Rwanda’s financial sector continues to outperform global averages in women’s leadership, with high representation of women in executive and board positions. However, a new study shows that despite these gains, many women are still leaving the sector or missing out on promotions long before reaching top leadership.

The findings are contained in the Women in Financial Services Rwanda 2025 Study, launched on June 15 by the National Bank of Rwanda (NBR), Access to Finance Rwanda (AFR), and the Women in Finance Rwanda Foundation (WIFR). The study draws on data from more than 50 financial institutions and insights from over 1,500 professionals.

Strong representation at the top, but gaps persist

The report shows women hold 39 per cent of board seats, 39 per cent of chief executive or managing director roles, and 35 per cent of executive committee positions—well above global averages of 28 per cent, 9 per cent, and 23 per cent respectively.

While women make up 56 per cent of non-managerial staff in Rwanda, they only account for 43 per cent in middle management, 36 per cent in senior management, and 35 per cent at executive level.

The study also found that women account for 64 per cent of exits at non-managerial level, while receiving about 30 per cent fewer promotions than men over their careers. Half of the women surveyed said they had never been promoted, compared to 39 per cent of men.

Central Bank Governor Soraya Hakuziyiramye said the data points to systemic issues affecting women’s career progression.

"Promotion rates for women remain lower, attrition is higher, pay equity concerns persist, and women remain underrepresented in technical, strategic and revenue-generating roles. These are not soft issues. They are structural inefficiencies that weaken institutional performance and limit the talent our sector can draw on,” she said.

She urged institutions to examine their internal systems.

"Every institution in this room must look inward in a candid manner. Are your recruitment, promotion and talent management practices creating equal opportunity? Are you retaining talented women or losing them to gaps you have not yet chosen to close?”

Addressing retention challenges and career barriers

The study also points to a combination of factors slowing women's advancement, including workplace bias, family responsibilities, limited sponsorship opportunities, maternity reintegration challenges, pay disparities and concerns around workplace safety.

Family responsibilities emerged as the most frequently cited reason women leave their jobs, with many participants describing difficulties balancing professional ambitions with caregiving duties.

Several women interviewed for the study said career progression often became more difficult after maternity leave, with some reporting reduced responsibilities or limited support when returning to work.

The report also found that women tend to remain longer in the same positions than men and are more likely to be concentrated in support functions such as customer service and human resources, rather than technical and revenue-generating roles that traditionally serve as pathways to executive leadership.

Stakeholders said the findings should serve as a call to action for financial institutions seeking to strengthen their leadership pipelines and improve long-term performance.

Agnès Uwanyiligira, the Acting Chief Executive Officer at Access to Finance Rwanda, said advancing women into leadership positions goes beyond promoting gender equality and should be viewed as a business imperative.

She noted that inclusive leadership contributes to stronger institutions, better decision-making and sustainable economic growth, adding that the study provides an opportunity for industry players to translate evidence into action.

"We encourage all stakeholders to own the findings of this study and identify concrete actions that can create stronger and more intentional pathways for women to lead and succeed," Uwanyiligira said.

She added that meaningful progress would require collective efforts from regulators, financial institutions and development partners to address barriers to career progression and build a more inclusive and resilient financial sector.

‘Growth doesn’t have to be up’: Rethinking careers

Lina Higiro, Founding Chair of the Women in Finance Rwanda Foundation, warned that the sector risks losing talent if it does not act urgently.

"It is encouraging to see women in senior leadership, but sustainable progress depends on ensuring that women at every level have visible pathways, sponsors and the structural support to advance,” she said.

"There are biases we need to look at. They won't tell you that you can't get into a role, but somehow you keep getting blocked.”

Higiro challenged institutions to rethink career development beyond vertical promotions.

"Growth doesn't have to be up. Growth can be depth. You can pause on growth this way, but make sure you have depth. Take those certificates that are being offered in the organisation. Offer to do other things. As you're having your children, you can pause on the up, but don't pause on the depth.”

She also proposed creating "Junior Executive Committees” to expose young professionals to strategic decision-making early in their careers.

Women’s concentration in support roles, call for urgent reforms

The report further shows that women are more concentrated in support functions such as customer service and human resources, rather than technical and revenue-generating roles that often lead to executive positions.

It also notes slower career mobility among women, with longer time spent in the same roles compared to men.

Researchers warn that if current trends continue, Rwanda could struggle to sustain its strong female representation in leadership.

The report recommends board-approved gender targets, stronger leadership development programmes for women, improved workplace protections, greater transparency in hiring and promotion, and a sector-wide roadmap to achieve balanced leadership by 2030.