The Vice Governor of the Central Bank, Soraya Hakuziyaremye has said that the private sector has a crucial role in driving gender equality by promoting the presence of more women in decision-making positions.

Globally, she said, "women are under-represented in senior decision-making positions in both the public and private sector, and sadly, women are overly represented in low-paying insecure and non-paid jobs.”

This was remarked during the 6th annual Ring the Bell for Gender Equality celebration on March 11.

In celebration of International Women’s Day, Rwanda Stock Exchange (RSE) joins counterparts around the world to ring the market bell to draw attention to the critical role that business and markets can play in tackling gender inequalities.

The occasion brought together different players in the finance sector, entrepreneurs, the Central Bank, varsity and high school students to discuss the role and opportunities for the private sector to advance gender equality and sustainable development.

Hakuziyaremye called on the private sector to lead by example by ensuring that women are empowered across the board, that they are given opportunities, training, and flexibility in the workplace as they navigate their roles as professional women, as mothers, as caregivers, so that they can unlock their full potential.

Despite the commendable equal academic opportunities presented to women, she noted that equal opportunities in access to finance remain a challenge.

"If capital is channeled to companies that exhibit inclusion, gender equity as values, their peers will start adopting those values.”

According to the latest data from National Institute of Statistics in Rwanda (2020), women-owned businesses were 37.6 per cent compared to 62.4 per cent of men, and five per cent of women borrowed from formal financial services compared to 10 per cent of men.

Celestin Rwabukumba, Chief Executive of Rwanda Stock Exchange (RSE), emphasized that businesses should go heavy on promoting gender equality.

As part of RSE’s contribution to help women-led small and medium enterprises access to finance, he said that they first provide information to those businesswomen and even men as investors, and other players in the finance sector to invest in women initiated projects on the basis that they make profit and not as charity. 

Yvette Ishimwe, Founder and CEO of IRIBA Water Group, pointed out that the private sector can contribute to gender equality by creating opportunities for women in all approaches.

"It’s first of all about opening doors for women to succeed and when you give them a platform they do so,” she said.

Ishimwe says that they have provided jobs to 14 permanent workers as technicians and management and 45 franchise agents working in Water ATMs across the country that provide clean water to the underserved people in communities and schools at a cheaper price.

Denise Umwali, Program Manager a UN Women in Rwanda, highlighted that there are still gaps in different spheres mainly related to negative norms and stereotypes perceived by the society as relevant while at the same time compromising gender equality and equity principles in Rwanda.

Denise Umwali, the Program Manager at UN Women Rwanda.

"The figures of women representation in parliament, government and the judiciary are far above the global averages, but women’s representation at local level and in the Private Sector still needs attention,” she said.

The private sector currently employs 94 per cent of the labor force in Rwanda per official statistics, however, she noted that the number of women is still low, especially in technical fields which normally pay more wages.

Quoting the World Economic Forum report of 2021 that shows a global belief that the private sector must drive equal gender initiatives, Hakuziyaremye said that barriers that hinder women access to employment, that halt their career advancement, and those which still prevent equal pay must be removed.

A global projection indicates that around $12 trillion could be added to global GDP (Gross Domestic Product) in 2025 by advancing gender equality.