Women steering financial inclusion in Rwanda

Rwanda has set an ambitious target of achieving full financial inclusion by 2024 and has been taking significant steps towards closing the gender gap in the financial sector. However, despite these efforts, women still face barriers to access and opportunities in the industry. CNBC Africa recently interviewed Lina Mukashyaka Higiro, CEO of NCBA Bank Rwanda and Chair of Women in Finance in Rwanda, to delve into the challenges and advancements in promoting financial inclusion for women in the country. According to Mukashyaka, the current landscape of the financial sector in Rwanda reflects a gender disparity with only 28% of women in senior management and 38% at board level, despite making up 46% of the total workforce in the sector. The need for sustainable strategies to bridge this gap is evident, as Mukashyaka highlights the importance of building skills and capacity among women in finance to enable them to compete on a global and regional level. She also emphasizes the role of visibility and collaboration in inspiring and empowering women in the sector. Women in Finance Rwanda, a recently established foundation, has been working to raise visibility and offer capacity-building programs in collaboration with industry organizations like the Chartered Institute of Securities and Investments. By providing globally recognized courses in investments, securities, and fund management, the foundation aims to equip women with the skills needed to excel in the evolving financial landscape. Additionally, Women in Finance Rwanda is set to launch a study on the sector, which will provide valuable insights to guide future strategies and position Kigali as a financial hub. The interview also shed light on the policy initiatives driving gender equality in the sector, with the Gender Monitoring Office playing a pivotal role in supporting financial institutions to review and revise their policies to address the specific needs of women in finance. Mukashyaka cites examples of internal policy changes at NCBA Bank Rwanda, such as introducing flexible work hours for new mothers and extended paternity leave for fathers, as a result of the gender monitoring review. The central bank's gender mainstreaming agenda is another crucial initiative aimed at holding institutions accountable for promoting gender equality in recruitment, training, and procurement practices. By focusing on concrete plans such as implementing equality charters and fostering public accountability, Rwanda is striving to close the gender gap and achieve greater financial inclusion for women in finance.