Women in Nigeria’s Banking and Finance Industry

Nicholas Idoko 11 min read

Last Updated on January 27, 2024

The banking and finance industry in Nigeria has witnessed tremendous growth in recent years. However, in the midst of this growth, one crucial aspect has been neglected – the participation of women. Women, as an essential part of any economy, bring a fresh perspective, creativity, and diversity to the industry.

Increased participation of women in the banking and finance industry presents a plethora of benefits, including increased productivity, better decision-making, and a more balanced work environment. Over the years, there has been a positive shift, as more women have taken on prominent roles in the industry. Nonetheless, there is still a significant gap that needs to be bridged.

Women have the potential to be strong leaders, but societal norms and cultural biases have curbed their full potential. A study conducted by the International Finance Corporation (IFC) revealed that only 20% of senior management roles in Nigerian banks were held by women. This underscores the need to foster an enabling environment that is supportive of the advancement of women in the industry.

Women are a vital resource in the banking and finance industry, and their participation should not be overlooked.

As the industry continues to grow, we must work towards creating an inclusive environment that will allow women to thrive and reach their full potential. This will not only benefit women but also the industry as a whole.

Read: Top Banking and Finance Certifications in Nigeria

Overview of Nigeria’s Banking and Finance Industry

Nigeria’s Banking and Finance Industry plays a crucial role in the country’s economy, providing financial services to both individuals and businesses.

Brief History of the Industry

The banking industry in Nigeria dates back to colonial times, with the establishment of the British Bank of West Africa in 1892.
In 1952, the central bank of Nigeria was created to regulate and oversee banking operations in the country.
Over the years, the industry has experienced both growth and challenges, including financial crises and regulatory reforms.

Current State of the Industry

Nigeria’s banking sector is the largest in Africa, with about 21 commercial banks operating in the country.
In recent years, the industry has undergone significant changes, with the adoption of technology and digital banking services.
However, the sector also faces challenges such as high levels of non-performing loans and regulatory compliance issues.

Importance of the Industry to Nigeria’s Economy

The banking and finance industry is a major contributor to Nigeria’s economy, accounting for about 22% of the country’s GDP.
The sector employs thousands of Nigerians, providing job opportunities in both formal and informal settings.
The industry also plays a critical role in facilitating access to credit and financial services for businesses and individuals.

Women in Nigeria’s Banking and Finance Industry

Over the years, the industry has witnessed a gradual increase in the number of women employed in various roles.
However, women still face significant challenges in accessing career advancement opportunities and leadership positions.
There is a need for more efforts to address the gender gap in the industry and promote diversity and inclusion.

Nigeria’s banking and finance industry is a critical sector that plays a vital role in the country’s economy. Despite facing challenges, the industry has continued to grow and adapt to changing market conditions.

However, there is a need to address issues surrounding gender diversity and inclusion, and promote opportunities for women to thrive in the sector.

Read: Skills Needed for a Flourishing Finance Career in Nigeria

Representation of Women in Nigeria’s Banking and Finance Industry

The banking and finance industry in Nigeria is a male-dominated sector, with women’s participation significantly low. Women represent only 20% of the banking and finance industry workforce, according to recent statistics.

Factors Affecting Women’s Representation:

The banking and finance industry is one of the most competitive and demanding sectors, requiring employees to work long hours consistently. For women, there are several factors that affect their representation in the industry.

Some of these factors include a lack of education and professional development opportunities, gender stereotypes, family responsibilities, and cultural expectations.

Challenges Faced by Women in the Industry:

Women in Nigeria’s banking and finance industry face numerous challenges amidst the male-dominated workforce. Female employees report experiencing gender-based discrimination, including unequal wages, sexual harassment, and limited opportunities for career advancement.

Additionally, women are often expected to juggle work and family responsibilities, with little support from both their employers and society. This situation often leaves many female employees unable to balance their work and family life successfully.

In a nutshell, the representation of women in Nigeria’s banking and finance industry is relatively low due to several factors. However, efforts must be made to address these challenges and improve gender diversity in the sector.

Providing equal opportunities for professional development, promoting family-friendly policies, and combating gender-biased employment practices will help to ensure a fair and equitable work environment for women in the industry.

Read: Challenges & Opportunities in Nigeria’s Banking Sector

Learn More: Emerging Trends in Nigeria’s Finance Job Market

Success Stories: Women Making Strides in Nigeria’s Banking and Finance Industry

Women have been making remarkable strides in Nigeria’s banking and finance industry. Here are some profiles of successful women in the industry:

1. Ibukun Awosika

As the Chairman of First Bank of Nigeria, she has a lot of experience and influence in the industry. She was also the former Chairman of the Board of Directors of the Nigerian Economic Summit Group (NESG).

