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Like in other sectors across the economy, women in Rwanda’s finance sector have been rising both in number and impact across sectors including banking, insurance, and fund management among others.

With that, some of the most notable names in finance in the country are women serving in a wide range of capacities.

Women not only make a significant section of the finance industry’s senior leaders, a closer review of the ecosystem shows that many have filled key corporate roles and positions ranging from human resources, legal, business development  further cementing their position in the finance sector.

Of the 16 local banks, 6 banks are led by Women; Diane Karusisi (Bank of Kigali), Alice Kilonzo (Ecobank), Lina Mukashyaka (NCBA), Christine Baingana (Urwego Bank), Arah Sadava (AB Bank) and Kampeta Sayinzoga (BRD).

Participants attend a public discussion on why gender diversity is important in the boardroom, at Kigali Library. According to a research published by Catalyst, firms with higher levels of gender diversity are linked to higher levels of job satisfaction and retention. Photo: File.

Two local banks’ Board of Directors’ are led by women; Evelyn Kamagaju (Equity Bank) and Chantal Mubarure (Access Bank).

In the insurance sector, 2 firms are led by women CEOs; Annie Nibishaka (UAP Rwanda) and Ovia Tuhairwe (Radiant Yacu) while 4 players have their Board of Directors led by women as well as the Association of Rwandan insurers.

Women also lead key financial institutions including fund managers such as BK Capital (Carine Umutoni), insurance brokers, Mobile Money among others.

Women also make up over 30 per cent of Board of Directors positions of local financial institutions.

However, despite the progress, gender equity/ parity in the finance sector is far from being achieved with current women leaders largely being the first to break the ceiling.

Global studies have evidenced numerous advantages of gender diversity in leadership including institutional resilience, self-development and taking initiative.

A study by Jack Zenger and Joseph Folkman published in the Harvard Business Review, women outranked men in capabilities that differentiate excellent leaders including taking initiative, resilience, and practices self-development.

"Leaders need to take a hard look at what gets in the way of promoting women in their organisations. Clearly, the unconscious bias that women don’t belong in senior level positions plays a big role. It’s imperative that organisations change the way they make hiring and promotion decisions and ensure that eligible women are given serious consideration,”

"Those making those decisions need to pause and ask, "Are we succumbing to unconscious bias? Are we automatically giving the nod to a man when there’s an equally competent woman?” And, as our data on confidence shows, there’s a need for organisations to give more encouragement to women. Leaders can assure them of their competence and encourage them to seek promotions earlier in their careers,” the study read in part.

Another research published by Catalyst found that firms with higher levels of gender diversity, and policies and practices focused on it, are linked to lower levels of absenteeism and employee turnover; higher levels of job satisfaction, engagement, and retention; enhanced corporate reputation; and increased creativity and innovation.