Less than 10% of FNB business banking customers are women

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The number of female-owned businesses may be on the rise, but men dominate in small businesses and startups.

That’s the conclusion we draw from some new numbers published by FNB Business this week. According to its statrs, the number 0f women-owned businesses in their customer base is growing by11% year on year. And that’s great news.  The problem is that the proportion of the total number of small businesses who bank with FNB that are owned by women is still only around 9%, apparently.

“The growth in the number of female entrepreneurs is a positive development for South Africa because women make up over 50% of the national population. The main challenge is ensuring that women who have started businesses get the necessary support, to not only survive but thrive,” said Sanjeev Orie, CEO of FNB Business Value-Adds said in a press release about the numbers.

Currently, about two-thirds of the labour force in the country is employed by SMEs, translating to a contribution of about 50% of the country’s Gross Domestic Product (GDP), FNB Business stated.

“Over the last five years, South Africa has been moving in the right direction in creating a better ecosystem for entrepreneurs. However, we need to accelerate our joint efforts because the longer we delay implementing proposed solutions, the bigger our challenges become,” adds Orie.

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