In Ethiopia’s finance industry, women professionals face a unique set of challenges that hinder their progress and representation in leadership positions. The Network of Ethiopia’s Women in Finance (NEWFin), a visionary initiative by the National Bank of Ethiopia, plays a crucial role in addressing these issues, encouraging a more inclusive and equitable financial sector. Drawing upon insights from a recent NEWFin survey, this blog delves into the barriers Ethiopian women in finance encounter and outlines actionable strategies to overcome them, highlighting NEWFin’s instrumental role in this transformative journey.
The Landscape of Challenges
According to NEWFin’s strategic survey, a significant 88% of respondents cite work-life balance as a major barrier to achieving equity in financial institutions. Furthermore, 66% of respondents point out the lack of access to networking and mentorship opportunities as a critical obstacle, underscoring the systemic hurdles women face in climbing the professional ladder.
To add to this concerning state of affairs, an alarming 86% of participants acknowledged the existence of a gender pay gap within the banks, insurance, or MFI in which they are employed. This is proof that the financial disparities continue to persist. These findings reveal the multifaceted challenges that Ethiopian women in finance must navigate, from balancing professional and personal responsibilities to overcoming institutional and societal biases.
Affirmative Actions and Solutions
There are many ways in which women’s sustained ascent to leadership roles within the financial sector can be encouraged and bolstered. Key recommendations from women in Ethiopia’s financial sector include the implementation of flexible work arrangements, such as the option for remote work and providing childcare facilities at work, to alleviate work-life balance challenges. Emphasizing the importance of mentorship and coaching, it is a popular opinion for women in finance to advocate for empowering mentoring programs and creating leadership opportunities specifically tailored for women.
Setting quotas for women’s representation in leadership and establishing inclusion goals for senior management is a means to address the gender pay gap and promote women into leadership roles. Additionally, prioritizing women for training and education opportunities, as well as implementing affirmative actions in recruitment and promotion processes, are identified as crucial steps toward leveling the playing field.
NEWFin’s Role in Paving the Way
NEWFin’s commitment to fostering a supportive community for women in Ethiopia’s finance sector is pivotal in addressing these challenges. By facilitating networking opportunities, mentorship programs, and professional development initiatives, NEWFin is actively working to dismantle the barriers women face. The network’s advocacy for gender-inclusive policies and practices within the financial industry serves as a catalyst for systemic change, promoting a more diverse and equitable workplace.
Through its targeted actions and support systems, NEWFin not only aids in the personal and professional growth of women in finance but also contributes to the broader goal of gender equality in Ethiopia’s financial sector. As these efforts continue to gain momentum, the path toward a more inclusive and empowering environment for women in finance becomes increasingly tangible.
