This is how Tunisian women can transform fintech

Female entrepreneurs in Tunisia are breaking into the startup industry. With ideas ranging from eco-solutions to digital innovation, it’s clear they mean business. But one area remains relatively untouched by Tunisian women: fintech.

What is fintech?

A fintech company is any business that relies on software for its financial services. The goal is to streamline financial tasks digitally. Some examples include mobile payments, trade and even crowdfunding.

Owing to fact that it is relatively new, fintech may sound like something for money gurus and tech-wizards. Yet, one of the leading types of fintech is budgeting apps used by average citizens.

Fintech has long been a staple of new-age media. MENA startups have carved out their slice of it. However, the innovators behind these companies are typically not women based in North Africa.

It’s worth exploring how Tunisian women could turn this around.

Why Tunisian women?

Programs zeroing in on female-focused fintech are already promising. Betacube, a Tunisian venture capital firm, recently held its second edition of its Women in Fintech programme. It focused on pre-incubation and has catapulted women, and entrepreneurs, into success. This is a step in the right direction as female leaders in the industry are lacking.

However, Tunisian women are not often represented in economic participation and success.

A 2018 report by the International Finance Corporation found that women in Tunisia represent one-third of employees, and are still paid less than men for the same work.

The report also noted the wage gap was almost 15 per cent and that this was one factor contributing to women’s low participation in economic activities, with just 18-23 per cent of Tunisian businesses being women-owned.

 Tunisian women can also help bring their perspectives to the conversation and idea development.

Having innovation without diversity is limiting. People with different backgrounds aren’t likely to produce the ideas we’ve seen time and again. What’s more, is that the best African female-fintech companies have women in mind and often help those in rural areas or who are struggling to make ends meet.

Some Tunisian women don’t have the financial means or social background to get by, particularly in far-flung areas.

However, Tunisia’s rural women are slowly getting in on the digital boom.

The “Aggricus project” is one initiative making this happen. Launched by two women in Tunisia to help female farmers sell their products online, it also offers support and virtual training.

Combining financial literacy with software in similar services could be exciting avenues for entrepreneurs to invest across the MENA region.

Applications targeted to the general public are sometimes more accessible than banks and cost-effective.

Fintech can also work wonders when applied to microfinancing and financial independence. FINCA International defines microfinance as “financial services provided to low-income individuals or groups who are typically excluded from traditional banking.”

Many of these demographics are women with small businesses. They are good at their crafts but are still seeking safety and sustainable profits.

Some applications that can speak to the average Tunisian woman include budgeting tips and bill payment methods.

Those who are well-off could still gain insight from fintech. They might want to try to increase their assets and be unsure of where to go next. Investment strategies, credit management, and savings maximisation are all on the table.

In Africa, fintech support networks have been working to provide extensive resources for women.  African Women in FinTech & Payments (AWFP ) is one example. It’s a Pan-African platform and community for women in, fintech, payment, and banking.

If a budding entrepreneur would want to help women through fintech, she could start by focusing locally. Focusing on making these services accessible to rural or underserved communities, to begin with. For instance, partnering up with companies such as DreamStart Labs, with KEIPhone, to provide rural women with free fin-tech-enabled mobile phones.

Still starting a partnership with a company is often easier said than done. Women worried money is a barrier should look into programmes and accelerators available in the region.

Fintech is here to stay and Tunisian women can bring their flair to a booming African industry.