In recent years, the landscape of financial technology (fintech) has undergone a remarkable transformation, propelled by technological advancements and a growing emphasis on diversity and inclusion.
One significant aspect of this evolution is the increasing participation of women in the fintech sector.
Like the Lilly Ledbetter Act, it’s an age where the knowledgeable rules, and not just because of physical structures. The women in fintech today have proven that right. Big bank players such as Ireti Samuel-Ogbu of Citibank Nigeria Limited, Tomi Somefun of Unity Bank, Nneka Onyeali-Ikpe of Fidelity Bank, Miriam Olusanya of Gtbank, Yemisi Edun of FCMB and Halima Buba of SunTrust Bank, these women have created a niche that should be recognised beyond the front pages of papers alone, they should start dictating the direction the Nigerian economy should take.
Historically, the financial industry has been predominantly male-dominated, but the tide is turning, with more women entering and making significant contributions that have been felt and seen in the arena. As often asked: who can do it better?
This article will delve into the interesting factors that have driven women’s inclusion in fintech, the numerous and rewarding steps that have facilitated this shift, and the profound impacts it is having on both the industry and society at large.
Factors Driving Women’s Inclusion In Fintech
Several factors have contributed to the growing presence of women in financial technology: They include, but not limited to:
Shifting Cultural Norms: Traditional gender roles within the workplace have been gradually evolving, with greater recognition of the value that diverse perspectives bring to industries like fintech.
As societal attitudes change and cultural norms adapt, there is increasing support for women pursuing careers in traditionally male-dominated fields, including finance and technology.
Hence, these cultural norms, which had reduced women years back, had long been carted away with and areas where there was gender bias had long been subdued as manifested herein:
Occupational Segregation:
Long ago, women were usually segregated when it came to occupation. Certain industries and professions were traditionally associated with the masculine gender. For example, finance and technology have historically been male-dominated fields, while caregiving and administrative roles have been associated with women.This tide has changed to include women in financial matters.
Leadership Disparity:
Before now, men were more likely to hold leadership positions and occupy C-suite roles within organisations. Women, on the other hand, were often underrepresented in executive leadership positions and they faced barriers in their career advancement but this is not the case today, as women are taking over leadership seats and are positioned at the forefront of real matters for the good of all.
Pay Gap:
Even more, women tend to earn less than men for performing the same or similar work. The gender pay gap persists across industries and occupations, reflecting disparities in wages, bonuses, and advancement opportunities.
The obvious change is noted not based on what gender the person is but based on the capacity of the gender to produce results for the work assigned and the women have constantly topped the capacity level.
Other areas where women have successfully thrived and triumphed include breaking Unconscious Bias, where stereotypes had long influenced hiring, promotion, and performance evaluations, leading to disparities in opportunities and outcomes for men and women in the workforce.
Strategies Through Which Women Have Initiated To Overcome Cultural Norms.
Education, Skill Development: Women have pursued education and training in finance, technology, and related fields, equipping themselves with the knowledge and skills needed to excel in fintech roles.
Initiatives such as coding boot camps, online courses, and specialised degree programmes have provided women with opportunities to develop expertise in areas such as programming, data analytics, and financial modelling.
Mentorship, Networking: Mentorship programmes and professional networks have played a crucial role in supporting women’s career advancement. Female professionals have sought out mentors and sponsors who can provide guidance, support, and opportunities for growth within the industry.
Networking events, conferences, and online communities have also facilitated connections and collaboration among women.
Entrepreneurship, Innovation:
Women have launched startups and ventures, leveraging their creativity, expertise, and entrepreneurial spirit to address unmet needs and challenges in the financial industry.
Female founders and leaders have driven innovation in areas such as digital payments, peer-to-peer lending, and financial inclusion, contributing to the growth and diversification of the fintech ecosystem.
Corporate Diversity Initiatives:
Fintech companies and organisations have implemented diversity and inclusion initiatives aimed at recruiting, retaining, and advancing women in the workforce.
These initiatives may include gender-neutral recruitment practices, unconscious bias training, flexible work arrangements, and mentorship programs designed to support women’s career development and advancement.
The women have challenged traditional gender norms through their resilience, determination, and commitment to excellence.
