As we saw in our second blog, . Yet, in many West-African countries, long-standing stigmas against the private sector are still big obstacles for women and young people who aspire to become entrepreneurs.
Family support, in particular, remains critical for women’s career choices, and the private sector doesn’t always enjoy a good reputation among parents. “It’s very hard for them [parents] to understand why we want to do this instead of getting a steady government job,” says Binta Ndiaye, MakeSense Africa CEO. “My mother is an entrepreneur, but she did that on top of her regular job and raising a family in France, so it’s not seen as a career in-and-of-itself.”
“Entrepreneurship is inherently risky, so if you don’t have that support and encouragement, or even your family’s blessing to go for it, I can understand that it could be extremely challenging for some women,” says Mariem Kane, founder and president of Mauritania’s incubator Hadina RIMTIC.
Ndiaye for one, though, is not deterred: “It’s up to us to educate them on this potential and to have the resolve to follow-through. If you can convince skeptical parents, you can convince any investor.”
Considering that these incubators are run by women, do they make special efforts to recruit women entrepreneurs?
Lisa Barutel founder and CEO of La Fabrique, acknowledges that even though La Fabrique received a huge response to a recent call for proposals targeting women, far fewer apply to general calls that do not have a specific focus on women entrepreneurship. “Normally we don’t go out looking for candidates, as we can be inundated with applications, but when we noticed this discrepancy, we did launch a program to identify women with potential,” she says.
As we saw in our first post, our six CEOs are very optimistic about incubators and their potential support to their countries’ economic development. You don’t get far in the private sector without being realistic, though, and they cautioned against seeing entrepreneurship as a catch-all remedy to West Africa’s youth unemployment and skills deficit issues.
Across West Africa, it’s very difficult to find a workplace as innovative and diverse as business incubators. Known for their young, energized, and often gender-balanced staff, these organizations are an encouraging indication of what’s in store in the coming decades, as the region presents a younger, more open, and increasingly female workforce to the world.
In francophone West Africa—where there was not a single incubator at the beginning of 2011—six young women are currently leading major incubators, some of which have World Bank Group support.
With backgrounds in computer science, engineering, finance, logistics, project management, and social entrepreneurship, . Given the World Bank Group’s commitment to promoting gender equality, as laid out in the Gender Strategy, our team talked to them to learn more about their work and leadership experience.
Across francophone Africa, incubators are emerging rapidly to support a new generation of young entrepreneurs. Despite their huge potential, however, incubators are just one of many players in a typical entrepreneurial ecosystem. So it is increasingly important that incubators — in addition to allocating the necessary resources, services and funding to worthy start-ups — provide them with a platform to share and transfer knowledge across the ecosystem, not only with each other but also with the investors, research centers and industry experts upon which their businesses will ultimately depend.
As with Impact Hub Bamako, incubators can be part of broader international franchises, while others are anchored by academic, public or private bodies (or some hybrid of the three) and may already be associated with other incubators. Bond’innov, for example, is an incubator that promotes entrepreneurship cooperation between the global North and the South and that is headquartered in Paris and located on-campus with the Institute for Development Research, a large multidisciplinary research organization operating in more than 50 developing countries.
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Babah Salekna El Moustapha, co-fondateur de la Société Mauritanienne pour l'Industrie de Charbon de Typha (SMICT) avec Mohamed et Moctar Abdallahi Kattar. Photo Crédit : Moussa Traoré, HADINA.
« Innovez pour le climat. Travaillez de manière durable. » Ce slogan a lancé l'appel à candidatures de la dernière initiative de soutien à l'entrepreneuriat du Groupe de la Banque mondiale en Mauritanie, le Marathon de l’Entrepreneur – un concours à l' échelle nationale qui permettra d'identifier et d' accompagner une nouvelle génération d'entrepreneurs. Cette compétition est une initiative du Groupe de la Banque mondiale, en partenariat avec le Ministère de l'Economie et des Finances, et avec Hadina RIMTIC qui agit comme véhicule central par lequel le soutien du bailleur et du secteur public peut être transféré aux aspirants entrepreneurs mauritaniens.
Annoncée en avril, la compétition accompagne 21 nouvelles ou jeunes entreprises, leur fournissant des services de formation, d'encadrement et d'autres services d'incubation pour les aider à élaborer un plan d'affaires final et, fondamentalement, à tester les hypothèses qui sous-tendent leurs idées d'entreprise.
