While formalization is often presented as the key to women's empowerment, access to financing remains the weak link in this equation. A guest on the "Seneweb Éco" program this Sunday, September 28, Maïmouna Diagne, founding president of the African Platform for the Empowerment of Women (PAAF), emphasized this point, stressing that "only 8% of women have access to formal bank credit. The others must make do with alternative financing, which is sometimes very expensive." The lack of guarantees, particularly land, exacerbates this exclusion.

Indeed, for traditional financial institutions, the problem of guarantees remains central. Many women do not have land titles or assets recognized by banks, which prevents them from providing solid guarantees. However, without financing, formalization becomes meaningless: it is impossible to invest, modernize one's business, or even apply for public contracts.

Faced with this reality, solutions are emerging. Maïmouna Diagne cites in particular the DER's nano-loans, offered with an interest rate capped at 5%, far from the usurious rates charged in some informal channels. She also highlights the role of tontines and solidarity savings systems, which allow thousands of women to finance small-scale activities. But these mechanisms, however ingenious, remain insufficient to transform individual initiatives into sustainable businesses.

Pooling resources thus appears to be a way forward. By grouping together in cooperatives, women gain visibility, production volume, and credibility with financial institutions. "Fifty women organized to produce juice, soap, or local cereals can not only be effectively trained, but also collectively respond to larger markets," emphasizes Ms. Ndiaye.

Beyond financial innovation, the president of PAAF emphasizes the need for appropriate training. Each year, her organization supports more than a thousand women in accounting management, financial education, and digital technology, in order to strengthen their ability to convince lenders. "Without training, even with a loan, it's difficult to sustain it over time," she says.

Furthermore, Ms. Diagne points out that formalizing women's activities is not just an administrative or fiscal act. According to her, it is a true passport to economic and social freedom. "Many women and young people believe that formalizing means only paying taxes. However, it is first and foremost about having legal recognition, being able to open a bank account, and benefiting from social security coverage, particularly for maternity," she explains.

For the expert, formalizing one's activity also means appearing in the national economic figures. As long as women remain in the informal sector, they remain invisible to decision-makers and public policy makers. "We can't ask to be represented if we don't appear in the statistics," she insists, even calling it a "patriotic act."

The government and its partners are multiplying initiatives to encourage this transition to formalization through training, awareness-raising around OHADA's entrepreneur status, and support from chambers of commerce. But the information gap remains glaring. Many artisans are still unaware of the opportunities offered by formalization. Ms. Ndiaye cites the example of tailors who, during the pandemic, made masks for formalized intermediaries. "They could have responded to public procurement contracts themselves if they had had legal status," she laments.