2. Folorunso Alakija

She is a billionaire businesswoman, philanthropist, and also a fashion icon. She is the Vice Chair of Famfa Oil Limited and has worked in the banking sector in the past. Her success shows that women can excel in various industries.

3. Arunma Oteh

She has been the Treasurer and Vice President of the World Bank and also served as the Director-General of the SEC. She was recently appointed as the Vice-Chairperson of the Advisory Board of ONE Africa.

4. Osaretin Demuren

She was the former Managing Director of Guaranty Trust Bank and has been an instrumental figure in the growth of the banking industry in Nigeria. She is also an advocate for gender equality and was recognized as one of the most influential women in Africa by Forbes magazine.

5. Nneka Onyeali-Ikpe

She is the current Managing Director and CEO of Fidelity Bank of Nigeria. She has a wealth of experience in the banking industry and has contributed to the growth and development of Fidelity Bank in various capacities.

These successful women have achieved their success through hard work, dedication, and perseverance.

Here are some lessons that can be learned from their experiences:

Belief in oneself: All these women believed in themselves and their abilities to succeed in their respective industries.
Networking: They built lasting relationships and networks that helped them succeed.
Continuous learning: These women were constantly learning and acquiring new skills to stay relevant and competitive in the industry.
Leadership skills: They developed strong leadership skills, which helped them to manage teams effectively and achieve their goals.
Resilience: They were resilient in the face of challenges and setbacks and never gave up on their dreams.

In fact, women have proven themselves to be movers and shakers in Nigeria’s banking and finance industry. These success stories should serve as inspiration to other women to pursue their dreams and never give up on their ambitions.

Read: Pathways to a Successful Finance Career in Nigeria

Efforts to Increase Women’s Representation in Nigeria’s Banking and Finance Industry

Overview of initiatives aimed at increasing women’s representation

Female leadership programs: Many banks in Nigeria have launched female leadership programs to mentor women and groom them for leadership positions.
Increased recruitment of women: Financial institutions are placing more emphasis on recruiting women for various roles in banking and finance.
Flexibility in working arrangements: Some organizations are implementing flexible working arrangements, which make it easier for women to balance career and family responsibilities.
Capacity building initiatives: Various training and capacity building initiatives are being offered to help women develop the skills they need for leadership roles.
Raising awareness: Efforts are being made to increase awareness of the benefits of having more women in leadership positions. This is being done through advocacy, research, and media campaigns.

Discussion of their effectiveness

Female leadership programs have been effective in helping women develop their leadership skills and advance in their careers.
Increased recruitment of women has led to a more diverse workforce, which has resulted in improved decision-making and increased profitability.
Flexible working arrangements have enabled women to balance their work and personal responsibilities, improving their job satisfaction and reducing staff turnover.
Capacity building initiatives have been effective in helping women develop the skills they need to succeed in leadership roles.
Awareness-raising efforts have been successful in highlighting the need for more women in leadership positions and increasing support for gender diversity.

Suggestions for additional ways to increase women’s representation

Addressing unconscious bias: Organizations can take steps to address unconscious bias in recruitment, training, and promotion processes.
Implementing family-friendly policies: More family-friendly policies, such as onsite childcare, could be introduced to help women balance work and family responsibilities.
Partnering with educational institutions: Financial institutions could partner with educational institutions to create programs to attract more women to banking and finance.
Providing mentorship opportunities: More mentorship opportunities could be provided to women to help them develop their careers and advance in leadership positions.
Creating networking opportunities: Creating networking opportunities for women in the industry could help build relationships and encourage collaboration.

In essence, efforts to increase women’s representation in Nigeria’s banking and finance industry have been successful, but more needs to be done.

Addressing unconscious bias, implementing family-friendly policies, partnering with educational institutions, providing mentorship opportunities, and creating networking opportunities are all potential ways to further improve gender diversity in the industry.

By continuing to support the advancement of women in banking and finance, organizations can benefit from diverse perspectives and a more effective workforce.

Read: Salary Expectations for Finance Jobs in Nigeria

Conclusion

It is evident that women have made significant strides in Nigeria’s banking and finance industry.

Various stakeholders, including the government, financial institutions, and women-led organizations, have boosted women’s representation in the industry. Yet, achieving gender parity still requires a long journey and sustained efforts.

Greater representation of women in banking and finance improves business outcomes, spurs economic growth, and empowers women financially. Ultimately, all stakeholders must recognize and commit to the ongoing process toward gender equality in Nigeria’s banking and finance industry.