In recent years, Ethiopia has made significant progress in various sectors, including finance. However, like many countries, it continues to grapple with gender inequality, particularly in the realm of finance. To address this persistent gap, a Network of Ethiopian Women in Finance (NEWFin) has emerged, playing a pivotal role in empowering women and working towards gender parity.
The network of Ethiopian women in finance serves as a powerful platform that empowers women by providing them with opportunities for professional growth, skill enhancement, and mentorship. By fostering a supportive community, the network helps women build confidence, develop leadership qualities, and expand their knowledge base. Through workshops, seminars, and networking events, women in finance gain access to valuable resources and information that enable them to thrive in their careers.
Stereotypes and traditional gender roles have long hindered women from pursuing careers in finance. However, the network challenges these norms by showcasing successful women who have excelled in the financial sector. By highlighting these role models and their achievements, the network inspires young women to challenge societal expectations and pursue careers in finance, thus breaking down barriers and promoting inclusivity.
One of the primary objectives of the network is to increase the representation of women in leadership positions within the financial sector. By advocating for gender diversity and inclusivity, the network works towards ensuring that women have a seat at the table where key decisions are made. This increased representation not only benefits individual women but also leads to more balanced and inclusive policies that address the needs and perspectives of all stakeholders.
The network acts as a knowledge-sharing platform, facilitating the exchange of expertise and best practices among women in finance. Through mentoring programs and peer-to-peer learning, experienced professionals guide younger members, helping them navigate challenges and build the necessary skills to advance in their careers. This collaborative approach fosters a culture of continuous learning and growth within the financial sector, ultimately contributing to its overall development.
The network of Ethiopian women in finance actively engages in advocacy efforts to influence policy changes that promote gender equality in the financial sector. By joining forces, members of the network amplify their voices and advocate for reforms that address systemic barriers and biases. Their collective advocacy strengthens the case for gender-inclusive policies, leading to greater opportunities and a more supportive environment for women in finance.
Promoting gender equality in the financial sector has broader economic implications. Studies have shown that increased female participation in finance positively impacts economic growth and stability. By filling the gender gap in the financial sector, the network of Ethiopian women in finance contributes to the overall economic empowerment of women. This, in turn, leads to greater financial independence, poverty reduction, and improved living standards for women and their families.
The network of Ethiopian women in finance plays a crucial role in bridging the gender gap within the country’s financial sector. Through empowerment, breaking stereotypes, enhanced representation, knowledge sharing, advocacy, and economic empowerment, the network creates an environment that fosters gender equality and inclusivity. As the network continues to grow, it is expected to make significant strides in transforming the financial landscape of Ethiopia, ensuring equal opportunities for women and contributing to the nation’s overall development.
The Network of Ethiopia’s Women in Finance (NEWFin) initiative will reduce the gender gap within the financial sector, National Bank Governor Mamo Mihretu said at the launch of the network to local media. The Network of Ethiopia’s Women in Finance (NEWFin), launched by the National Bank of Ethiopia (NBE), is a pioneering initiative designed to bridge the gender gap in leadership within Ethiopia’s financial sector.
The Bank believes that NEWFin will transform the landscape of the Ethiopian financial industry by empowering women to ascend to leadership roles, thereby driving gender equality and economic growth.
Opening the conference on making the financial sector work for women, Governor Mamo noted the underrepresentation of women in the financial industry both in the demand-side as the user of financial services and on the supply-side as managers and employees of financial institutions.
According to him, this is not merely a matter of equity but also economic efficiency and sustainability, a matter of sound policy and public confidence. Announcing the launching of NEWFin, he stated that the Network of Ethiopia’s Women in Finance is more than just an initiative.
It is a commitment to transform the financial sector, empower women, and enable them to thrive as leaders and drive gender equality, Mamo noted. As a result, the network will reduce the gender gap within the financial sector at the national level, the governor added.
World Bank Group Acting Country Director, Doina Petrescu pointed out on the occasion that Ethiopia’s financial sector is evolving quickly and the World Bank (WB) is privileged to support this process. WB has been working with the National Bank of Ethiopia team and many more to help accelerate this process, it was learned.
The World Bank technical experts have supported the implementation of the first national financial inclusion strategy and assisted with the banking sector liberalization, Petrescu pointed out.
The NEWFin initiative officially launched envisions a financial industry that empowers women, enabling them to thrive as leaders and actively promoting gender equality as its mission is centered on avoiding the barriers that impede women’s progress within the financial sector.
The network is dedicated to providing avenues for achieving work-life balance, challenging societal norms and fostering mentorship and coaching connections, ensuring that women have the support and opportunities needed to succeed.
To empower women and enable them to be active participants in finance, the Ethiopian government can undertake several measures:
Most of all, the government can enact and enforce laws that promote gender equality and protect women’s rights. This includes legislation that ensures equal access to financial services, prohibits discrimination in employment and credit, and promotes women’s economic empowerment.
Access to financial services is also the other endeavor that the government can work to expand women’s access to financial services, such as banking, credit, and insurance. This can be done by establishing financial institutions that specifically target women, implementing policies to encourage financial inclusion, and promoting the use of digital financial services.
Furthermore, financial education and skills training coupled with providing financial education and skills training programs targeted at women can greatly enhance their financial literacy and knowledge. These programs can cover topics such as budgeting, saving, investment, and entrepreneurship, enabling women to make informed financial decisions and manage their resources effectively.
The government can also create programs and initiatives that support women entrepreneurs, such as providing start-up capital, business development services, and mentorship opportunities. This can help women establish and grow their own businesses, thereby increasing their economic independence and contribution to the finance sector.
Having these implementing gender-responsive budgeting ensures that government budgets and policies take into account the specific needs and priorities of women. This can involve allocating resources for women’s economic empowerment programs, infrastructure development that benefits women, and social protection measures that address gender-based inequalities.
The government should also foresee option to actively promote women’s leadership and representation in the finance sector by encouraging women to pursue careers in finance and providing opportunities for their advancement. This can be achieved through mentorship programs, leadership training, and creating a supportive and inclusive work environment.
As scholars and studies put forward, collecting sex-disaggregated data and conducting research on women’s economic participation and barriers they face in the finance sector is crucial. This data can inform evidence-based policies and interventions, ensuring that government initiatives are effectively targeted and tailored to address the specific challenges faced by women.
It is important for the Ethiopian government to adopt a multi-faceted approach that combines these strategies to create an enabling environment for women’s economic empowerment and active participation in the finance sector. Collaboration with civil society organizations, international partners, and the private sector can also contribute to the success of these efforts.
BY LAKACHEW ATINAFU
The Ethiopian Herald March 31/2024
