The Future of Finance is Female—And the Future is NOW

How does the quote “The future of finance is female” sound? Great, right? 

If I were to critically analyse this statement in a literature class, I would undoubtedly conclude that the future of finance is indeed female. However, I wouldn’t arrive at this conclusion without some scepticism—especially given current evidence on the usage and adoption of financial services among women. Despite progress, women are still more likely than men to be unbanked (2021 Global Findex Report). 

This skepticism notwithstanding, I strongly believe that if a persistent gap exists in women’s usage of financial services compared to men, then there is significant room for the development of tailor-made financial solutions catering specifically to women’s needs. Customised financial products present an opportunity for financial service providers to expand their portfolios. In fact, research shows that addressing the gender gap in banking could unlock $30 billion in new interest income for banks (UNEP FI and UN Women report on Advancing Gender Equality and Women’s Empowerment). 

A lot of progress has been made in bridging the gender gap, yet gender inequality remains persistent— sustained, in part, by financing gaps (2024 UNEP FI and UN Women report). Structural and systemic barriers such as social norms continue to prevent many women from accessing resources and opportunities within the financial services industry. Women, along with low-income individuals, are more likely to lack identification or a mobile phone, live far from a bank branch, and need support to open and effectively use a financial account (2021 Global Findex Report). 

Consider this: Women make up over half of the banking workforce, according to the UN Women report, yet they remain underrepresented in leadership roles, holding just 23% of executive positions across banks. With such statistics, it will be difficult—if not impossible—to close the 1.5 trillion USD global credit gap for women entrepreneurs, despite strong evidence that women are low-risk clients. If women are underrepresented in leadership within the banking sector, advocating for gender-focused lending, influencing policies, and championing financial services tailored for women will remain an uphill battle. 

Improving financial access for women requires a deliberate effort to build an enabling and inclusive financial infrastructure—one that recognises the role of women in advancing financial inclusion. After all, who is better positioned to contribute to the design of financial solutions for women than women themselves? 

The Case of Ghana 

In Ghana, out of 23 commercial bank CEOs, only two are female. Among the 147 CEOs in rural and community banks, only eight are women (https://thebftonline.com/2024/10/09/female-ceos-changing-the-narrative-of-leadership-in-rural-banking/) The fintech industry tells a similar story, with just a handful of female CEOs. These figures are not just numbers; they represent an underrepresentation that hinders women’s access to resources and opportunities, preventing them from contributing fully to financial inclusion. This underrepresentation impacts them both as employees and as customers. After all, if women are not in decision-making positions, how can they help design and deliver financial solutions that close the gender gap? 

Following the Ghanaian government’s announcement of plans to introduce a Women’s Development Bank, many are eager to see its impact in closing the gender gap and advancing financial inclusion. Once established, the bank is expected to offer low-interest loans, technical assistance, capacity-building, mentorship programmes, and business support to women entrepreneurs. However, beyond establishing a bank dedicated to women’s financial needs, there must be a deliberate effort to increase female representation at every level of decision-making within the financial services industry. 

Moving Beyond Research to Action 

Ghana and the world alike must move beyond research papers and statistics that highlight gender gaps—toward actual implementation of the recommendations these reports capture. Equal representation does not mean underrepresenting another gender. As promising as “The future of finance is female” sounds, that future will remain in limbo if intentional action is not taken to close the gender gap in financial service adoption and usage. The world must walk the talk and talk the walk. 

What Needs to Be Done 

1. Mandated Gender Inclusion Targets: Financial service providers should be required to set and track gender inclusion targets, monitored by central banks, just as they regulate other financial sector policies. Boards must hold senior executives accountable for gender underrepresentation in leadership. Global best practices, such as those outlined in the UN Women report, can guide institutions in developing gender-inclusive policies. 

1. Financial Literacy for Women: Every financial institution must prioritise financial literacy for women. This includes investing in educating female employees, empowering them to take up leadership positions in banking. Training should cover AI, digital financial services, fintech, and digital banking, positioning women for leadership opportunities. 

1. Gender-Responsive Policies: Financial institutions must adopt gender-responsive policies that promote a healthy work environment, equal pay, and professional development opportunities. Policies should accommodate the unique experiences of women and ensure gender equity. More gender-diverse organisations perform better financially and drive innovation—so gender inclusion is not just a social goal; it’s a business advantage. 

Women are the future of finance. But that future will only materialise when our voices are heard in rooms that matter within the financial services industry. We cannot wait 134 years, as projected in the 2024 Global Gender Report to achieve full gender parity. We are the future, and the future is NOW. 

 

by Eunice Asantewaa Ankomah
FIRST+II DFI Programme Coordinator
GEC and  CDFP alumni  

 

Established in 2015,  Digital Frontiers Institute is a proud brand of  Digital Frontiers. Learn more about the Gender Equality Changemakers programme and find out how to enrol: https://genderequality.digitalfrontiersinstitute.org/