In partnering with WIFR, institutional members like Mayfair Insurance demonstrate the importance they place on accelerating progress for diversity, equity and inclusion.
The insurer formalized its membership during an official Gender Charter signing ceremony held on Thursday, August 30, 2024, at its offices in Kimihurura. The event was graced by Mayfair Rwanda Managing Director Ms. Jessica Igoma, Zep-Re MD for Rwanda & Burundi Ms. Alice Uwase, and the WIFR founding chair Ms. Lina Higiro and Mayfair Management.
Speaking at the event, Igoma emphasized that joining the foundation reaffirms Mayfair's commitment to making equality a strategic objective, just like any other business goal.
A study from McKinsey & Company, which analyzed more than 1,000 companies worldwide, proved that organizations with greater diversity among their executive teams tend to have higher profits and longer-term value as well.
'We are committed to being part of this journey to elevate women and to walk alongside Women in Finance Rwanda every step of the way,' Igoma noted.
Higiro lauded Mayfair for its decision to join the foundation, highlighting that it adds to the growing list of insurance companies committed to advancing the equality agenda in the sector. Other members include Sanlam and Zep-Re.
'Now we have a strong team to advocate and drive change for a more profitable and sustainable insurance sector,' Higiro stated.
The former CEO of NCBA Bank Rwanda was recently appointed Director of Regional Business at NCBA Group. She emphasized that Gender parity can have a large impact on whether an economy or society will thrive as such it is a critical lens for doing business. She also stressed the importance of nurturing an inclusive culture to sustain these efforts.
Companies joining WIFR commit to various initiatives aimed at promoting gender equality and inclusivity within the financial sector. These commitments include supporting the progression of women to senior roles by setting internal gender balance objectives that focus on reducing imbalances, particularly at the executive level and within the middle management pipeline.
To ensure transparency and accountability, members commit to creating and sharing a clear diversity policy with specific targets set for all organizational levels. These targets should be made public, and progress towards them reported annually. Companies are also encouraged to develop tools to track and report on female representation, promotions, and any challenges in achieving gender equality.
Additionally, members commit to identifying and sharing obstacles and best practices in the industry to support the advancement of women and increase their presence in senior roles. Companies are also encouraged to establish a Gender Committee, if one does not already exist, to bolster these efforts. The aim is to create a more inclusive and balanced financial sector in Rwanda.
Empowerment Initiatives
Launched in 2023, WIFR has partnered with various institutions to help its members succeed in their careers and navigate the ever-changing landscape of the finance industry.
Higiro noted that, for instance, in the commercial banking sector, the foundation has partnered with the Chartered Institute of Securities and Investments to offer scholarships and special discounts for all staff both men and women.
'We also have a partnership with the Uganda Financial Institute for Training Home - UIBFS, which offers diplomas in credit analysis, a postgraduate diploma in agricultural value chain credit analysis, and microfinance banking. Members (All staff) receive special discounts on these courses,' Higiro revealed.
Additionally, the foundation provides capacity-building sessions designed to enhance skills and foster professional growth, where members have the opportunity to network with industry experts and gain valuable insights. It is also going to launch a mentorship program that connects members with industry and subject-matter experts to build meaningful relationships and support their professional goals.
Other financial institutions that have recently partnered with WIFR include Bank of Kigali, BRD, NCBA Rwanda, EcoBank, I&M Bank, Umwalimu Sacco, Coopedu and several others.
Wycliffe Nyamasege
