A STARK gender disparity persists in Zimbabwe as women are still under-represented in leadership positions, a study by New Faces New Voices has revealed.
New Faces New Voices is a women’s network under the Graca Machel Trust to amplify women’s voices.
According to a survey conducted by the organisation in 2022-2023, out of 50 Zimbabwe Stock Exchange-listed companies, only 18% have women as directors.
Speaking at the commemorations celebrating women in leadership’s 10-year journey of New Faces New Voices on Friday last week, chairperson Olga Denga said Zimbabwe was lagging most countries in terms of gender and diversity on boards, with implications for corporate performance.
The celebrations were held by New Faces New Voices in collaboration with Old Mutual.
“It is increasingly becoming clear that women’s participation in the financial sector is not just essential for sustainable development, but also for their empowerment, expression, agency and emancipation. It is generally recognised that women are underrepresented in all sectors and levels and Zimbabwe’s financial sector is no exception. Promoting women’s participation, representation and leadership roles in the private sector is therefore a pressing policy issue in Zimbabwe.
“According to a study conducted in 2022-2023, out of 50 Zimbabwe Stock Exchange-listed companies, only 18% have women as directors. Of the 19 banking institutions, only one has a female managing director, and out of 8 deposit-taking micro-finance institutions, only one is headed by a woman.
However, on a positive note, Zimbabwe ranked 53 out of 166 under central banks for having a female deputy governor at the Reserve Bank of Zimbabwe and 17 out of 50 under sovereign funds for having 40% female board members.”
- ‘Women still under-represented in leadership’
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The study also revealed that women remain significantly under-represented in senior leadership positions in financial institutions. “The majority of women interviewed in 2023 had a master’s degree, and 20% had 11-15 years of experience. However, 70% of women participants had never applied for senior positions, despite having the requisite qualifications and experience. Of those who applied, only 30% were successful,” Denga said.
“So, why does financial inclusion for women in corporate leadership matter? It matters for economic growth, enhanced performance, innovation, stronger organisational culture and brand and positive societal impact.”
Speaking at the same event, New Faces New Voices country director, Hupenyu Hove, said there is a need for the central bank and other financial institutions to set inclusion targets and implement clear measures and targets to increase gender representation, especially for women.
“We also recommend mentorship and advocacy for women’s advancement, investment in gender-responsive policies and practices and addressing challenges faced by women such as childcare subsidies, flexible working hours and career development opportunities,” Hove said.
She also encouraged women to attain higher qualifications for eligibility for leadership positions.
“Additionally, we recommend promoting transparency and accountability by implementing transparent promotion criteria, monitoring progress toward diversity and inclusion goals and holding leadership accountable for achieving targets,” Hove said.
“For women in leadership in the financial sector, we recommend attainment of high qualifications for eligibility for leadership positions, participation in mentorship programmes, networking forums and other platforms that can build their capacity and improve their form leadership positions. We also recommend improving self-confidence and self-belief in their capacities, sustaining the leadership path, and career progression.”
RBZ deputy director and head of Financial Inclusion Rachel Mushosho encouraged women in senior positions to support and mentor younger women with the potential to rise through the ranks.
“Sometimes women can be our own enemies. When you see a young woman with potential, you start to think that this one came to take my job. When those of us have attained the roles or have come to the places where we think we are leaders, we make it increasingly difficult for the young ones to make it to the top,” Mushosho said.
