In Kenya, Small and Medium Enterprises (SMEs) play a pivotal role in the economy, accounting for approximately 98% of all businesses. However, one essential element is often overlooked - the significant contribution of women in these SMEs.

According to the World Bank, women-owned SMEs in Kenya contribute about 32% to the country's GDP. Yet, they face unique challenges that hinder their growth potential.

One of the primary obstacles is limited access to finance. A study by the International Finance Corporation (IFC) revealed that only 15% of women-owned SMEs in Kenya have formal access to credit compared to 29% for male-owned businesses.

This disparity can be attributed to various factors, including limited business networks and collateral requirements. However, digital financial solutions are bridging this gap, making it easier for women entrepreneurs to secure loans and manage their finances more efficiently.

For instance, Lipabiz Technologies Ltd offers a comprehensive business management platform and payments solution tailored to SMEs. By leveraging technology, the platform simplifies loan applications, providing equal opportunities for both male and female entrepreneurs.

Another challenge is the lack of mentorship and role models. Mentoring programs can provide valuable guidance, fostering a supportive environment for women to learn from experienced peers. Initiatives such as Mentor Me Program (MMP) and the Young African Leaders Initiative (YALI) are making strides in this regard.

To foster growth in women-owned SMEs, it is essential to address these challenges head-on. Governments, financial institutions, and private sectors must collaborate to provide equal opportunities and resources for all entrepreneurs.

By empowering women in SMEs, we are not only bolstering the economy but also promoting gender equality and social development. It's time for Kenya's business landscape to embrace the power of female entrepreneurs and watch its growth soar.