Executive summary:
The WFSR 2025 study presents the first rigorous, evidence-based assessment of the state of women’s participation in Rwanda’s financial services sector. Based on survey responses from over 50 financial institutions and over 1,500 professionals, four focus groups and over 25 interviews with sector leaders, the study examines representation, career progression, and the systemic barriers and enablers impacting women’s progression in financial services.
Three key narratives emerge from the study:
- First, a story of workplace inclusion that outperforms global averages: Rwanda has seen a supportive public policy context, appointment of women CEOs and Board members in recent years, and strong participation of women at the entry level of the financial services sector
- Second, a story of constrained leadership pipelines: there is clear evidence of attrition earlier in women’s careers and then slow progress or stagnation for those who stay
- Third, a story of imbalanced representation: starting from career entry points, we see over-representation of women in customer support and human resources roles contrasting with their under-representation in revenue-generating and technical roles.
Understanding these dynamics is critical for developing targeted interventions to achieve gender equity in senior leadership and across different functional roles.
The study highlights some important learnings:
- Women exit the sector at higher rates at non-managerial levels (64% versus 36% men), often due to difficulty balancing work and family responsibilities, poor maternity leave reintegration, and lack of recognition
- Women receive 30% fewer promotions overall, with men reporting more frequent promotions at the same tenure levels, and promotion rates for women plateauing after 20 years of tenure
- Women earn less than men within the same seniority bands, especially in middle and senior management; this pay inequity points to societal norms which undervalue women’s contributions and dampen motivation
