By Dickson Omobola, edited by Price Osuagwu

Worried by the limited funds earmarked for female entrepreneurs in Africa, a group of concerned persons, Africa Female Founders Collective, AFFC, has said it would create more opportunities for female-led businesses.

Founder of ElectHer, AFFC, Ibijoke Faborode, stated this after a data insight firm, The Big Deal, reported that startups with solo male founders get 85 per cent of all funding.

While calling for an increase in funds for female entrepreneurs, Faborode said without equal funding opportunities, women in business would not fully showcase their potential.

She said female founders stand a better chance “with investors when they are part of a collective. It is in the collective that they find support, mentorship and other women who keep them accountable and inspire them to achieve more.”

Also speaking, founder of Caring Africa, Blessing Adesiyan, who collaborated with Ibijoke for a ‘Night With Nigerian Female Founders’, explained that although more women are in the market space, they lag when it comes to showing up where investors can find them.

According to Adesiyan, this is because women are primary caregivers, thus while men are seen as providers, “the women have to stay back and take care of the home and other obligations.

For women to take their rightful place in the business, the issue of caring needs to be solved. Women should have support at home, which gives time to pursue their goals and objectives.”

In addition, founder, Moobi Baby, Omotade Alalade, said women-led businesses that are succeeding possess two attributes “two of those attributes are structure and the ability to keep numbers, which are critical when pitching to investors or meeting debt finance institutions for funding.

“Most female founders do not keep their business properly. Alalade says it is not just important to keep records and know the numbers, record keeping must start from the first day the business starts.”