Over the past decade, there has been a significant surge in global interest surrounding women-led or owned businesses, sparking robust community-building initiatives and the development of innovative solutions tailored to this burgeoning market.

Despite the availability of solutions, women-led small and medium-sized enterprises (SMEs) in the Middle East and North Africa (MENA) region and sub-Saharan Africa continue to face substantial challenges in cross-border trade. These challenges severely hamper their ability to engage in transactions with one another and the broader global market, despite their shared cultural values.

Blockchain technology emerges as a transformative infrastructure with promising potential for women entrepreneurs, particularly those in close geographic proximity but economically isolated circumstances. Although these women stand to benefit greatly from emerging technologies, they encounter economic hurdles that impede their empowerment and access to international markets. Inefficiencies, limited financial access, high costs, lack of transparency, unfavorable regulations, and cultural barriers collectively pose significant obstacles for women-led SMEs in the region.

Driving Inclusivity with Blockchain

Blockchain has the power to revolutionize the financial sector and foster inclusivity for women conducting cross-border transactions. By leveraging blockchain-based payment systems, trade barriers are eradicated, enabling businesses to tap into new markets and clientele. This facilitates instantaneous repatriation of earnings and empowers women-led enterprises to convert real-world assets into on-chain assets, granting them full control and freedom over their finances—a crucial step towards economic independence, often denied to many in this region. This financial autonomy serves as a vital catalyst for positive socio-economic transformations in the future.

Blockchain as a Solution

Blockchain technology is recognized as an infrastructural cornerstone, firmly establishing its place within the global economic paradigm. With the introduction of Bitcoin ETFs and central bank digital currencies (CBDCs), the permanence of this technology is indisputable. Blockchain-based ecosystems are driving substantial transformations in the commercial landscape between the MENA and sub-Saharan regions, offering comprehensive solutions to address the daily challenges encountered in cross-border trade and unbanked scenarios.

To ensure the full inclusion and participation of women entrepreneurs in the blockchain ecosystem, it is imperative to address the high costs associated with information and communication technology (ICT), unreliable internet access, and the gender gap in technological proficiency. Providing digital literacy and ICT training equips women entrepreneurs with the necessary skills to overcome these obstacles and thrive in the digital realm. Furthermore, these challenges present opportunities for collaboration and innovation to support women-led SMEs.

To bolster the successful implementation of blockchain among women entrepreneurs, technology companies must collaborate closely with various stakeholders, including governmental agencies, financial institutions, and NGOs. Creating a conducive regulatory environment and directly supporting SMEs through training, educational programs, and financial support are essential steps in this endeavor.

The relationship between blockchain technology and women-led SMEs in the MENA and African regions is becoming increasingly robust and promising. Both parties must collaborate to realize success, as women play a pivotal role in driving technology adoption within households and will undoubtedly be instrumental in democratizing blockchain technology on a broader scale.