Tech will expand gender gaps in finance, experts warn

New technologies are projected to widen the gender disparities in Uganda’s finance sector, experts cautioned at a recent Women Economic Empowerment Initiative (WEEI) Forum.

Anne Juuko, the Standard Bank Group’s regional head of global markets, said that currently, “the journey to parity” for women as technology is likely to dominate the future of banking.

“Until we have bridged the skills gap, especially in the new emerging skills we are setting ourselves up for a regression. One is tempted to think we’ve come from far which we have, and I don't want to take away from that success but when you forecast forward, there are big concerns,” Juuko told women leaders across different sectors at Mestile Hotel in Kampala.

“In your workplaces, put up your hand if 80% of the IT team are women. Maybe that’s too high. How about 70%? 40? 50? But we all agree that technology is the future. So, when we talk about bridging gap, these are the things we must not talk about but do something about,” she said.

In 2023, the Uganda Bankers Association launched the WEEI as one of the key pillars of its ESG strategy, which will serve as a focal point for addressing the myriad of issues that hinder the progress of women in the banking and financial sector as well as those who venture into entrepreneurship.

The forum conversations revolved around four key pillars: leadership and empowerment, reward and recognition, access and inclusion, and partnerships and collaboration.

The forum noted the need to break down barriers to female participation, and promote mentorship and sponsorship programs that push for a more inclusive workplace culture.

Sarah Arapta, the Citi Bank CEO said women still face various social and economic barriers that impact their usage of banking and financial services including limited access to education training, digital literacy, and cultural norms among others.

“As a sector, we are increasingly investing in partnerships and collaborations to contribute towards bridging the gender gap in financial literacy, access to finance and empowerment of women at the decision-making stages,” she said.

Olive Lumonya, the Uganda Civil Aviation Authority’s Deputy Director General, advocated for nurturing leadership from grassroots levels.

Daniele Nyirandutiye, the USAID Mission director, noted that women should continue to pursue roles that improve their career journey.

“Women are innovators and can juggle so many things. But sometimes we forget to put value to all that we do. Women entrepreneurs should not have to struggle to secure financing. They should not settle for financing with unfavourable terms,” she said.