Why imparting financial education to women pays
Dar es Salaam. Equipping women with financial education is a key to successfully harnessing their potential and hence speeding economic development of Tanzania and Africa at large, a bank executive has said.
A statement by Equity Bank Tanzania’s executive Betty Mgimba (pictured) said it was crucial to consider the fact that women accounted for over 50 percent of all Small and Medium Enterprises (SMEs).
The necessary financial education will help women to defeat such challenges as a lack of necessary capacities and skills to boost their businesses and generate jobs as well as occupying top decision-making positions in the public and private sectors.
Speaking at the weekend during an event in Dar es Salaam to celebrate the Top Women in Management Africa (Wima) award winners for the year 2020, Ms Mgimba said recognition of women in leadership was vital, saying it inspired more women and girls to target topmost positions at all economic fronts.
Present at the event were leading women executives in both the private and public sectors, including Education minister Joyce Ndalichako.
Ms Mgimba, who works as Equity Bank’s head of institutional banking and customer experience, and 34 other women emerged as the leading women in management in Tanzania for the year 2020 initially from about 400 women nominations.
“A bigger percentage of women in management mostly go beyond the call of duty, we usually have to put in twice and sometimes triple the efforts to even be recognised,” she said when it was time for her to speak on behalf of the top 35 winners.
She said there was huge potential in women that needed to be harnessed for improved social-economic transformation and impact.
“Women at work, in leadership, in growing other leaders, in entrepreneurship and investments need an enabling environment to actualise their potential. And for this to happen, discovering oneself and financial education are vital keys for success. Influencing and growing other women and youth to understand this drives me,” she said.
According to Ms Naike Mosha, the chief executive director for Wima Awards, the awards celebrate top women and the firms behind them.
They (the awards) also honour and applaud outstanding leadership, inspiration, vision and innovation.
Wima’s purpose in this Initiative is to enhance the importance of actively involving women in senior-level roles.
Wima, according to its website, “promote gender parity and encourage female participation in the labour force by honouring professional women in their careers and motivate more women to take leadership roles in the workplace.”
The institution seeks “to enhance the importance of actively involving Women in Senior Level roles.”
