Diversity Drives Innovation: Why Investing in Women is Smart for Fintech

This year’s UN Womens’ Day theme shines a crucial spotlight on investing in women as the key to accelerating progress. This isn't just about moral obligation; it's about recognizing the untapped potential that women hold for building a brighter future. Nowhere is this truer than in the dynamic world of Fintech. , where innovation thrives on diversity and inclusivity. 

What does “investing in women” truly mean?

The State of Uganda's Fintech Industry report that was conducted by FITSPA in 2021, revealed a significant gender gap in the sector. While most fintech companies employ over 50% women, they account for only 35% of the talent workforce, particularly at managerial levels and in the Science, Technology, Engineering, and Mathematics (STEM) fields. This data reflects the persistent industry challenge in attracting and retaining women, despite their increasing representation within tech organizations.

FITSPA seeks to answer the question by empowering women to create a fair and equal opportunity environment that focuses on nurturing the talents and unique strengths of women in Fintech. FITSPA is actively working towards this goal through various initiatives such as the FITSPA Women program.

The FITSPA Women Program:

FITSPA  Women  is a community that is exclusively dedicated to women in fintech. The program offers essential support to women through mentoring, skills training, and networking opportunities. The program encourages innovation in the field by empowering women to develop solutions that address real-world problems and promote financial inclusion and economic growth. Moreover, the community actively advocates for policies that remove barriers and ensure gender equality in the tech sector. As a result, FITSPA has created a space where women's voices are valued and heard, and they can thrive and make significant contributions to the fintech industry.

At FITSPA, we firmly believe that empowering women in technology and financial services is not just the right thing to do, it's the smart thing to do. When we invest in their ideas, their skills, and their dreams, we unlock a wave of innovation that benefits the entire ecosystem.

How do we do it?

  • Building a community: Through FITSPA Women, we create a supportive space where women connect, share experiences, and mentor each other. This sisterhood of support fosters confidence, encourages collaboration, and amplifies their voices.
  • Nurturing talent: We offer programs and workshops that equip women with the technical skills and leadership knowledge they need to thrive. From coding bootcamps to financial literacy training, we provide the tools to unlock their full potential.
  • Advocating for inclusion: We actively push for gender-equitable policies and regulations within the fintech space, ensuring a level playing field where women can compete and succeed without barriers.
  • Celebrating success: We shine a light on the achievements of women in fintech, showcasing their inspirational stories to inspire future generations.

The Outcome

Over the years, our work has yielded tangible results, with more women now participating equally in the fintech industry. Our efforts of  investing in women are not just about individual success, they will lead  to collective progress.towards:

  • More diverse solutions: By including women's unique perspectives and needs, we develop fintech solutions that cater to a wider audience, especially in the underserved communities, fostering financial inclusion for all.
  • Enhanced innovation: With a broader talent pool, we generate a wider range of ideas and approaches, leading to more groundbreaking and impactful solutions.
  • Stronger ecosystem: By empowering women, we create a more robust and resilient fintech industry, benefiting everyone involved.

Here are actionable steps you can take to invest in women (in Fintech) and accelerate their impact:

  1. Promote & Celebrate: Share their work, stories, and achievements both online and offline.
  2. Empower & Support: Offer mentorship, networking opportunities, and financial support through donations or investments.
  3. Advocate & Challenge: Champion fair policies, challenge bias, and advocate for equal opportunities and recognition regardless of title.
  4. Become an Ally: Actively listen, engage in respectful conversations, and promote diversity of voices.
  5. Align your Investment: Share investment opportunities and consider actively investing in women-led Fintech enterprises, accelerating their growth and impact on the communities they serve.

Investing in women is a strategic investment in Uganda's future and the FITSPA community is invested in Uganda's socio-economic growth towards attaining the desired middle income status. We invite you to join us in investing in women, beyond the International Women's Day, but every day so we can accelerate progress together and build a brighter future for all.

Remember, Every voice empowered is an idea shared. Every idea shared is a potential solution that may benefit everyone.By nurturing female talent, we invest in progress, and unlock a wave of innovation, and create thriving businesses.

Join FITSPA Women and connect with a supportive community of female innovators at http://bit.ly/FITSPA-WOMEN 

Invest in Women. Become part of the change.

Doreen Nakibombo.
Programs, Activities and Communications, FITSPA