Women's financial inclusion has long been a critical driver of untapped economic growth. Bridging the funding gap for women-owned businesses in Africa and advocating for policy changes in financial inclusion is at the heart of the Graça Machel Trust's mission. Through our New Faces New Voices (NFNV) Network, we empower women in the financial sector, ensuring their access to finance and financial services. By doing so, they pave the way for women to break free from poverty, actively participate in the economy, and achieve the UN Sustainable Development Goal 5 of Gender Equality.
The Trust's New Faces New Voices (NFNV) Zimbabwe Chapter is positively changing the financial sector. They recently held a National Financial Inclusion Roundtable as part of our Finance Leadership Series on the 20th of July, 2023. This event brought together a diverse group of key stakeholders, including industry leaders, policymakers, and advocates, to discuss the challenges and opportunities in achieving financial inclusion in Zimbabwe.
The Roundtable was a great success and marked a key milestone in our mission to promote financial inclusion in Zimbabwe. We are committed to creating an environment that enables and encourages financial inclusion, and our work with NFNV is an important step towards this goal. We look forward to continuing to work with NFNV to ensure that everyone in Zimbabwe can access the financial services they need to reach their full potential. We explore the key takeaways from the session and highlight four main points that emerged as crucial for driving financial inclusion in Zimbabwe and what we see will inspire women to take the lead in the financial sector.
Women in Finance Leadership: Pioneers of Change
As the Roundtable commenced, the spotlight fell on distinguished women who had broken barriers and shattered glass ceilings in the financial sector. Olgar Denga, NFNV Country Director, emphasized women's significance as decision-makers and finance champions. The event urged women to embrace leadership roles, challenging them to be at the helm of decision-making processes to bring forth more inclusive financial policies.
Kudakwashe Mswaka, Head of Strategy & Reporting at Old Mutual Limited, highlighted the importance of women's voices in shaping financial decisions. She urged women to envision their goals and relentlessly pursue them to become leaders in the industry. Patricia Nyazenga, Divisional Director at FBC, emphasized the need to bridge the gap between aspiring leaders and mentors. Breaking the barriers of hesitation and fostering collaboration among women is essential.
Empowering through Mentorship: The NFNV Mentorship Programme
Gladys Shumbambiri, an esteemed NFNV Board Member, unveiled an exciting initiative during the event - the NFNV Mentorship Programme. This program aims to amplify the number of women in leadership positions within the financial sector. Mentors play a crucial role in empowering women to thrive as leaders by providing guidance, advice, and knowledge-sharing.
The Intersection of Women's Leadership and Financial Inclusion
A powerful revelation emerged during the Roundtable - the intimate connection between women's leadership and financial inclusion. Petronella Dhitima, Managing Director of Mustard Seed Advisory, underscored that women in leadership positions directly impact the design of financial services. Considering that more than 50% of women control household incomes, savings, and investments, it is crucial to have women at the helm of financial institutions to cater to the specific needs of women in society.
Overcoming Adversity: Learning from Experience
Throughout the event, inspiring stories of resilience emerged. Patricia Chizengeya, Head of Sales & Commercial Services at Steward Bank, urged aspiring leaders to focus on what they can control rather than dwelling on obstacles. She highlighted the importance of perseverance and dedication in achieving one's goals. Gladys Shumbambiri reminded attendees to learn the language of their environment, using hardships as "steppingstones" to success.
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The Roundtable on Women's Financial Inclusion was an empowering gathering of public and private stakeholders to discuss policy recommendations to improve financial inclusion among women. Through the discussion, a list of tangible commitments was made to ensure these policies are followed, and real change can be made. This gathering has highlighted the importance of collaboration between the public and private sectors in driving progress for women's financial inclusion. Now, with the commitments and actions pledged, we look forward to the positive impacts this will have in the coming years.
