Empowering Women Entrepreneurs: Financial Inclusion and Gender Sensitive Funding in East African Community (EAC)

Over the years, women have been regarded as people who cannot engage in lucrative businesses and were denied all means and opportunities to engage in entrepreneurship especially in developing countries. The reality was that gender-sensitive funding has been a major concern when it means to support women in terms of finance till when it was proved that women are capable of doing businesses. Women play a vital role in economic development; however, women bear a disproportionately high share of poverty both globally and regionally. The gender gap in entrepreneurship still exists in socioeconomic development despite the rising number of women in companies and the huge growth in initiatives, legislation, and resources created to support and develop women's entrepreneurship. By taking measures to support women in developing countries, financial inclusion has improved over some decades and women entrepreneurs through financial literacy have been able to come up with new business ideas and innovation in order to continue supporting their businesses. In relation to this, about few decades ago a number of financial institutions including commercial banks, microfinances, government agencies and non-governmental organizations (NGOs) decided to support women businesses through grants, loans, financial aids, short-term loans, long-term loans, quick loans, mortgage loans and credit in order to continue sustaining their business enterprises in respect to their contribution in the economic growth. The main objective of the study was to examine the impact of access to finance and mentorship on empowering women entrepreneurs, financial inclusion and gender-sensitive funding in East African Community (EAC). Extant literature was reviewed while the innovation entrepreneurship theory was used. This article also provided insight on theoretical and evidences of how access to finance has contributed to women entrepreneurs, financial inclusion and gender-sensitive funding. This paper was carried out in East African Community. The population of the study were eight countries including Burundi, Democratic Republic of Congo, Kenya, Rwanda, Somalia, South Sudan, Tanzania and Uganda. Papers, articles, reports and testimonies published in English articulating how access to finance contributed to women entrepreneurs through financial facilities were used. Therefore, the study covered papers, articles and reports published from 2007 to 2024 so as to capture the period of world financial crisis in 2007.