Gender Balance: Emefiele Seeks Top Management Positions for Women

James Emejo in Abuja

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday called for promotion of more women in top management positions in order to achieve gender balance.

To this end, he said the central bank had issued gender-mandated regulations to pave the way for gender diversity and inclusiveness at the top management levels in the banking industry.

Emefiele, who disclosed this during a webinar hosted by the Deputy Governor in charge of the Financial System Stability (FSS) Directorate, Mrs. Aishah Ahmad, as part of activities to commemorate the 2022 International Women’s Day (IWD) at the CBN, further pointed out that the CBN had since surpassed the affirmative action with 32 per cent of the total workforce being female.

He said the CBN had also issued a policy that requires a minimum of 30 per cent of female representation on boards and 40 per cent at the top management level in the banking Industry.

This, he said, was similar to the National Financial Inclusion Strategy recommendation increasing female staff of microfinance banks to 30 per cent.

According to the CBN governor, the apex bank, in an effort to increase representation of women in the industry had been using the gender diversity model as part of the criteria for approving the membership of boards of institutions under its regulatory purview.

He stressed that such gender mandates were necessary to breaking the bias in the Nigerian Banking industry, adding that eight out of the 23 bank chief executives representing 35 per cent, were women, which was way above the global average.

Speaking on the theme: “Gender Equality Today for a Sustainable Tomorrow,” in recognition of the significance of empowering women to be part of the solution to the climate change crisis, Emefiele emphasised that the campaign aimed to raise awareness on the persistent bias and discrimination in communities, workplaces, schools and the society in order to create a, “gender equal world” that is “diverse, equitable and inclusive.”

He stressed the central bank under his watch, had “demonstrated its commitment to diversity and inclusiveness by designing and implementing a wide variety of initiatives, programmes and interventions to promote entrepreneurship, reduce poverty, generate employment and deepen financial inclusion for women.

The governor disclosed that females had benefitted hugely from the bank’s intervention programmes such as the Agribusiness Small and Medium Enterprise Investment Scheme (AGSMEIS) and the COVID-19 Targeted Credit Facility (TCF).

Specifically, he said out of N134.67 billion disbursed to 37,273 AGSMEIS beneficiaries, as of January 2022, 33 per cent (N44.1 billion) went to 12,511 female beneficiaries.
Similarly, out of N349.51 billion disbursed to 712,442 total beneficiaries under the TCF, he said 45 per cent (N159.21 billion) went to 330,128 female beneficiaries.

He added that the MSME Development Fund (MSMEDF) was designed to allocate at least 60 per cent of the fund to women and women-owned enterprises of which 60.3 per cent of the of 229,579 beneficiaries are women.
In addition, the CBN boss said out of the 211,306 financial statements currently registered in the collateral registry, 92,091, representing 43.6 per cent were female borrowers.

Citing reports to support claims about gender parity in the workplace among other issues bordering on discrimination, he said that the CBN recognised the positive impact of gender parity on the economy, achieving the SDGs and climate targets.

While also noting that women had been disproportionately affected by both the COVID-19 pandemic and the effects of climate change, he said the bank was using the 2022 IWD as an opportunity to celebrate women who are in the frontline of these twin crisis.

He said the apex bank took strategic actions in areas such as recruitment, retention, succession planning, and return-to-office work arrangements in order to address the gender gaps, adding that it had since surpassed the affirmative action with 32 per cent of the total workforce being female.

Emefiele said, “It is only by unleashing the full potential of women to participate fully in the economy that we can strengthen growth, eliminate poverty, create jobs and respond effectively to the mounting global challenges, from the pandemic to climate change.”

Earlier, Ahmad, expressed appreciation to the governor and other deputy governors for their constant support towards women and their wellbeing.
She said the commemoration of the International Women’s Day was an opportunity to celebrate women for their progress, achievements and their contributions to the society.

She noted that age, ethnicity, religion and other biases had to be broken for women to realise and fulfil their full potential without which a sustainable future would not be achievable.

Also, in her remarks at the occasion, the Second Deputy Governor, Bank of Ghana, Mrs. Elsie Addo Awadzie, challenged women to change the narratives in their minds and break the biases they had created against themselves.

She also urged women to believe in one another, support one another and mentor one another in order to lift up one another.

Awadzie, stressed the need to consciously and intentionally seek alliances and support when necessary and to cultivate meaningful relationships towards mutual respect and consideration. She therefore urged every woman to be the light that others seek to follow, adding that, “it takes boldness, courage, sheer resilience and excellence to succeed as a woman in the 21st century.”

The Representative of UN Women to Nigeria and ECOWAS, Ms. Comfort Lamptey, challenged women to strive to achieve a healthy work-life balance, stressing that passion and commitment were key attributes for success in any endeavor.

Special Adviser to the CBN Governor on Sustainable Banking, Dr.  A’isha Usman Mahmood also thanked the governor and deputy governors for their support towards the success of the programme, noting that the IWD celebrations had, over the years, evolved to being a day for appreciation, respect and recognition for the women folk.

She added that creating a more equal world today was a collective responsibility and a foundation on which a sustainable tomorrow could be built.

Highlight of the event was the presentation of a mini documentary showcasing the success stories of former and serving female directors of the apex bank.