Rwanda has made significant progress in advancing women in leadership, business and public life, but participation in investment markets remains comparatively low -- a gap BK Capital is seeking to address through its She Invests initiative. Figures presented during BK Capital’s She Invests conversations in Kigali on Thursday, June 18, showed that women account for just 36 per cent of the investment bank’s more than 10,000 clients, despite their growing role as professionals, entrepreneurs and household financial decision-makers. ALSO READ: Rwanda's financial sector has female leaders, but path to the top remains uneven The discussions, organised by BK Capital in partnership with the Trade and Development Bank (TDB), brought together more than 100 professional women to explore why many women save but do not invest, and what can be done to close the gap. She Invests is BK Capital’s initiative aimed at improving women’s understanding of investment opportunities, building financial confidence and increasing participation in wealth creation. Why women are underrepresented in investment markets Speaking at the event, BK Capital Managing Director Pacific Tuyishime said Rwanda’s progress in gender inclusion has not yet been fully reflected in capital markets. “As an investment bank, we stand at the door of the capital markets, and what we notice is that across all the products that we support people to invest in, women consistently make up about 40 per cent or less of our client base,” he said. Women account for between 36 and 39 per cent of investors across BK Capital’s brokerage services, collective investment schemes and pension products, according to figures shared at the event. Tuyishime observed that the gap persists despite women increasingly occupying leadership positions across Rwanda’s banking, investment and development finance sectors. “Economic empowerment and financial inclusion should not be tilted towards men. We need to catch up to the reality of the progress Rwanda has already made,” he said. The discussions highlighted structural and behavioural factors influencing women’s investment decisions. ALSO READ: BK Capital enhances Tekana Pension Scheme with life insurance For Diana Kareba Rutagemwa, Managing Director of Urugori Fund, many women prioritise family needs before their own long-term financial goals. “Most of the time, as women, we think about ourselves at the end. We have taken care of everybody else first, and by the time we think about investing, there is little left,” she said. According to experts, this can delay wealth accumulation despite women being disciplined savers, overall. Perception barriers and investment confidence gap Iza Irame, Chief Investment Officer at Crystal Ventures Ltd, said another barrier is the perception that investing requires large sums of money or perfect timing. “One of the biggest mistakes people make is believing there is one special investment that will suddenly make them wealthy. Wealth is built gradually through discipline, understanding what you are investing in and starting early,” she said. Doris Gatari, Head of Equities at RSSB, said women should integrate investing into financial planning rather than treat it as an afterthought. “Support does not mean sacrifice. Women need to structure their finances, budget intentionally and ensure they are investing for themselves as well,” she said. The discussions were also informed by data showing persistent global disparities, including that women perform 52 per cent of unpaid care work, are three times more likely than men to take career breaks for family responsibilities, and often retire with less accumulated wealth. ALSO READ: BK Capital wins Euromoney Award for 2024 Best Securities House in Rwanda Building confidence through financial education Florence Wanjiku, BK Capital’s Finance and Operations Manager, said many women are interested in investing but lack sufficient understanding of available products. She described She Invests as a platform for learning, engagement and confidence-building. “Most of the ladies we have interacted with don't understand investing, and because they don't understand it, they lack the confidence to even ask relevant questions,” she said. She added that investing is closely tied to confidence and participation in financial decision-making. “If you are not involved in investment decisions, you will only be involved in the bare minimum financial decisions. Investing puts women at the forefront and gives them the confidence they need,” she said. She said the strong turnout reflected growing interest among women in taking greater control of their financial futures. Women encouraged to start investing early Josephine Mbabazi, Head of Corporate Services at the Capital Markets Authority of Rwanda (CMA), said the figures point to a continued need for financial literacy. “There is a huge gap. Statistics showing women at around 36 per cent participation mean there is still a lot of work to do in terms of awareness and financial education,” she said. She encouraged women to start investing at any stage of life. “It is not late to start. You may not completely close the gap, but you can significantly reduce it if you begin now,” she said. Lina Muganwa Kadigwa, a 24-year-old investor, said encouragement played a key role in her decision to start investing. “For my journey, it just took that conversation, and I was driven to start investing gradually. I'm not there yet, I'm still growing, but at least I started,” she said. She held that women often struggle to balance personal financial goals with multiple responsibilities. “Women are naturally givers. We find ourselves giving a lot and forgetting ourselves. But for you to start investing, you have to first think about yourself,” she said. “Just start now. Do your research, understand what works for you and begin with what you have. There's always something you can invest in.”
