NEWFin initiative will reduce gender gap in financial sector: NBE Governor

Addis Ababa, March 28, 2024 (FBC) – The Network of Ethiopia’s Women in Finance (NEWFin) initiative will reduce the gender gap within the financial sector, National Bank Governor Mamo Mihretu said at the launching of the network today.

The Network of Ethiopia’s Women in Finance (NEWFin) launched by the National Bank of Ethiopia (NBE) is a pioneering initiative designed to bridge the gender gap in leadership within Ethiopia’s financial sector.

The Bank believes that NEWFin will transform the landscape of the Ethiopian financial industry by empowering women to ascend to leadership roles, thereby driving gender equality and economic growth.

Opening the conference on making the financial sector work for women, Governor Mamo noted the underrepresentation of women in the financial industry both in the demand-side as the user of financial services and on the supply-side as managers and employees of financial institutions.

According to him, this is not merely a matter of equity but also economic efficiency and sustainability, a matter of sound policy and public confidence.

Announcing the launching of NEWFin, he stated that the Network of Ethiopia’s Women in Finance is more than just an initiative.

It is a commitment to transform the financial sector, empower women, and enable them to thrive as leaders and drive gender equality, Mamo noted.

As a result, the network will reduce the gender gap within the financial sector at the national level, the governor added.

World Bank Group Acting Country Director Doina Petrescu pointed out on the occasion that Ethiopia’s financial sector is evolving quickly and the World Bank (WB) is privileged to support this process.

WB has been working with the National Bank of Ethiopia team and many more to help accelerate this process, it was learned.

The World Bank technical experts have supported the implementation of the first national financial inclusion strategy and assisted with the banking sector liberalization, Petrescu pointed out.

The NEWFin initiative officially launched today envisions a financial industry that empowers women, enabling them to thrive as leaders and actively promoting gender equality as its mission is centered on avoiding the barriers that impede women’s progress within the financial sector, ENA reported.

The network is dedicated to providing avenues for achieving work-life balance, challenging societal norms and fostering mentorship and coaching connections, ensuring that women have the support and opportunities needed to succeed.