The financial services sector often gets flak for not being diversified with regard to gender. A glance at the available sustainability reports of the top 12 banks in Nigeria shows that there is indeed positive movement toward engendering the sector. Let’s delve into the various initiatives being implemented by such institutions to ensure women are positioned at the forefront and to create a more balanced workplace.

Invest in the Future

One of the noticeable trends for this is the increased expenditure on capacity-building programs exclusively for women employees. The idea is to enable them with necessary skills and background knowledge to excel in professional life while preparing them for top positions. With regard to this, First Bank goes a step further by setting up an internal governance body that has the objective of overseeing promotional activities and performance regarding gender equality periodically, therefore securing uniformity of progress and accountability.

Build a Robust Pipeline

Many banks are tracking and actively promoting female representation at all hierarchical levels within the bank. Any such commitment brings a strong, powerful message and puts a face to aspiring women who want to be financiers. In addition, these institutions become vocal for women’s empowerment and human rights, hence being part of the greater human change in society.

Support Empowerment

Many banks incorporate policies dealing with most aspects of the professional journey of a woman. These policies include those on gender equality, diversity & inclusion, whistle-blown, and equal rights, and those giving support to maternity leave, study leave, and career mobility. It is in this holistic approach that it fosters a safe and supportive work environment where women can excel.

Leadership by Example

A strong focus is henceforth placed on increasing the number of women within management and board positions. It would therefore create opportunities not only for women but also for various perspectives around such decision-making tables to be represented, making the financial institutions themselves more strong.

Learning and Networking

Hence, a mentorship program and professional development opportunity become very important in women’s career growth. Many banks design structured programs where knowledge transfer and career coaching are done through the pairing of experienced women as mentors with men tees. Workshops and webinars on a regular basis on the topics of career management, mental health, financial planning, and even sexual harassment prevention can arm these women with confidence to pass through any professional landscape.

Collaboration is the Key

Many banks are taking cognisance of the fact that they can partner in this endeavour and are thus joining established women’s empowerment organisations, such as the African Women in Business, Women in Management, Business and Public Service, or Women in Successful Careers. That way, their expertise and networks are used in supporting and further promoting women within the financial industry.

Transparency and Accountability

The companies demonstrate commitment to gender equality by reporting data on gender in their SDI s and internal newsletters. Their membership and signing to organisations like UN-WEP, the Financial Alliance for Women, UN Women further tell their great commitment towards global efforts on women’s empowerment within the financial sector.

Above, the various initiatives highlighted indeed put up a rather encouraging picture of a sector working toward gender equality. Through the investment in women, creating an enabling environment, and engaging with external organisations, such banks are not only empowering their women but also laying bases for future successes within diverse and competitive landscapes.

Oluyemi Adeosun (PhD) – July 3,2024