Women in business to thrive on access to finance: study

Strong supporting conditions such as access to financial services and ease of doing business pave the way for businesses owned by women to progress, according to a study by MasterCard.

These enabling conditions are pivotal in overcoming the two main obstacles -- cultural biases and fewer opportunities -- that discourage women the most from becoming entrepreneurs, according to the study “MasterCard Index of Women Entrepreneurs”.

The index uses 12 indicators and 25 sub-indicators to look at how 54 economies in Asia, Africa, America and Europe differ in terms of the level of women advancement outcomes, knowledge assets and financial access and supporting entrepreneurial factors.

“The prevalence of ambitious, resourceful women should be regarded as a prime business opportunity. As society addresses existing cultural bias, we will do our part to help create those conditions that will strengthen the foundation for personal and economic growth,” said Martina Hund-Mejean, chief financial officer of MasterCard.

Developed markets top the index. The top-ranked countries have the strongest conditions that support women business ownership, a high quality of governance and ease of doing business.

On the other hand, lower-income economies such as Uganda, Bangladesh and Vietnam have some of the highest percentages of women entrepreneurs, driven mostly by necessity as opposed to being inspired by business opportunities.