According to Mwegelo, expanding women’s participation in entrepreneurship could add between 2.5 to 4.5 percentage points to annual GDP growth in the region, significantly accelerating East Africa’s trajectory toward inclusive and sustainable development.
She called on financial institutions, policymakers, and development partners to collaborate more effectively in dismantling systemic barriers by rethinking credit models, investing in skills development, and strengthening market linkages for women-led enterprises.
“When women are fully enabled to participate in the economy, the benefits cascade across households, communities, and entire nations,” she added.
Mwegelo concluded that East Africa’s growth story is already being written by women, and the next chapter must focus on equipping them with the capital, tools, and support needed to scale their impact
