Running a business is challenging for any entrepreneur, but for women microentrepreneurs in emerging markets, these challenges are even greater. Often lacking institutional support, formal business training and confidence in engaging with digital financial services, many of these women struggle to realize the full potential of their ventures. This is where targeted, women-centered business management training can make all the difference.
To address this business skills gap in women microentrepreneurs, Women’s World Banking (WWB) partnered with Moody’s Foundation to develop a solution: a business management and digital skills training program designed specifically for women. Our solution equipped financial services providers (FSPs) with the tools, resources and skills to deliver this program directly to the women entrepreneurs in their markets.
Our goal was twofold: to provide FSPs with the resources to deliver the trainings, and through them, empower women microentrepreneurs with the essential skills they need to improve their businesses, lives and communities.
Expanding Business Management Skills for Women Entrepreneurs Across Emerging Markets
To launch our solution to empower women entrepreneurs, Women’s World Banking partnered with four financial institutions in East and West Africa, Asia and Latin America:
- First City Monument Bank (FCMB Nigeria): A leading bank offering retail, commercial, and investment banking services to support businesses and communities. (Nigeria): A leading bank offering retail, commercial, and investment banking services to support businesses and communities.
- Kenya Women Microfinance Bank (KWFT): A microfinance institution focused on financial and empowerment services for women entrepreneurs in underserved Kenyan communities.
- BBVA (Mexico): A subsidiary of the global BBVA Group, offering a wide range of financial products and digital solutions to individuals and businesses.
- Thanh Hoa Microfinance Institution (Vietnam): A microfinance provider dedicated to improving financial inclusion for low-income individuals, particularly rural women.
The Women’s World Banking team delivered a “train-the-trainer” program with each of these institutions, whose staff gained new tools, strategies and business management skills to help support their women microentrepreneurs.
A Holistic Training Approach Tailored to Women’s Needs
Women’s World Banking’s business management training curriculum comprises of five key modules tailored to women entrepreneurs: Business Planning, Financial Management, Customer Management, Digital Platforms and Digital Payments. This curriculum provides a blueprint for FSP staff on how to effectively engage women entrepreneurs and teach them easy-to-follow tips they can immediately implement in their businesses.
A critical component of the training is the “gender sensitization workshop,” which we designed to help FSP staff understand the unique challenges women microentrepreneurs face and incorporate a gender lens into their service offerings. After attending this training, several staff members reported gaining a new perspective on how to better engage women customers.
It is a great privilege to be part of this training program. [FCMB] know the importance of empowering women in this society. When you empower a woman through knowledge, you are going to build a very formidable society. So, it is a great privilege to learn how to empower our women entrepreneurs digitally and to use the digital space to boost the market. It’s going to enrich our curriculum in terms of further engagement to ensure that women entrepreneurs maximize every single opportunity out there.
– Regional Sales Manager, FCMB
Read on to see how women entrepreneurs have already implemented the lessons they learned from these trainings to improve and grow their businesses.
1. Using Bookkeeping to Make Informed Business Decisions
Before the training, many women lacked basic business management skills. The bookkeeping training modules in Nigeria and Kenya gave women a clear understanding of how to keep records of their expenses and offered easy-to-use tips on how to keep business records including digital apps and pen-and-paper methods. Janet, a woman who runs a business selling electronics in Nigeria, for example, admitted that she didn’t document any transactions before the training. Since attending the training provided by FCMB, she developed an understanding of how to track her sales and expenses, enabling her to make informed business decisions. Several participants also noted how the training could aid them in their ability to repay loans more efficiently—a win for both the customer and the lending institutions.
2. Expanding Her Business Vision
The training sessions also enabled women entrepreneurs to think critically about her business and make key decisions, including expanding her product offerings and setting future goals so that she can ultimately expand her business. One woman customer in Nigeria shared how the training inspired her to diversify her product offerings. Once limited to selling drinks, she has since expanded her product mix to include food items such as noodles and eggs, improving her revenue and expanding her customer base. Another entrepreneur in Kenya told us she intends to both increase the number of chickens she sells to 100 and expand her market to the neighboring regions in the next few years.
3. Going Digital to Grow Her Business
One of the most transformative aspects of the training has been the introduction of digital channels for promoting products. One saleswoman remarked how the training on using digital platforms led her to use WhatsApp to promote her products. This resulted in increased client referrals, including one for a catered event. The ability to blend traditional sales methods with modern digital tools has helped women entrepreneurs increase their business reach and tap into larger customer bases.
I got a customer from Facebook to supply drinks at an event because of the training and I learnt how to register with [the Corporate Affairs Commission] for my business.
– Customer, FCMB
A Sustainable Program for Enhancing Financial Services Providers’ Capacity
Crucially, our partner FSPs saw the value in offering women-specific business management training as a complement to their existing credit products or as a way to build customer loyalty. Our program trained numerous staff members, whose titles ranged from loan officer to team lead, across all four institutions, with the aim of building the capacity within FSPs to customize and sustainably deliver such trainings as part of their ongoing support for women clients.
The preliminary results were clear: Training just a few staff members led to an impressive ripple effect where thousands of women ultimately benefitted. Between May and October, the Women’s World Banking team trained over 52 staff, who have since trained over 700 of their frontline staff, who then trained over 13,000 women microentrepreneurs to date across program markets.
And, with continued commitment from each institution to extend this program through the next year, we anticipate that even more women will gain the skills and knowledge to thrive in their businesses. Through this approach, we hope to have our training integrated into these institutions’ standard practices so women entrepreneurs can continue to receive business management support.
What’s Next – How FSPs Can Get Involved
Women’s World Banking business management training solution, developed and deployed in partnership with the Moody’s Foundation, is a critical component in equipping financial institutions and their staff with the capabilities to train and empower women entrepreneurs with the skills they need to thrive in a challenging and changing market environment. From mastering bookkeeping to leveraging digital platforms and diversifying revenue streams, women entrepreneurs have shown that with the right tools and support, they can achieve significant business growth.
I would like to express my sincere appreciation to the entire management of FCMB Edon Beta for organizing such an outstanding training program. The training was highly insightful, well-structured and extremely valuable. A special thanks also goes to the facilitators, who were not only professional but also engaging, and ensured that everyone gained a thorough understanding of the topics discussed. Their depth of knowledge and willingness to answer questions made the learning experience both enjoyable and impactful.
– Sales Supervisor, FCMB
Financial services providers in emerging markets can follow the example of our implementation partners and introduce women-centered business management trainings, modeled after Women’s World Banking’s solution, to their credit customers. These trainings empower women entrepreneurs to take the lead in making their businesses, communities and economies thrive.
