By empowering women to actively participate in shaping the fintech industry, we can create a more inclusive, fair and impactful financial ecosystem.
We still have a way to go though, with only 10% of global board seats within the fintech industry currently held by women. Africa has already witnessed a gradual, but notable increase in positive developments, with the number of fintech companies founded by women nearly twice the global average.
So, what can be done to drastically change these numbers, and propel more women into the fintech sector, and more importantly into leadership roles?
With the advice of ladies in the industry, let’s look at some of the ways we can navigate this space with ease.
Changing entrenched perceptions about the tech industry
Reshaping the entrenched perceptions about the fintech industry is crucial. We require not only more females in the industry, but also females from varying work backgrounds. The fintech ecosystem comprises of diverse specialist areas that demand a wide range of skill sets.
While technical expertise certainly has its place in the tech industry, it is essential to recognise that other skill sets are equally valuable and sought after. According to Taryn Augoustatos, CFO at Finch Technologies: “Whether you possess an accounting qualification, marketing experience, or have been part of the corporate world, your work experience in other industries can bring a fresh and invaluable perspective to the business strategy and management style.”
Shifting perceptions needs to start from the grassroots, and this means involvement from schools and universities in educating female students about career opportunities within this space. GirlCode is one such organisation that is empowering girls with tech skills.
Choose the culture that is right for you
Women must be fussy and selective about finding the right fit. Seek out companies that align with your values, embrace diversity and empowers women. Such a workplace can transform your career and job satisfaction. In fintech specifically, where building solutions that benefit women as well as men is a huge part of the job, it’s important that these companies value and encourage input from all their employees. Diversity needs to be part of their company culture, and closing the gender gap needs to one of their missions.
In a very male-dominated sector this can sometimes be tricky, in some cases it means being the change you want to see. Fintechs that are eager to change policies can also be an opportunity for you to champion the change.
During the interview process, be sure to ask about the presence of women in leadership roles and what your career progression could look like within the company. Another important aspect is asking about work-life balance, assess the companies remote work and maternity leave policies, which can often impact a woman’s career opportunities.
Mentorship and networking
“The saying behind every successful woman is a tribe of other successful (wo)men who have her back, couldn’t be truer in fintech. Ladies in this sector share your challenges, and they are more than willing to help you along your journey,” says Ashleigh Butterworth, marketing specialist at Finch Technologies.
It’s invaluable to seek out support from women in Fintech to foster a positive and empowering environment. Yes, this might be out of your comfort zone, but networking events provide the ideal community to share tips and advice with women in the industry. A couple of noteworthy organisations include Future Females, Innovation City and Women Who Build Africa.
A big part of mentoring is seeking out ladies who can help propel you to the top. “For women wanting to purse leadership positions within a fintech, my advice is to forge forward with passion and integrity, guided by your feminine instincts, and empower and support your team and take them with you,” advises Lee Ziervogel, COO at Ukheshe Technologies.
Embrace education and continuous learning
Staying informed and continuously learning is not just valuable, but it’s empowering too. The key to breaking barriers is to ensure you have a loaded arsenal with all the relevant industry knowledge needed to succeed. Your insights and ideas can revolutionise the way financial services are delivered, making them more inclusive and accessible for all. Moreover, staying informed empowers women to engage confidently in decision-making processes.
If you’d like to broaden your horizon and pursue a more tech-based role within the company, seek out short-courses or post-graduate studies that can enable you to fulfil these rolls.
Advocate for yourself
“What stands out for me is the passion and diversity of females when you include them in tech-based roles. Women bring out a diversity of talent in competency, contributions, voices and opinions, and in working towards achieving collective dreams and aspirations in any organisation,” says Lee Ziervogel, COO at Ukheshe Technologies.
You can’t be what you can’t see, should be the catalyst to championing diversity and inclusion. Women are less inclined to apply for jobs in companies that are less diverse, making it crucial for business owners to make it part of their company pillars. According to McKinsey & Co, fintechs that embrace diversity tend to be more 25% more profitable, innovative and successful, illustrating that the impact goes beyond just social responsibility and ethics.
“As I’ve climbed the proverbial ladder within my career it has become clear that leadership in the Fintech space is very male dominated. I often find myself looking around the room to find that not only am I the only female, but also the only one of colour. So, for me it is always about having a strong will and mind. Stick to your beliefs and be heard. This can be scary at times and sometimes it doesn’t always work, but if you fight for what you believe in, and you know it is for the better of the company, you can overcome anything,” comments Kerry Ho-Van Rensburg, Digital Marketing Director, Ignition Group CX.
To succeed in this industry, you need to be determined and sometimes unapologetic. Speak out when you think things are unjust, and help support other ladies on their journey. It’s also important to remember that your male colleagues are often keen on learning, and diversity means making them part of the conversation too.
