Increasing female representation in the financial industry is a crucial and natural step toward fostering growth and better serving women, who make up the majority of our global population. In Sub-Saharan Africa, only 37% of women have bank accounts compared to 48% of men. Addressing this disparity requires more female voices at higher levels to develop products that truly meet customer needs.
The advent of digital financial technologies has enabled the inclusion of more women in the economy, through e-commerce opportunities, mobile money and the growing number of payment platform options. This in turn has opened the door for more women to enter the profession and influence the research and development of new financial products and services that take women into consideration.
By working collaboratively in the payments space, women can design strategies and products that reach and empower unbanked women, showcasing the transformative power of collaboration in advancing Africa’s digital economy. There is real power in bringing together passionate and experienced women committed to advancing payments and unlocking opportunities for the next generation in Africa.
Launched in January 2024, Women in Payments Africa (WIPA) recognises the need for gender diversity in the digital payments environment. Founded by payment heavyweights Ghita Erling (PASA), Karen Nadasen (PayU), Chipo Mushwana (Nedbank), Ethel Nyembe (CYBER1 Solutions) and Kim Dancey (Yoco), WIPA is a supportive organisation of highly qualified women who have broken through the so-called glass ceiling and who are uplifting other women, as they rise themselves.
The organisation seeks to amplify the voices of women, champion their achievements and to advocate for gender parity in the sector.
As a leader of a dynamic team that delivers functional innovations to market such as ShiftPos, Tap on Phone, Money Message and Apple Pay, Chipo Mushwana, Executive of Emerging Innovation and Payments at Nedbank says, “As a co-founder of Women in Payments Africa I realised there was a need to craft a deliberate female led agenda that is supportive and empowering for other women to learn, grow and belong.”
Blending global payment technologies with local African contexts is a practical necessity for the continent’s multi-faceted financial ecosystem.
The importance of organisations such as Women in Payments Africa cannot be overstated. And as we enter Women’s Month in South Africa, EFT Corporation (EFTCorp) acknowledges the role that women have in shaping the payments sector. Their invaluable contribution to the space has effected enduring change by broadening financial access for more women, which in turn has a social impact across the continent. WIPA’s collective efforts are a catalyst for meaningful change and foster greater opportunity for female participation and leadership in payments across the continent.
With core values that align with those of Women in Payments Africa, EFTCorp’s commitment to empowering women is reflected in their decision to become a sponsor of the organisation. As a leading catalyst for financial inclusion in Africa, EFTCorp is creating and facilitating a seamless and interconnected digital payment landscape that empowers banks, fintechs, businesses, and individuals to thrive in the digital economy. This sponsorship highlights EFTCorp’s commitment to gender parity and the empowerment of women in the financial industry. Our aim is to support the many talented women who drive business decisions and strategy within our organisation and foster an environment where women within our team and across the financial services industry can thrive. This strategic sponsorship underscores our belief in the importance of female leadership and innovation in creating impactful payment solutions for the African market.
EFTCorp encourages other organisations to join them in supporting initiatives such as Women in Payments Africa to further empower female leaders and to promote gender diversity in the payment space.
We look forward to being part of this vibrant community, fostering connections, support, and collaboration, and helping each other thrive and drive the future of the payments industry.
