The membership was formalised on Wednesday, August 6, 2025, during a charter signing ceremony at SONARWA Life's headquarters in Kigali. The event brought together senior executives, financial sector leaders and partners, marking what participants described as a 'critical step' towards more inclusive leadership in the industry.
In his remarks, Isaïe Muhoza, Acting CEO of Rwanda's leading life insurance company, said the company's decision to join WIFR was not symbolic, but a strategic and values-driven move to institutionalise gender equity across all levels of its operations.
'This membership is not a ceremonial actâ€"it is a serious commitment to systemic change,' Muhoza said. 'Today, as SONARWA Life, we make a public commitment to ensuring that women have equal opportunities to grow, lead, and shape the future at our organisation and in the financial sector.'
Muhoza said gender inclusion is embedded in the company's recruitment, assessment, and promotion practices, noting that building diverse teams was key to delivering sustainable business impact and serving customers better.
SONARWA Life's entrance into WIFR also presented an opportunity to empower the company's young female professionals. Three staff members, Esther Mugisha, Ingrid Isimbi, and Chantal Ikirenga, were awarded scholarships to pursue professional qualifications with the Chartered Institute for Securities and Investment (CISI).
Muhoza celebrated the awarding of scholarships to three female employees, calling them 'the future of ethical leadership in the sector.'
Speaking on behalf of the scholars, Esther Mugisha, a Corporate Business Officer at SONARWA Life, expressed gratitude to both WIFR and the company's leadership.
'This gesture is not only a testament to your commitment to empowering young women professionals in the finance sector, but also a great encouragement for us to pursue excellence and contribute meaningfully to the growth of Rwanda's financial industry,' Mugisha said.
WIFR, a non-profit network launched in 2023, champions diversity and inclusion within Rwanda's financial services industry. Its work spans banking, insurance, investment, and microfinance, with a focus on, among others, building capacity, promoting mentorship, and advocating for gender-responsive policies.
Annie Nibishaka, CEO of Old Mutual Rwanda and an institutional member of WIFR, welcomed SONARWA Life into the network with a pointed reminder that Rwanda's financial sector is at a turning point, where good intentions on gender equality must now give way to concrete action.
'The path towards gender balance in the financial sector has reached a critical moment where intention must translate into accelerated action,' Nibishaka said. 'Gender balance enhances decision making, improves governance and ultimately delivers better outcomes for all.'
She highlighted some of the Foundation's key achievements to date, including a research study on the state of women in the financial sector, mentorship cohorts with a pipeline of over 60 mentees, and partnerships with public institutions such as the Gender Monitoring Office and the Rwanda Standards Board (RSB), all aimed at supporting the organisation's mission.
Speaking at the event, Emmanuel Gatera, Director of the National Standards Division at RSB, announced that Rwanda will, in October, launch the world's first standalone gender equality certification standard during the ISO General Assembly, which the country will host.
The certification, developed in collaboration with the United Nations Development Programme (UNDP) and the Gender Monitoring Office, will be free of charge and available to both public and private institutions that meet the criteria for gender equity in operations and governance.
'We've seen transformational change when women are empowered in the workplace,' Gatera said...I would be happy to recognise some organisations that have demonstrated their compliance with gender equality requirements, including members of Women in Finance.'
Jessica Igoma, CEO of Mayfair Insurance, said SONARWA Life's inclusion comes at a pivotal time, as WIFR prepares to launch a dedicated insurance sector chapter. She pointed to low insurance penetration in Rwanda, currently at 2.1% compared to the global average of 7%, as a challenge that could be tackled through targeted inclusion and awareness strategies.
"Looking at some of the statistics, we have about 92% of women with no insurance in this country, but also 38% of women do not know what insurance is or how insurance works. So, this will give us a good opportunity as women in insurance to be able to create a difference," Igoma remarked.
SONARWA Life is the fifth insurer and the fifteenth institution to join the growing list of organisations aligned with WIFR's mission, including Kigali International Financial Centre (KIFC), Bank of Kigali, BRD, NCBA Rwanda, Access to Finance Rwanda, Ecobank, I&M Bank, Umwalimu Sacco, Old Mutual Insurance, Coopedu, Mayfair, Sanlam, and Zep-Re.
As part of its membership, SONARWA Life will be expected to uphold the WIFR Gender Charter, monitor internal progress, and participate in sector-wide efforts to achieve parity.
Wycliffe Nyamasege
