With support from the African Development Bank’s AFAWA initiative, the Bake Bites founder scaled production to nearly 10,000 bread and bun packets daily, proving that when women access finance, entire communities prosper.
For years, Agnes Maina had the vision, determination and entrepreneurial drive to build a thriving bakery business. Like many women entrepreneurs across Africa, however, her biggest obstacle was not a lack of ambition,it was access to affordable financing.
Today, the founder of Bake Bites Limited, a bakery based in Thika, Kenya, is leading one of the country’s growing food manufacturing businesses, producing nearly 10,000 packets of bread and buns every day. Her remarkable growth story highlights the transformative power of investing in women-led enterprises.
The turning point came in 2024 when Agnes secured a KSh3.5 million (approximately US$27,000) loan through the Affirmative Finance Action for Women in Africa (AFAWA), an initiative of the African Development Bank Group. The financing enabled her to modernize her bakery by purchasing an industrial baking oven, a commercial flour mixer and an automated bun production machine.
The investment dramatically increased production capacity, improved operational efficiency and positioned Bake Bites to meet rising customer demand.
But perhaps the greatest impact has been measured beyond the bakery walls.
As production expanded, Bake Bites created 30 employment opportunities for both women and men, providing stable incomes that support dozens of families. The business has become an example of how empowering one woman entrepreneur can generate wider economic benefits for an entire community.
Closing Africa’s Financing Gap for Women
Agnes’ success reflects the broader mission of AFAWA (Affirmative Finance Action for Women in Africa), the African Development Bank Group’s flagship initiative designed to close the financing gap facing women-owned and women-led small and medium-sized enterprises (SMEs).
Although Africa has one of the highest rates of female entrepreneurship in the world,with roughly one in four women in Sub-Saharan Africa running or starting a business,many struggle to access the capital needed to grow. Women entrepreneurs face an estimated financing gap of more than US$40 billion, often because they lack traditional collateral, encounter higher lending costs, or operate within financial systems that have historically underserved women.
Recognizing these barriers, AFAWA works with banks and financial institutions across Africa to unlock financing for women entrepreneurs through credit guarantees, technical assistance and policy reforms that encourage gender-inclusive lending.
Implemented in partnership with the African Guarantee Fund, the initiative aims to unlock US$5 billion in financing for women-led businesses by the end of 2026, enabling thousands of enterprises to scale, create jobs and contribute to Africa’s economic transformation.
More Than Loans
AFAWA’s approach extends beyond financing. The initiative also strengthens the entrepreneurial ecosystem by providing business development support, financial literacy training and mentorship to help women become investment-ready and build resilient businesses.
It also works with governments, regulators and financial institutions to remove legal and structural barriers that prevent women from fully participating in Africa’s economy.
This comprehensive model recognizes that sustainable business growth requires not only capital but also the skills, confidence and enabling environment for women entrepreneurs to thrive.
Why Investing in Women Matters
The impact of supporting women entrepreneurs reaches far beyond individual businesses.
Research consistently shows that women reinvest a significant share of their earnings into their families and communities, funding children’s education, improving healthcare and strengthening household nutrition. As businesses grow, they also create employment, stimulate local economies and inspire the next generation of women entrepreneurs.
Agnes Maina’s journey demonstrates that access to finance can unlock innovation, create jobs and build resilient enterprises. Her success is a reminder that when financial institutions invest in women, they are investing in inclusive economic growth.
Across Africa, thousands of women possess the ideas, determination and leadership needed to build successful businesses. What many need is the opportunity.
For Agnes, a single loan became the catalyst for transforming Bake Bites from a small local bakery into a thriving enterprise that feeds communities, creates employment and contributes to Kenya’s economy.
Her story is proof that closing the financing gap for women is not simply about gender equality,it is a strategic investment in Africa’s future.
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