Empowering women entrepreneurs: Fostering confidence and support

Let’s build a network of confident and thriving women entrepreneurs together

In the latest episode of Money Talks, Edna Montse, Group Executive of Transformation and Sustainability at African Bank, highlighted the numerous programmes designed to support women entrepreneurs. In an enlightening interview conducted by Radio Broadcaster Khanya Sosibo and Communications Consultant Doric Sithole, in collaboration with African Bank and the Mail & Guardian, Montse shed light on her childhood experiences with money and how it all helped to shape her entrepreneurial journey.

Growing up in rural, township, and urban environments, Montse’s background intertwined academia and entrepreneurship, providing her with a unique perspective. As a young student, she ventured into selling beaded jewellery and “amaskopas” (African popcorn as she affectionately referred to them) at school, which allowed her to amass considerable savings.

While some of Montse’s relatives also engaged in entrepreneurship, they faced significant challenges due to a lack of education in their field. Their competitors benefited from buying in bulk, offering better discounts, leaving her relatives at a disadvantage. Witnessing this, Montse developed a fear that a single poor decision could lead to poverty. 

Having grown up surrounded by women entrepreneurs in her family, Montse had the privilege of assisting them during her school holidays. She noticed that women often faced burnout but hesitated to seek help, as they felt they couldn’t show any weaknesses. Women typically run households and nurture others but often neglect themselves in the process, observed Montse.

African Bank acknowledges that many women entrepreneurs lack self-confidence, despite their successful businesses. To address this, the bank initiated a special programme, which revealed that women struggled with tasks like business canvassing and delegation. Moreover, societal expectations contributed to discomfort when seeking help or asking for financial backing.

Montse passionately advocates for women supporting each other, celebrating each other’s  successes, and encouraging one another to shine, even if it isn’t “their turn”. African Bank has introduced a new entrepreneurship programme linked to social impact, with projects like beekeeping and honey harvesting. This initiative not only benefits the villagers but also protects crops from elephants and promotes conservation.

Looking forward, Montse urges women entrepreneurs to seek assistance from African Bank’s various divisions, such as Business Banking and Enterprise Supplier Development. The bank’s commitment to empowering women extends beyond funding; they are determined to provide a significant “step up” to help businesses thrive.

In Women’s Month (August), African Bank will host a series of talks featuring women entrepreneurs, fostering dialogue and inspiration among participants, starting with the Women Enterprise Development events set to be hosted in Durban on 10 August, welcoming the first women cohort onto the programme. Sosibo encourages women to reach out to African Bank and their partners if they know someone with a valuable business in need of assistance.

For more information, visit www.africanbank.co.za, and take that crucial step toward realising your entrepreneurial dreams. African Bank is here to serve you, providing the support and resources you need to succeed. Empowering women is not just a slogan; it’s a mission they are dedicated to fulfilling. So, let’s build a network of confident, celebrated and thriving women entrepreneurs together.