In a proactive stance to address gender imbalances in leadership roles within the banking sector, Tanzania’s financial institutions are embarking on transformative initiatives aimed at uplifting women professionals.
Despite constituting 47 percent of the banking workforce, women currently hold only ten percent of decision-making positions, with less than 20 percent representation on boards of directors, according to a recent survey conducted by the Tanzania Bankers Association (TBA).
With International Women’s Day (IWD) approaching on March 8, TBA Vice Chairman Geoffrey Mchangila highlighted the necessity of total inclusivity and urged women to lead the way in fostering the next generation through mentorship. He emphasized the significance of carving out pathways for women to excel, especially in fields like Science, Technology, Engineering, and Mathematics (STEM).
“In the realm of leadership, I encourage you to embrace the responsibility of mentoring young women, offering both guidance and support to schoolgirls as they pursue their aspirations,” Mchangila stressed.
The TBA has outlined robust action plans to address the challenges faced by women in the industry, including the establishment of forums dedicated to women in finance. These platforms aim to encourage open dialogue, foster collaboration, and unite women across different institutions.
“We are fully committed to funding this forum, and it is imperative for you to take the lead in its initiation, as it will bring together diverse women from both within and beyond the sector,” remarked Mchangila.
Furthermore, the banking industry is forging partnerships with external entities to bolster the leadership skills of women already in managerial roles. This collaborative endeavor aims to equip women with the necessary competencies to effectively compete for top leadership positions.
During discussions, Comprehensive Community Based Rehabilitation Tanzania (CCBRT) Chief Executive Brenda Msangi underscored the importance of establishing a robust support system and advocating for teamwork among women professionals.
“Every day, it is vital to prioritize and delegate tasks. Do not hesitate to seek support from a mentor or coach who can champion your cause positively and promote teamwork,” advised Msangi.
The heightened efforts within the banking sector underscore a broader commitment to championing gender equality and inclusivity in leadership roles. By empowering women professionals and providing them with the requisite support and resources, the industry aims to cultivate a more diverse and equitable workplace environment.
TBA Chief Executive Officer Tusekelege Joune highlighted, “We have been hosting events like this annually to monitor the progress of women’s representation in the banking industry. These gatherings inspire others to seize opportunities within banks, such as vying for top positions.” Joune acknowledged the collaborative efforts between banks and various institutions aimed at empowering women to ascend to senior roles within the banking sector. “We have made strides; there are now women CEOs in major banks, and we continue to make progress,” affirmed Joune.