Zimbabwe: To Have a Voice Is Power - Women in Finance Leadership Series

"Women will come in their thousands and millions but will have no face. When the moment of truth comes but they will have no voice. To have a voice is power. It allows one not only to put ideas on the table, but to influence decisions, policy, and the shaping of your country," Farai Mpofu, Head of Investor Education Securities Commission of Zimbabwe (SECZIM), quoted Mrs Graca Machel.

Ms Mpofu shared these powerful opening remarks during a recent New Faces New Voices Zimbabwe webinar on 16th June 2022. The webinar, which was themed Women Leading in The Financial Sector -Role Models and Inspirational Leaders, provided a platform to share findings of the Women in Finance Leadership Survey, Zimbabwe 2021. It also gave women leaders a chance to inspire other women to be leaders in the financial sector and pioneering roles in addressing gender disparities -making a difference as women in finance.

Dr Lucia Mandengenda, the Board Chairperson NFNV Zimbabwe Chapter, gave the opening remarks, giving a background of NFNV Zimbabwe as a Pan African network of Women in Finance under the Trust. She highlighted several of NFNV's specific objectives, including increasing women's access to finance and financial services, building the capacity and skills of women to access finance as consumers and as entrepreneurs and invariably growing the visibility and influence of women's leadership in the financial sector. NFNV is both a convener facilitator and an advocate for financial inclusion, collaborating with all stakeholders to address demand and supply issues.

The NFNV 2021 Women in Finance Leadership Survey showed that few women occupy critical decision-making positions on boards and C-Suite. 8.3% are at director level, and although 11.1% of the respondents were chief executive officers, only 2.8% were board members. Most of the women who responded, 34% are in middle management. This reflects a lower representation of women's voices and views at strategic and decision-making levels. The Global Women's Leadership average is 24%, which shows that Zimbabwe's financial sector lags behind. (Women in Finance Leadership Survey Nov 2021-Feb 2022).

The panellists were Dr Jesimen T. Chipika, Deputy Governor, Reserve Bank of Zimbabwe, Mrs Priscilla Munyeza - Managing Director, AFC Land and Development Bank and Mrs Pamela Muzenda - Board Member, Small & Medium Enterprises Development Corporation. Dr Mandengenda then shared some of the critical lessons and leadership insights. These included having a leadership compass and leadership style, acknowledgement of predecessors, women that have led and paved the way, leading with conviction, goal setting, passion and focused vision setting. All reiterated that to enhance women's financial inclusion, it is essential to know and understand women across the economic and social spectrum and have a calling to serve. In addition, the leaders must have personal branding, value systems, vitality, self-articulation, humility, and balanced life.

Other discussions revealed that women's organizations' implored women in finance leadership to support and partner with them in advocacy and awareness campaigns for women's financial inclusion, especially for marginalized women. In addition, stakeholders from the financial sector acknowledged the need to collaborate and offer financial literacy training to communities as part of CSR initiatives as a collective than going it alone.

In the closing segment, Dr Mandengenda made a specific call to action urging "for women in their spheres of influence, at different levels women in finance leadership to play a role in advancing, advocating and championing women's financial inclusion." She also launched the first part of the 2022 edition of its Women in Finance Leadership booklet with profiles of women leaders in the financial sector. This edition also features Dr Chipika and Dr Dhliwayo as current and former Deputy Governors of the Reserve Bank of Zimbabwe. They represent the highest position women have held in the financial sector.

The vote of thanks was delivered by Dr Hesphina Rukato, Chairperson of the Network of African Business Women in Zimbabwe. Moving forward, NFNV continues to convene roundtables and webinars to spearhead an inclusive agenda with both men and women as champions. In addition, it will be rolling out financial literacy through its current partnerships and looks forward to partnering with more financial institutions.

Compiled by Nonhlanhla Ngwenya (WIMN Communications Coordinator Zimbabwe).

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