Nairobi, Kenya

Kenyan women are embracing entrepreneurship at an extraordinary rate, with nine in ten (93%) women considering starting or running their own business—far higher than the regional average of 51% who likely to consider themselves entrepreneurs across Eastern Europe, Middle East, and Africa (EEMEA). This ambition is particularly evident among Baby Boomers (93%) and Gen X women (96%), making them the most entrepreneurial demographic.

New research from Mastercard, released ahead of International Women’s Day 2025, highlights the driving forces behind this wave of entrepreneurship: financial independence, flexible working hours, and the pursuit of personal dreams. Among women founders in Kenya, 45% started their business to follow their dream, while 41% sought better work-life flexibility and balance—figures closely aligned with broader trends across EEMEA.

“The entrepreneurial spirit among women is strong and growing, with younger generations leading the way. With access to the right financial tools, mentorship, and digital resources, women entrepreneurs can unlock new business opportunities, drive innovation, and contribute significantly to economic development. At Mastercard, we are committed to navigating barriers and fostering an ecosystem where women-led businesses can thrive,” said Selin Bahadirli, executive vice president, Services, Eastern Europe, Middle East and Africa, Mastercard.

Kenyan women are not only aspiring to start businesses but are also actively participating in side hustles, with 76% of women engaged in income-generating activities outside their main job, highlighting a strong entrepreneurial drive across all generations.

High entrepreneurial spirit across generations

Older generations (Baby Boomers 93%, Gen X 90%) in Kenya are slightly more likely to consider themselves entrepreneurs than younger generations (Gen Z 85%, millennial 89%). This contrasts with EEMEA trends, where younger women are typically more entrepreneurial than older generations.
Nearly all (96%) Gen X women have considered starting a business, significantly higher than Gen X women across EEMEA (71%). However, six in ten (62%) Kenyan women have yet to take the first step.
Gen X women are also most likely to have a side hustle (80%), closely followed by Gen Z (79%).
The top reasons for Kenyan women starting a side hustle are:
- - Earning more money (77%)
  - Gaining financial independence (68%)
  - Creating a financial safety net (49%)
Women entrepreneurs in Kenya are also more optimistic than men, with 49% expecting their business to grow by more than 50% over the next five years, compared to 39% of men.

Top sectors for Kenyan women entrepreneurs
Kenyan women are pursuing business opportunities across diverse industries, with the most popular being:

Agriculture (35%)
Business services (30%)
Food and drink (22%)

Barriers facing women entrepreneurs
Despite this entrepreneurial drive, Kenyan women continue to face significant barriers to starting and sustaining their businesses.

Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard shared, “This research highlights the remarkable entrepreneurial drive among Kenyan women, who are redefining business growth and innovation in the country. Their resilience and determination are shaping Kenya’s economic landscape, but the challenges they face cannot be ignored. At Mastercard, we are committed to advancing an inclusive digital economy by providing women entrepreneurs with the financial tools, mentorship, and resources they need to scale their businesses and drive sustainable growth.”

The lack of funding (53%) remains the biggest challenge, followed by lack of financial resources (44%) and the difficulty in securing startup capital (34%). Among women who have already started a business, 63% say finding initial funding was their biggest challenge. The most common reason for women not starting a business, despite wanting to, is not having enough money to launch (82%).

Many women also struggle with building sustainable businesses, with nearly half (47%) unsure of how to scale, a figure significantly higher than the EEMEA average of 31%. Four in 10 (41%) also lack the know-how to develop a business plan. These figures highlight the need for structured support, mentorship, and training.

Support needed
To overcome these barriers, Kenyan women identified key enablers that would help them thrive, including:

Entrepreneurial networks (48%) to provide mentorship and support
Business planning training (46%) to build foundational skills
Increased access to grants (45%) to ease financial constraints

In particular, Gen X women (61%) expressed a strong need for entrepreneurial networks, recognizing the value of mentorship and peer learning.

Additionally, 48% of women believe better training in business skills would help, while 26% feel that entrepreneurship should be introduced as a career path at schools and universities to encourage more women to enter the space.

Leveraging technology for business success
Kenyan women entrepreneurs are embracing AI to drive efficiency, with 65% regularly using AI tools in their business and 66% reporting significant time and cost savings.

However, 57% of business owners remain cautious about expansion due to the rising risk of fraud, with 58% having been targeted by a fraudster, underlining the need for robust cybersecurity education and protection. Women (49%) are more likely than men (37%) to be uncertain about how to protect their business from cyberattacks, emphasizing the need for education (92%) to secure their business.

Mastercard has a long-standing commitment to enabling women entrepreneurs through financial inclusion, digital solutions, and knowledge-sharing initiatives. Since 2020, Mastercard has provided over 50 million small businesses including 37 million women entrepreneurs with support and solutions that can help them grow their businesses.

In Kenya, Mastercard’s platform, Community Pass is supporting small businesses to digitize and scale and strategic collaborations, such as with I&M Bank to introduce the Business Credit Cards for SMEs to easily manage expenses and scale operations, provide innovative business tools and access to credit to fuel business growth.

Source: Mastercard