In boardrooms and business circles across Africa, women are breaking barriers, leading innovative enterprises, and reshaping industries. Unfortunately, however, one topic still remains shrouded in discomfort—money. Whether it’s in negotiating salaries, seeking funding, or discussing financial strategy, many women still grapple with the unspoken taboo surrounding open conversations on and about finances.
According to a 2023 World Bank report, women-led businesses in sub-Saharan Africa face a $42 billion financing gap. This stark reality highlights an urgent need for women to speak boldly and confidently about their financial ambitions and worth. Breaking the money taboo isn’t just a personal triumph—it’s a strategic advantage.
You might be wondering, why the money taboo persists, especially as a lot of shifts and changes have been happening around the world? Well, this is why: cultural and societal norms have historically discouraged women from openly discussing finances, in many African communities, conversations about money are considered impolite and may even seem to make you look like you like money too much. This discomfort around money is further aggravated by gender biases and often leads women to downplay their financial goals or hesitate to negotiate assertively.
“When I started pitching my business to investors, I found it difficult to ask for the amount I truly needed,” says Rebecca Enonchong, founder of AppsTech and often referred to as the “Queen of African Tech.” “I worried about being perceived as greedy or too aggressive. But I realized that underselling myself only undermined my business potential.”
The Power of Financial Confidence
Confident financial conversations are transformative. Research from the African Development Bank shows that businesses with women at the helm deliver higher returns on investment. Yet, without advocating for fair compensation, equitable funding, and financial transparency, many women remain underpaid and underfunded.
Being financially assertive doesn’t just impact individual success—it ripples through entire economies. According to McKinsey, advancing gender parity in Africa could add $316 billion to the continent’s GDP by 2025. When women confidently articulate their financial needs, they contribute to this broader economic momentum. However, to talk money you have to have a strategy in place:
Strategies to Talk Money with Confidence
Know Your Numbers: Educate yourself, read books, attend seminars, join groups that teach you these things. Knowledge is power. Whether it’s negotiating a business deal or applying for a loan, being intimately familiar with your financials gives you leverage. If you still don’t understand it, hire someone that understands it and let them help you. The Managing Director at Guaranty Trust Bank (Nigeria) Limited, Miriam Chidiebele Olusanya, once said, “Before any financial discussion, I ensure I know my revenue streams, profit margins, and growth projections inside out.” Why? Well, this gives you a leverage and you speak better and confidently from a point of knowledge.
Practice the Conversation: Like any skill, discussing money confidently improves with practice. Role-play negotiations with a mentor or trusted advisor to refine your pitch and delivery.Challenge Limiting Beliefs: Recognize and dismantle internalized beliefs that equate financial ambition with greed. Embrace the truth that asking for your worth is not only justified but essential.
Leverage Networks: Surround yourself with financially savvy peers. Platforms like She Leads Africa and Women in Management, Business, and Public Service (WIMBIZ) offer resources and community support for women navigating financial conversations.
Celebrate Wins: Each successful negotiation or funding milestone is a step toward breaking the taboo. Share these victories to inspire other women and normalize money talk.
Breaking the money taboo requires both individual courage and collective action. By fostering open conversations about finances, women in business are paving the way for future generations to approach money with confidence and clarity.
As Rebecca Enonchong said, “When women talk about money unapologetically, we change the narrative. We claim our rightful place at the table and drive economic progress for everyone.”
It’s time to rewrite the rules. For women across Africa, there is no need to be apologetic or ashamed. Speaking confidently about money is no longer optional—it’s a game-changer for business success and economic transformation.
