Global Gender Summit: The importance of gender equality in the workplace

Gender equality in the workplace has been a pressing issue for decades, and despite progress in some areas, significant gaps still remain. At the recent Global Gender Summit, Modupe Ladipo, Managing Partner of Prosperar Consulting, emphasized the importance of unpacking the constraints to gender equality and ensuring they are addressed by the right stakeholders. Ladipo highlighted several key challenges faced by women, such as limited access to finance, particularly in the form of credit and collateral, as well as issues related to digital and financial literacy, and societal norms that create a glass ceiling for women. These constraints, according to Ladipo, need to be tackled collaboratively by regulators, financial service providers, and new institutions to create a more inclusive environment for women entrepreneurs. The summit also discussed the need for concrete action and impact measurement, with initiatives like the F-Hour and the gender index aiming to track progress in financial inclusion for women. However, Ladipo cautioned that simply providing funding is not enough; capacity building, mentoring, and understanding of women's businesses and value chains are essential for sustainable growth. Nigeria, in particular, still faces significant challenges in closing the gender gap in financial inclusion, with a 2018 survey showing a 13% disparity in bank account ownership between men and women. While progress has been made, approximately 40% of women remain financially excluded, underscoring the persistent need for targeted interventions and innovative solutions to support women-owned businesses. Moving forward, Ladipo urged a focus on monitoring and accountability to ensure that financial institutions are held to key performance metrics in supporting women entrepreneurs. She emphasized the importance of designing products and services that truly meet the needs of women, rather than fitting them into existing frameworks that may not effectively address their challenges. By prioritizing women's empowerment and economic advancement, stakeholders can drive meaningful progress towards closing the gender gap in the workplace and beyond.