Women across Eastern Europe, the Middle East, and Africa (EEMEA) are demonstrating a growing appetite for entrepreneurship, with 78% considering starting or running their own business, according to Mastercard’s latest research on female entrepreneurship released ahead of International Women’s Day 2025.

Even in war-torn Ukraine, over two thirds (68%) of women surveyed by Mastercard. Women have been playing a critical role in keeping the economy going since the Russian invasion in 2022. 

Pursuing a dream is a key motivator, cited by 48% of female business owners in the country. Other factors driving Ukrainian women toward entrepreneurship include the desire to work for themselves, seizing the right moment, and having a promising idea, each cited by 29% of respondents. 

Women in Ukraine are exploring opportunities in online sales (22%), education and tutoring (17%), agriculture (15%), and food and drink (15%). However, only 3% of Ukrainian women plan to enter the IT sector, compared with 14% of men, pointing to a significant gender gap in technology entrepreneurship.

"This research highlights the remarkable entrepreneurial spirit among women. In Ukraine, while facing unprecedented challenges, we see how women entrepreneurship powers the country’s economy,” said Inga Andreieva, general manager at Mastercard in Ukraine and Moldova. 

Across the wider EEMEA region, 51% of women consider themselves entrepreneurs, a figure closely aligned with the 54% of men. 

Younger generations are leading the shift toward business ownership, with 55% of millennials and 57% of Gen Z identifying as entrepreneurs. Women are particularly drawn to industries such as food and drink (21%), online retail (18%), education (17%) and cosmetics (17%).

A growing number of women in the region are also embracing side hustles, with 55% currently running a secondary business venture. This figure rises to 61% among Gen Z women, who cite additional income (70%), financial independence (51%) and skill-building (39%) as their primary motivations.

“The entrepreneurial spirit among women in EEMEA is strong and growing, with younger generations leading the way," said Selin Bahadirli, executive vice president, Services, EEMEA at Mastercard, in a press release from the company. "With access to the right financial tools, mentorship, and digital resources, women entrepreneurs can unlock new business opportunities, drive innovation, and contribute significantly to economic development."

Despite strong ambition, female entrepreneurs face significant barriers. Mastercard’s research found that 68% of women in EEMEA cite lack of funding as their biggest challenge, slightly higher than their male counterparts (66%). Additionally, 31% believe entrepreneurship is "not for someone like them". Meanwhile, 18% of women — compared to just 11% of men — say they don’t know how to start a business, signaling a need for greater access to training and advisory support.

Technology is increasingly playing a role in business operations, with 75% of female entrepreneurs in EEMEA regularly using artificial intelligence (AI). Among them, 85% report significant cost and time savings compared to 78% of male business owners. However, cybersecurity remains a concern, as 35% of women entrepreneurs have been targeted by fraudsters.