This paper highlights the position and role of female entrepreneurs in the economic development of Nigeria, In the past, the significant contribution of women in sustaining socio‐economic wellbeing of their families has been neglected and taken for granted by the society as a whole. This has resulted not only in gross underestimation of women's socio‐economic contribution to the economy, but also in the under‐utilisation of women's tremendous socio‐economic potentials in the Nigerian business environment. The aim of this research is to examine these and other related questions using literature search, questionnaire survey and structured interviews with businesswomen in Nigeria. The research result has indicated that the greatest challenge for Nigerian women in business is being taken seriously by their male counterparts, as well as in society as a whole. The greatest reward of business ownership for women is in gaining control over their own working lives.

PurposeGlobally, women have been recognized as key contributors toward livelihood and poverty eradication, especially in developing countries in sub-Saharan Africa. This is due to their great involvement and participation in micro small and medium enterprises (MSMEs) that create employment and ultimately economic growth and development. Thus, the main purpose of this study is to establish the mediating role of social cohesion in the relationship between microfinance accessibility and survival of women MSMEs in post-war communities in sub-Saharan Africa, especially in Northern Uganda where physical collateral were destroyed by war.Design/methodology/approachThe data for this study were collected using a pre-tested semi-structured questionnaire from 395 women MSMEs who are clients of microfinance institutions in post-war communities in Northern Uganda, which suffered from the 20 years' Lord Resistance Army (LRA) insurgency. The Analysis of Moment Structures (AMOS) software was used to analyze the data and the measurement and structural equation models were constructed to test for the mediating role of social cohesion in the relationship between microfinance accessibility and survival of women MSMEs in post-war communities.FindingsThe results revealed that social cohesion significantly and positively mediate the relationship between microfinance accessibility and survival of women MSMEs in post-war communities in Northern Uganda. The results suggest that the presence of social cohesion as a social collateral promotes microfinance accessibility by 14.6% to boost survival of women MSMEs in post-war communities where physical collateral were destroyed by war amidst lack of property rights among women. Similarly, the results indicated that social cohesion has a significant influence on survival of women MSMEs in post-war communities in Northern Uganda. Moreover, when combined together, the effect of microfinance accessibility and social cohesion exhibit greater contribution towards survival of women MSMEs in post-war communities in Northern Uganda. Indeed, social cohesion provides the social safety net (social protection) through which women can access business loans from microfinance institutions for survival and growth of their businesses.Research limitations/implicationsThis study concentrated mainly on women MSMEs located in post-war communities in developing countries in sub-Saharan Africa with a specific focus on Northern Uganda. Women MSMEs located in other regions in Uganda were not sampled in this study. Besides, the study focused only on the microfinance industry as a major source of business finance. It ignored the other financial institutions like commercial banks that equally provide access to financial services to micro-entrepreneurs.Practical implicationsThe governments in developing countries, especially in sub-Saharan Africa where there have been wars should waive-off the registration and licensing fees for grass root associations because such social organizations may act as social protection tools through which women can borrow from financial institutions like the microfinance institutions. The social groups can provide social collateral to women to replace physical collateral required by microfinance institutions in lending. Similarly, the governments, development agencies, and advocates of post-war reconstruction programs in developing countries where there have been wars, especially in sub-Saharan Africa should initiate the provision of group business loans through the existing social women associations. This may offer social protection in terms of social collateral in the absence of physical collateral required by the microfinance institutions in lending. This may be achieved through partnership with the existing microfinance institutions operating in rural areas in post-war communities in developing countries. Additionally, advocates of post-war recovery programs should work with the existing microfinance institutions to design financial products that suit the economic conditions and situations of the women MSMEs in post-war communities. The financial products should meet the business needs of the women MSMEs taking into consideration their ability to fulfil the terms and conditions of use.Originality/valueThis study revisits the role of microfinance accessibility in stimulating survival of women MSMEs, especially in post-war communities as an engine of economic growth in the presence of social cohesion. It reveals the significant role of social cohesion as a social protection tool and safety net, which contributes to economic outcomes in the absence of physical collateral and property rights among women MSMEs borrowers, especially in post-war communities.

This article is based on a research exploring the challenges of microfinance accessibility by SMEs in Tanzania. A survey research methodology is adopted utilizing primary and secondary data from a purposively selected sample of SME operators. Data is collected using questionnaires and interviews which are analysed using SPSS Statistics 17.0. The evidence gathered show that the financial sector has failed to adequately extend microfinance facilities to SMEs due to high transaction costs, lack of collaterals, inadequate skills in developing and managing bankable projects. The study concludes that where default‐risk is perceived to be high, microinsurance must be taken by applicants as collateral. The article recommends initiation of intervention policies, which will uphold sustainability of SMEs and streamline accessibility to microfinance. Finally, the authors look at action‐focused solutions to support and build on the potential of public equity markets to help SMEs access microfinance as an area for further studies. © 2012 Wiley Periodicals, Inc.

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Small and medium enterprises (SMEs) play a significant role in income generation, job creation, poverty reduction and reducing income inequality of all countries, regardless of the level of development. Nevertheless, in developing countries, they are exposed to several challenges affecting their business operations and growth. Among others, access to external financing has been cited to be the most pressing challenge for SMEs in developing economies. The lack of accessibility has been indicated to result from the deficiencies observed from both financial institutions and SMEs. Further, it has been discovered that from the SMEs’ perspective, gender, among other entrepreneurial characteristics, has a role in accessing finance. This paper surveys a sample of 109 SMEs in the Democratic Republic of Congo not only to find what are the challenges faced in seeking finance, but also to investigate the extent to which gender impacts access to finance. The evidence gathered shows that finance is really constraining, there are more rejections than approvals of finance due to the lack of collateral, high interest rates and the inability of SMEs to develop attractive and bankable projects. With regards to gender, the findings were somehow assuring in the sense that when both women and men apply for external finance, they stand the same chances of accessing finance. Recommendations were established to all the actors. SMEs must put more effort into regulating their businesses in order to reduce their risks and build strong relationships with lenders. Financial institutions should not only reconsider the interest rates as they were perceived to be extremely high, but also train SMEs to be “more bankable”. Lastly, the Government should implement policies to support firms and render the business environment more appealing for both SMEs and financial institutions.