Two years ago, Lina Higiro, CEO at NCBA Rwanda, was nominated for the Angaza Awards, an event that recognises top women in banking and finance across Africa. She made it to the top 10 finalists. This gave her an idea, which she pitched to her colleagues—to start a foundation and do the same work in Rwanda and beyond.

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In an interview with The New Times’ Glory Iribagiza, Higiro explained more about the recently launched Women in Finance Rwanda (WIFR) Foundation, a network of women in Rwanda’s finance sector at all levels, and why it is relevant today. Excerpts:

How would you describe WIFR?

Women in Finance Rwanda is a membership-driven network, which aims to connect its members through networking events; support their ambitions through development programmes, leadership opportunities, mentorship programmes, and peer-to-peer forums.

One of our medium-term objectives is to become a one-stop data point for the sector in support of parity, gender, community, and work-place related concerns.

Members would include but are not limited to; commercial banks, insurance companies, micro-finance institutions, and fintechs.

How was the foundation created?

The financial sector is extremely influential having touch points with its customers at every point in their lives and the communities they serve. And with less than 30 per cent representation of women on executive committees and even less at the management level, we do not represent the markets we serve.

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Additionally, with over 15,000 women employed in the sector (NSSR 2022), leading change in the sector to address economic disparities, sexual harassment, and workplace parity would have a positive domino effect on other sectors.

The foundation was, therefore, born to integrate gender parity as part of the purpose and brand for the sector, by providing a platform for growth attraction and retention, connection, debate, and data consolidation.

Why is the foundation relevant today, when we have national progressive gender policies?

We have certainly made a lot of progress, thanks to the top leadership in government starting with His Excellency, the President of Rwanda, and coming down to institutions that have made it their mission to actively pursue gender inclusivity, such as the Private Sector Federation.

However, we are still on a journey towards creating an industry in which women are able to access equal opportunities and explore their full potential within the work environment. Today in a population of over 15,000 (NSSR 2022) in the sector, less than 30 per cent are in executive committees, and even fewer are in management committees.

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The time is right, we now have significant parity in the commercial banking sector—on boards and at the CEO level. The foundation seeks to break the barriers that are holding the majority of women back including access to opportunities, structural challenges unique to the financial sector, and cultural biases.

What will members benefit from the foundation?

Members will benefit from learning prospects from worldwide collaborations, networking opportunities, mentorship offered by a blend of women and men with varying lengths of professional experience from Rwanda and beyond, career path coaching and identification, peer-to-peer collaborations, and celebrations of notable achievements in the sector.

Members, both institutional and individual, will also benefit by being critical players in influencing policy affecting the workplace and service provided to promote diversity.

Who are the co-founders? What is the organisation structure like?

The co-founders include four women who each have demonstrated leadership and competence in the sector for over 15 years:

· Chair: Lina Higiro – CEO at NCBA Rwanda

· Vice-President & Deputy Legal Representative: Belinda Bwiza – Managing Director at Tubura by One Acre Fund

· Treasurer: Umulinga Karangwa Fund Manager & Investment Advisor at Africa Nziza

· Legal Representative: Raissa Muyango, CEO at COPEDU MFI

The executive committee which includes the co-founders mentioned above additionally includes:

· Audit Committee Chair: Christine Baingana – CEO at Urwego Opportunity Bank

· Conflict & Resolution Chair: Betty Sayinzoga -CEO at Sanlam Insurance

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We will soon be seeking patrons and an advisory board, thus, the structure is largely guided by the Rwanda Governance Board’s guidance on foundations.

When are you starting operations? What will be the first task?

We are currently at the pre-launch stage, setting up the structure required to hold our first general assembly— the equivalent of a live launch, estimated in June this year. The first task would be to onboard institutional and individual members.

Are there innovations people should expect that will bridge gender gaps in the finance sector?

Innovations will happen when members collaborate, debate, create and push for change. We will keep everyone posted.

What is the future like for the foundation?

Parity would firmly be in the purview of all CEOs in the sector, and the foundation should be in a position to influence policy, provide expertise through in-depth research, and a noticeable increase in women holding management roles.

Are the grassroots service providers (such as MoMo agents) also included in your beneficiaries?

Our beneficiaries for now are employees of financial institutions.