By leveraging their skills, networks, and advocacy efforts, women have made significant strides in overcoming barriers and achieving success in the arena, paving the way for greater gender diversity and inclusion in the industry.
Technological Advancements:
This is also another factor, which has enabled women’s inclusion. The democratisation of technology has lowered barriers to entry into the sector, creating more opportunities for women with diverse skill sets to participate.
The rise of remote work and flexible employment arrangements has further expanded access, allowing women to engage in roles regardless of geographical location or traditional constraints.
Advocacy and Support Networks are yet another factor that has enabled men’s inclusion. Initiatives aimed at promoting gender diversity and inclusion have gained momentum in recent years.
Organisations such as Women in Fintech and Female Founders in Fintech provide platforms for networking, mentorship, and advocacy, enabling women to connect, collaborate, and advance their careers in the industry.
Some key steps have been instrumental in fostering women’s inclusion in fintech:
Gender-Inclusive Recruitment Practices: Fostering gender diversity requires proactive efforts to promote inclusive recruitment practices.
Implementing blind hiring techniques, conducting diversity training for hiring managers, and establishing gender-neutral job descriptions are effective strategies for attracting and retaining female talent in the industry.
Creating Inclusive Work Environments:
Cultivating inclusive work environments where women feel valued, respected, and empowered is essential for fostering their participation and leadership.
Encouraging diverse perspectives, addressing unconscious bias, and promoting work-life balance initiatives contribute to creating a culture of inclusivity and belonging within organisations.
Impacts of Women’s Inclusion in Fintech
The inclusion of women has far-reaching impacts on the industry, society and the economy as a whole; the impacts as well as contributions are inexhaustive. Here are a few:
Diverse Perspectives:
Women bring diverse perspectives, experiences, and ideas to the table. By including more women in fintech, there’s a broader range of insights into the needs and preferences of different demographic groups. This diversity fuels innovation as products and services are developed to cater to a more inclusive audience.
Closing the Gender Gap in Access to Financial Services: Women, especially in developing countries, often face barriers to accessing formal financial services.
Women’s inclusion can help bridge this gap by developing digital financial solutions that are more accessible and user-friendly for women, such as mobile banking apps, digital wallets, and peer-to-peer lending platforms.
Driving Innovation In Wealth Management: Women’s involvement is reshaping the landscape of wealth management and investment advisory services.
Fintech startups led by women are developing innovative investment platforms, robo-advisors, and wealth management tools that cater to the specific needs and goals of female investors.
These platforms often prioritise education, transparency, and personalised advice, empowering women to take control of their finances and build long-term wealth.
Financial Inclusion: Women play a critical role in driving financial inclusion, particularly in underserved and marginalised communities.
By actively involving women in fintech innovation and decision-making, the industry can better address the unique needs and preferences of female consumers, ultimately expanding access to financial services and opportunities for all.
Economic Empowerment: Empowering women not only benefits individual professionals but also contributes to broader economic empowerment and prosperity. By levelling the playing field and providing equal opportunities for women to participate in the sector, societies can unlock the full potential of their human capital, driving economic growth, and social development.
Enhancing Corporate Governance, Diversity: Increasing the representation of women in leadership roles and corporate boards contributes to better corporate governance, risk management, and decision-making processes.
Studies have shown that companies with diverse leadership teams tend to outperform their peers in terms of financial performance, innovation, and stakeholder trust. By fostering gender diversity and inclusion, companies can enhance their competitiveness and resilience in the global marketplace.
Role Modeling and Leadership:
Representation matters, especially in industries where women have been historically underrepresented. As more women achieve success and leadership positions, they serve as role models and mentors for future generations of aspiring female professionals, inspiring them to pursue careers in tech fields and break through gender barriers.
All in all, the growing inclusion of women reflects a positive shift towards greater diversity, equality, and innovation within the financial technology industry.
By embracing and empowering women in fintech, organisations can harness the full spectrum of talent and creativity, driving positive outcomes for individuals, businesses, and society as a whole.
Moving forward, continued investment in education, mentorship, and inclusive practices will be essential for building a more equitable and prosperous future for fintech.
