After returning to power in 2021, the Taliban barred girls from secondary schools and universities, pushed women out of much of the formal workforce, and imposed sweeping restrictions on their daily lives. Yet, over the same period, the number of women-owned businesses in Afghanistan has grown significantly. This analysis explores that apparent contradiction by examining the collapse in women's education and labour-force participation, the rise of women-led enterprises, and the financial and structural challenges these businesses continue to face.