In honor of Women’s Day, Sigma International has announced remarkable advancements in its support for female-led enterprises throughout South Africa.

Over the past year, the organization has successfully nurtured 117 women-owned businesses, resulting in the creation of 59 new jobs and directing over R13 million in resources to these expanding female-led ventures.

“These statistics signify more than mere figures,” states Akash Singh, CEO of Sigma International. “They reflect the unexploited potential of women entrepreneurs in our nation and Sigma’s dedication to realizing it.”

The significance of Sigma’s initiatives is particularly pronounced in light of the current economic conditions. With South Africa’s unemployment rate standing at 32.9% as of the first quarter of 2024, and an even higher rate of 39.2% for black African women (as reported by Stats SA), it is crucial to support initiatives that empower female entrepreneurs.

Thejes Khan, the founder of the successful Durban-based Forest Fairies Sweet Company, exemplifies this potential. While managing a flourishing business, she received additional support from Sigma, which further accelerated her growth.

Khan, whose factory now employs over 40 individuals, emphasizes the importance of Sigma’s network: “Sigma has played a vital role in connecting us with key figures in the hospitality sector and has offered essential learning experiences through their webinars. They also facilitated introductions to corporate partners who have assisted in funding new machinery for our expansion—an essential factor in our recent success.”

Khan’s experience exemplifies the extensive challenges and opportunities that female entrepreneurs encounter. Although approximately 17% of women in developing countries like South Africa are entrepreneurs, with 35% aspiring to establish their own businesses, access to financing remains a substantial obstacle. The Mastercard Index of Women Entrepreneurs indicates that despite slight improvements in women’s entrepreneurial activity rates, their access to financing has declined, emphasizing the significance of initiatives such as Sigma’s.

Khan remarks, “South Africa is highly diverse and inclusive, and the government is actively promoting and encouraging women in business,” highlighting a changing environment that is increasingly receptive to female entrepreneurs.

As South Africa commemorates Women’s Day, Sigma International’s recent statistics serve as a reminder of the economic potential that can be realized when women are provided with the necessary resources and support to thrive in business.