Babah Salekna El Moustapha, co-founder of the project Mauritanian Society for the Typha Coal Industry (SMICT) with Mohamed and Moctar Abdallahi Kattar. Photo Credit: Moussa Traoré, HADINA.
“Innovate for the climate. Work sustainably.” This slogan launched the call for applications to World Bank Group’s latest entrepreneurship support initiative in Mauritania, the Entrepreneur’s Marathon — a country-wide competition to identify and accompany a new generation of entrepreneurs.
This competition is an initiative of the World Bank Group in partnership with the Ministry of the Economy and Finance and Mauritanian incubator Hadina RIMTIC (ICT in the Islamic Republic of Mauritania) acting as the central vehicle through which public and donor support can be channeled into Mauritania’s aspiring entrepreneurs.
The competition is accompanying 21 new or young start-ups and businesses, providing them with training, coaching and other incubation services that will help them develop a final business plan and provide evidence for the hypotheses underpinning their business idea.
The president of the Somali Chamber of Commerce, Mohamoud Abdi Ali, joins with the country's Minister of Commerce and Industry, Khadra Ahmed Dualle, at the IFC-sponsored Public-Private Dialogue at the Somalia Conference, which was convened in London in May 2017. The need to increase revenue, growth and trust led to the creation of the Public-Private Dialogue. Photo credit: MPF.
Stabilizing countries that have long been afflicted by fragility, conflict and violence (FCV) – and helping them shape effective reforms to strengthen the investment climate – is one of the most difficult challenges in international development. The task is all the more severe when, as in Somalia, a large proportion of the population has been displaced by violence and natural disaster and when the economy is overly concentrated on a few sectors. Such factors make rebuilding investor confidence a daunting challenge for the newly elected government.
However, despite these challenges, Somalia represents a rare example of private-sector resilience. The major sectors of the economy survived the tumultuous period after the collapse of the state in 1991. Entrepreneurs in Somalia and abroad continue to innovate and adapt in a country void of regulatory frameworks or government oversight. Domestic mobile-money transfers average $1.2 billion in monthly transactions, and mobile money usage is above 70 percent.
Nonetheless, economic growth in Somalia has stagnated and has not resulted in a peace dividend for the population. Government revenue is low – around 2.5 percent of GDP – in an economy driven by consumption, as identified in the World Bank Group’s Somali Economic Update (SEU) from 2016. According to the SEU, two of the biggest obstacles to equitable growth are access to finance and lack of regulations. Moreover, investment in priority sectors is low, held back by protectionism, conflict and instability.
Somalia was the focus of an international conference in May 2017 in London that brought together some of Somalia’s top private-sector firms, development institutions and government leaders to discuss how to jump-start private-sector-led growth and achieve long-term peace and development. Among the distinguished attendees were the newly elected president of Somalia, Mohamed Abdullahi Mohamed “Farmaajo”; Prime Minister Teresa May of the United Kingdom; United Nations Secretary-General Antonio Guterres; and the European Union’s foreign-policy chief, Federica Mogherini. The World Bank Group delegation was led by Jan Walliser, the Vice President for Equitable Growth, Finance and Institutions.
With financial inclusion now established as an objective for most financial sector policymakers worldwide, the day-to-day responsibility for ensuring its achievement in a responsible, consumer-friendly, and evidence-based manner often falls to financial sector supervisors. Two challenges are particularly relevant: first, with an increased policy focus on financial inclusion, supervisors are often tasked with adapting reporting systems to collect granular data to monitor financial inclusion and inform policy. For example, how many customers are using each product? Are newly opened accounts active or dormant? What is the rate of growth of agent networks in rural areas?
Second, in a given market in order to improve competition and consumer choice, and ultimately financial inclusion. This means that non-bank FSPs such as mobile network operators (MNOs), fintech companies, financial cooperatives and microfinance institutions are increasingly brought under the supervisory mandate of supervisory authorities. This presents a significant challenge for financial sector supervisors who must cover a large and diverse set of FSPs with distinct risk profiles and capacities, stretching their already limited resources. Collecting and analyzing accurate, relevant, and timely information from these providers is at the heart of this supervisory challenge.
to address these challenges, an approach known to some as “suptech” (i.e. supervision technology). The National Bank of Rwanda (BNR) provides a case in point.