Financial technology, commonly known as fintech, is regarded as one of the most forward-looking industries of the last decade. The industry has created a new paradigm for jobs and is expected to be worth $1.5 trillion by 2030.
However, the persistent gender gap in the FinTech sector remains concerning.
In Africa, only 3.2 percent of FinTech firms are owned by women, and globally, the figure is even lower, at 1.5 percent.
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First Lady Jeannette Kagame said: "By limiting the space for women in finance and technology, we are not just failing women, but everyone.”
She made the remarks at the inaugural FinTech Forum during a session on, "Business Case for women in FinTech,” on June 21.
The session aimed at shading light on the importance of gender diversity and inclusion in the rapidly growing field of financial technology, unlocking innovation, driving economic growth, and promoting a more equitable society.
"For all the rapid progress we have, experiences and new knowledge we have acquired, an old problem has made its way on the train with us."
For many women, she noted, occupying space in emerging markets is an uphill battle.
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The First Lady said that she shares the conviction on the need to bridge the gaps in financial inclusion even more so with artificial intelligence revolutionalising the world of finance technology.
While the industry has made significant progress, it is essential to recognize the untapped potential that women bring to the table. By harnessing their skills, knowledge, and perspectives, the FinTech landscape can be revolutionised to create a more inclusive future and, according to the First Lady, "FinTech can inspire economic growth and financial stability for our continent’s skilled, youthful communities in line with global frameworks for sustainable development.”
She went on to talk about the status of Rwanda, saying that the country has taken steps in gender mainstreaming, gender responsive budgeting and ensuring female presentation at all levels of leadership.
"But of course this isn’t enough. Financial backing for women-led FinTech solutions must carry strong, compelling incentives, not because women are in need of assistance, but because equality is their legitimate right,” she said.
She emphasized that: "We believe that inclusion must be intentional, systematic, and yes, compulsory, to prevent the waste of talent, skills, and expertise.”
Speaking at a panel discussion, the CEO of Financial Alliance for Women, Inez Murray, said that there can never be limitations to women's prosperity.
She said: "You can never have inclusive women in FinTech unless you have inclusive leadership.”
Her case qualified inputs made by Chigwende Marlon, the Managing Partner at Admaius Capital Partners, who said that, "you can’t have half of the society excluded in FinTech, equity or any other financial investment."
"As an investor, we get averagely 140 investments coming to us annually. Among those we get less than one per cent of women-led investments. We need to encourage female investments and also encourage female investors to step out and approach those with the money.”
While inclusion is attracting attention in the space of FinTech, Rwanda’s Minister of ICT and Innovation, Paula Ingabire, said that there is a need to put more emphasis on Tech enabled STEM teaching to empower women and girls at a much wider scale in Africa.