Women across Africa are building businesses, networks, track records, often with nothing but their own capital and conviction. Yet despite that effort, the African Development Bank estimates a $49 billion financing gap still stands between female entrepreneurs and the funding they need to scale. That gap is a reflection of who gets believed, who gets access, and whose vision investors are willing to bet on.
Kofoworola Omowale has spent her career interrogating exactly that. With a background spanning law, private equity, and venture capital, and experience across Kuramo Capital, Future Africa, and the Nigerian Exchange Group, she brings a rare dual perspective: the systems that move capital, and the women too often shut out of them.
For BNS Women’s Month Money Week, she breaks down why women bootstrap by strategy not fear, what female founders must understand before walking into a pitch room, and what it will truly take to build an ecosystem that responds equitably to the work women are already doing.
Hello Kofoworola. How are you feeling today?
Hello! I am alright, thank you.
Amazing. Let’s get right into it. From your work designing programs for women entrepreneurs, what patterns have you noticed about why women overwhelmingly choose to bootstrap rather than pursue external funding, is it fear, lack of access, or something deeper?
From what I’ve seen working with female fund manager, it is rarely just fear that discourage women from seeking external funding. It is often a mix of access, information, and intentional decision-making.
Many women start by bootstrapping because it is the capital that immediately available to them. Venture capital and other forms of external funding often require strong networks, familiarity with the ecosystem and staying investment ready.
But there is also a deeper layer, which is that women are very intentional about ownership and sustainability. They want to build businesses that are stable and profitable, and bootstrapping allows them to grow on their own terms. So, in some cases, it’s not hesitation, it’s strategy. And in others, it’s a reflection of how risk is often assessed and, at times, disproportionately priced when it comes to women.
I guess that’s contributing to the statistics that show that women receive a fraction of VC funding compared to men. In your experience, how much of that gap is about women not applying versus investors not saying yes?
It’s both, but the bigger issue is the structure of the pipeline itself. Some female founders don’t apply for venture capital, because they don’t see venture funding as accessible or even designed for them. There is also less exposure to the networks and information that typically lead founders into venture-backed pathways.
However, even when women apply, the outcomes are still significantly lower. The African Development Bank estimates a $49 billion financing gap for women across Africa. That tells us the issue isn’t just about participation, it is also about how opportunities are assessed and funded within the investment ecosystem. Closing this gap requires a dual approach of expanding the pipeline of women founders who are prepared to seek capital, while also ensuring that investment processes are more inclusive and equitable.
We are starting to see progress, particularly with more funds adopting gender lens investing strategies and aligning with frameworks like the 2X Challenge. But there is still a long way to go in translating that intent into consistently better funding outcomes for women.
You’ve designed programs for women who want to access funds. When you were designing, what assumptions did you walk in with, and which ones did the women you worked with completely dismantle?
One assumption I had early on was that access to funding was the single biggest challenge. Funding is critical, but I have realised that access to the right information, capacity building, and ensuring that female-led businesses are truly investment-ready are just as important.
Another assumption that was challenged was the idea that women do not engage with investor networks as much as their male counterparts. In reality, many female founders are actively engaging, building, and showing up in these spaces. The difference is often in the outcomes, not the effort.
What has become clear is that the issue is less about participation and more about how opportunities are evaluated and converted into actual funding. Women are building, engaging, and positioning their businesses, they simply need ecosystems that respond more equitably to that effort.
Still on that, what are the most common mistakes women make when they do decide to pursue funding, pitch preparation, valuation, equity terms, and how did you build curriculum around closing those gaps?
Female founders focus heavily on the product or the problem they are solving, which is important, but investors are also evaluating market size, scalability, and the potential for long-term returns.
What is often missing from the conversation is an understanding of how venture capital actually works. VC funds are not deploying their own capital in isolation, they are managing funds from Limited Partners (LPs), and they are accountable for delivering returns on that capital. That means every investment decision is ultimately driven by the potential to generate outsized returns. So, beyond pitch preparation, valuation, or equity terms, female founders need to position their businesses with that in mind. It’s not just about building a great company, it’s about building a company that fits the return expectations of the fund they are speaking to.
When female founders understand this, their entire approach shifts. They are not just telling a compelling story, they are clearly articulating why their business is a strong investment opportunity within the constraints and expectations of venture capital.
Would you say that there’s a real risk that women who’ve only self-funded are actually underprepared for the accountability structures that come with investor money?
Interestingly, many bootstrapped founders develop exactly the kind of discipline, efficiency, and resilience that investors value. Before an investor commits, they want to see that you can handle pressure and deliver even when the stakes are high.
The main adjustment usually comes around governance and reporting structures. Once investors are involved, there are expectations around transparency, board engagement, and financial reporting. I don’t see this as a preparedness gap. In fact, many bootstrapped founders are incredibly strong operators. The key shift is simply learning to run the business while managing relationships with external stakeholders.
If a woman watching this is running a profitable business and has never once considered applying for funding, what would you say to her? Is bootstrapping a strategy or a ceiling?
Bootstrapping should be a strategy. However, more important question is what kind of company the founder wants to build. If the goal is steady growth, profitability, and full ownership, bootstrapping can be the right path. But if the vision involves scaling, entering new markets, or building infrastructure that requires significant capital, then external funding can become a powerful accelerator.
So it’s not about whether funding is necessary, it’s about whether it aligns with her long-term vision.
What does a truly women-centered funding program look like, not just in terms of who gets the money, but in terms of the support structures, mentorship, and follow-through after the cheque is written?
A truly women-centered funding program goes far beyond simply writing cheques. It starts with building a strong pipeline by identifying and supporting women entrepreneurs early, and providing practical, targeted technical assistance to help them become investment ready. Mentorship and networks are also critical connecting founders to investors, operators, and peers who understand their journey.
Most importantly, the support doesn’t stop once funding is provided. Scaling is often the most challenging phase of a business, and female founders need ongoing guidance and resources to navigate that stage successfully. A program that sticks with founders through growth is what truly makes a difference.
What’s the one lesson from your career that you wish every woman entrepreneur in Nigeria and across Africa knew before she sat across from an investor?
I would say understand the investor’s lens. Investors aren’t just evaluating the quality of a business, they are looking at the scale of the opportunity and the potential return. VCs also have their own investors, called Limited Partners, and they are accountable for delivering returns on that capital. When female entrepreneurs understand this perspective, they can frame their businesses differently. They can clearly articulate the market opportunity, growth potential, and long-term vision. Once that shift happens, the conversation moves from simply asking for funding to presenting a compelling investment opportunity.
Thank you for taking the time to talk to us.
My Pleasure. I want to see more women win. And just as important, don’t be afraid to ask and put yourself out there. You miss 100% of the shots you don’t take.