State-owned banks have been asked to lead from the front in increasing women leaders in the financial sector.

Speaking yesterday during a forum dubbed ‘Leading Women in Banking and Finance’, Treasury Cabinet Secretary Henry Rotich said despite the progress made in bringing more women in banking halls, a lot more needs to be done.

“The financial sector, which has banks as the largest component, has been instrumental in driving Vision 2030. This [vision] cannot be achieved if women have no access to finance and decision-making,” he said.

He challenged State-owned banks such as National Bank of Kenya (NBK) and Consolidated Bank to lead the pack in having more women in their management structure.

Currently, the NBK board of directors has only one woman out of nine board members while Consolidated bank has two.

According to a 2015 report by Institute of Directors of Kenya, the financial services industry has the lowest women representation.

Women account for 12 per cent in banks’ boards while in insurance, representation is at 15 per cent.

Central Bank of Kenya Deputy Governor Sheila M’mbijiwe said with just two women serving as chairpersons in two out of the 42 banks in Kenya, a lot more needs to be done to narrow the gender gap.

“There are women in lower positions but in senior levels women just fade away, as though they do not exist. The banking sector has a corporate culture that is somehow men-centred,” said Ms M’mbijiwe.

Financial inclusion

According to Standard Chartered Bank regional CEO and Kenya Bankers Association (KBA) Chairman Lamin Manjang, since an increasing number of young and female customers is now using banks, the sector needs to hire more women to encourage financial inclusion.

KBA boss Habil Olaka said the success of the financial industry should be premised on harnessing the capabilities of both men and women.

“Leadership diversity is an essential part of making sure that women have access to more relevant financial services,” said Olaka, adding that with women financial inclusion now at 71 per cent, bringing more women in banks would help accelerate the trend.