It is for the benefit of the whole society to value and centre the contributions of women at all levels to achieve better financial results, which leads to social justice. “Financial inclusion is the first step to getting financial resources, managing resources and building wealth for all of us, especially for women,” Founder of the Graça Machel Trust, Mrs Graça Machel, highlighted this point during the Women in Finance Leadership Series, which took place on the 10 November 2022. New Faces New Voices (NFNV) Zimbabwe, a network of African women in the financial and business sector, organized the hybrid event in collaboration with Old Mutual Limited Zimbabwe.
The series, whose role models and inspirational role models included Dr Charity Dhliwayo, Former Deputy Governor of the Reserve of Zimbabwe, NFNV Board Member and the Graca Machel Trust’s (GMT) Expert Leaders Group Zimbabwe Country Representative and Mrs Gloria Zvaravanhu, Managing Director Old Mutual Insurance, aimed to provide a networking platform for women in the financial sector to inspire and encourage one another, as well as enhance women’s financial inclusion for economic empowerment.
The theme Women Leading in The Financial Sector -Women in Finance Leadership Series and its objectives were to promote and inspire female leadership in the financial sector and engage women as decision-makers and influencers. These objectives align with the GMTs goal of advocating for women’s financial inclusion and pinpointing areas for policy recommendations and follow-up actions from both public and private sectors.
In her welcoming remarks, the Chairperson of NFNV Zimbabwe, Dr Lucia Mandengenda, stated that the gathering was to increase the number and visibility of women in the financial sector. “Best practice says that representation of women in leadership positions is important as well as in the frontline in the financial services impacts access to finance for women as client.”
Kuda Mswaka, Old Mutual Head of Strategy & Reporting/OWN President, further added, “Renewed purpose is to motivate and empower Old Mutual women to take ownership of their professional and personal lives to impact the business and communities that it operates positively”. She further highlighted, “Our success has been underpinned by partnerships, which are key to us and enable us to widen our reach and impact.”
Dr Charity Dhliwayo remarked, “women need to break from the chains of limiting belief patterns, societal or religious conditioning that traditionally kept them suppressed and realizing leadership potential.” She further explained that ” As women in finance leadership, you are change-makers, frontline cadres and have a unique opportunity to bring about positive change, well positioned to be influencers of policies that drive financial inclusion and economic empowerment agenda as you fully understand the needs of women and can advocate for their needs.”
Mrs Gloria Zvaravanhu emphasized that “Narrowing this gender gap means we must deliberate about promoting women leadership in the financial sector as a key enabler in women’s economic empowerment”. She added, “When you find the spaces create a multiplier effect, send the elevator down and bring critical mass to the table.”
Key takeaways from the panellists:
- Multiply faces and amplify voices
- History is made by those who write – women need to write as there is a profound shortage of information about financial services
- Women need to be part of the table and changing environments
- Support each other – it should never be lonely at the top for women
According to a survey conducted by NFNV Zimbabwe on women in finance leadership, the majority of women are employed by banks, which accounts for 57% of women’s employment in the financial sector, followed by microfinance institutions at 29%. However, there is a lack of women’s representation in strategic and decision-making positions, with Zimbabwe’s financial sector falling behind the global average of 24%. The survey found that only 9.5% of women hold director-level positions, 5.8% are CEOs and MDs, and a mere 1.9% are on the board. On a positive note, Zimbabwe has one of the highest rates of women’s financial inclusion in Africa, with 83% of women owning accounts, as per the National Financial Inclusion Strategy Phase II for 2022-2026 by the Reserve Bank of Zimbabwe.
The Trust supports and mobilises civil society networks on issues of ending child marriage, ending violence against children, ending female genital mutilation and promoting children’s rights, to carry out advocacy and action across Africa. Special focus is placed on Malawi, Mozambique, Tanzania and Zambia where child marriage continues to be a problem largely driven by poverty, gender inequality, harmful traditional practices, conflict, low levels of literacy, limited opportunities for girls and weak or non-existent protective and preventive legal frameworks.
Education is a fundamental right for all children, which is also a vehicle for social, economic and political transformation in communities, countries and the African continent at large. Recent studies indicate a lack of progress in some of the critical commitments aimed at improving education quality, access, retention and achievement, particularly for girls. In most African countries, girls may face barriers to learning, especially when they reach post-primary levels of education. By implementing multi-dimensional approaches to education which includes core education, personal development, life skills and economic competencies, the Trust partners with funding partners, governments, civil societies and the private sector to improve education access.
The Nutrition and Reproductive, Maternal, New-born, Child and Adolescent Health and Nutrition, (RMNCAH+N) of the Children’s Rights and Development Programme aims at promoting the Global Strategy for women, children and adolescents’ health within the Sustainable Development Goals (SDG) agenda. The strategy emphasises on the importance of effective country leadership as a common factor across countries making progress in improving the health of women, children and adolescents.
Through its Early Childhood Development (ECD) plan, The Trust will seek to put into action the new science and evidence Report that was presented by Lancet Series on Good and early development – the right of every child. This will be achieved by mobilising like-minded partners to contribute in the new science and evidence to reach all young children with ECD. The Trust’s goal is to be a catalyst for doing things differently, in particular, to rid fragmentation and lack of coordination across ECD sectors. In response to evidence showing the importance of political will in turning the tide against the current poor access and quality of ECD. Even before conception, starting with a mother’s health and social economic conditions, the early years of a child’s life form a fundamental foundation that determines whether a child will survive and thrive optimally.