Sylvia: Women need financial literacy to succeed in business

Dar es Saalam. You have probably heard of this clarion call: ‘Be the change you want to see in the world’.

When Sylvia Shelukindo co-founded the advisory firm Bankable Tanzania with three other career bankers, she envisioned a financial advisory body that supports and invests in women-and-youth-led enterprises: a dream that the team continues to breathe life into.

Narrating her career journey, Sylvia shares her experience in a 2021 International Finance Corporation (IFC) annual report titled ‘Leading Tanzanian Women in the Financial Services’.

At the time of co-founding Bankable Tanzania, Sylvia had already had 17 years of experience in corporate matters.

She says her passion for financial services grew out of her understanding of how the financial sector can influence development.

She was introduced to the world of finance in 2003 when she started working at the African Banking Corporation (ABC, participating in ABC’s first graduate recruitment programme.

Sylvia compliments her formal education alongside an intensive training programme in Zimbabwe and South Africa. The programme included formal classes on all aspects of banking.

“I took advantage of the internship opportunities at ABC as I gained a valuable work experience. I, thereafter, joined Corporate Banking and Treasury at ABC,” she narrates.

Come 2005 - and Sylvia moved to Stanbic Bank Tanzania where she served in different roles including Client Relationships manager, head of Corporate Banking and head of Client Coverage for 13 years.

In early stages of her banking life at Stanbic Bank, Sylvia invested in a first-time borrower who wanted to develop a life-saving preventive medical product. The investment proved successful and it has so far created jobs for about 4,000 women.

During her time as a Relations manager at Stanbic Bank, Sylvia supported and advised fellow colleagues with whom she was at the same level.

“It was not part of my job, but it was also an opportunity to shed a spotlight on my capabilities and my potential to take on more responsibilities. As a result, I was noticed and promoted within a year,” she recalls.

In spite of her promotion which meant more responsibilities on her hands, Sylvia continued to practice on taking extra responsibilities and often worked with people from different teams.

The managers of these teams appreciated Sylvia’s efforts as they also recognized how her interaction with them enhanced Stanbic Bank’s efficiency and collaboration.

In 2017, Sylvia saw the need to start a finance advisory body in the local market with three of her partners and despite the fact that her co-founders are men, gender did not factor into what brought the four of them together.

“We came together because we have complementary skillsets in corporate and investment banking, treasury and governance. However, as we keep building our business, we find that a woman’s perspective and intuition adds value to our company,” she says.

Since its establishment, Bankable women-led SMEs that have sound business ideas but lack financial and accounting expertise.

“Women entrepreneurs generally lack financial literacy. They don’t have enough knowledge about what makes a business successful and sustainable.

This leads to poor planning and decision making, and often results in women financing their businesses with insufficient or inappropriate forms of capital, which contributes to business failure,” Sylvia avers.

Sylvia and her partners are addressing these problems by providing technical assistance that helps their clients to access adequate, fairly priced capital.

Sylvia emphasizes the need to change the narrative about gender roles and women leadership in the financial sector as well as in the society.

“The culture in Tanzania is male-dominated. Women are discouraged from exhibiting qualities such as leadership and determination, which are considered to be male traits. The question then becomes: what do we do about it? since that problem has been lingering in our society for the a long time,” she says.

Sylvia further says: “I urge young women entering the financial arena to develop key competencies that will guide them in their career.

“They should also pursue excellence throughout their career and let their work speak for themselves.”

She advises women to find their voices and exude confidence in the knowledge that they have earned the right to sit on decision making tables.

“Embrace the God-given attributes of your character, help other people and master the usage of emotional intelligence. You must recognise that a paradigm shift is needed in leadership, so reject stereotypes and do not let other people limit your role because of your gender,” Sylvia emphasizes.

She stresses that young women aspiring to become leaders in different developmental industries to not compromise their feminine qualities but they should rather embrace them for it is in those qualities that they are characterised unique.

“Financial sector can play a critical role in addressing gender imbalance. Women and men who are at the key players in this sector can enhance changes that will make the society perceive gender equality differently,” Sylvia explains.

Taking the initiative herself, Sylvia has chosen to coach and mentor women at Bankable and elsewhere. She prepares these women to take up senior positions.

“If we are to increase women’s access to finance and top leadership position, there needs to be more women on the other side of the negotiating table that will not only represent them but they can make the society see how impactful it can be when women are part of those who are at the helm of major development sectors,” Sylvia details.

Sylvia Shelukindo