Women in Food: Fixing the Financing Gap

Here's what you need to know:

• The global restaurant industry is a $4 trillion industry.
• Women account for over 54% of the total workforce. 
• There's a $42 billion financing gap in African women-owned businesses.
• Leveraging technologies to distribute financial services, like Caantin, can reduce the current cultural biases that prevent women from accessing financing.
  

The restaurant industry is a massive sector contributing significantly to the global economy. According to a 2020 report by the National Restaurant Association, the restaurant industry generates $899 billion in sales annually in the United States alone. Globally, the restaurant industry is estimated to be worth over $4 trillion.

While data on the number of women owners and employees in the restaurant industry can vary depending on the region and country, women make up a significant portion of the workforce in the industry. According to a 2019 report by the World Bank, women make up 54% of the total workforce in the restaurant industry globally. In Africa specifically, the number of women working in the industry is also significant, with women responsible for preparing and selling food in markets and street stalls.

Despite the significant contributions of women to the restaurant industry, they still need help accessing financing and resources to grow their businesses. According to a 2020 report by the African Development Bank, women in Africa face a $42 billion financing gap, which makes it difficult for them to start and grow their businesses. This gap is due to various factors, including lack of collateral, limited access to formal financial institutions, and cultural biases.

To fight cultural biases, Caantin's ordering, and payment technology enables female restaurant owners to access financing based on their transaction history and data.

We want to thank all the hardworking women who persist despite insurmountable challenges and wish you a happy international women's day.

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