Delegates ringing the bell at ‘Ring the Bell’ event in Rwanda.
Photo: UN Women Rwanda.
By UN Women
Rwanda stock exchange and many businesses have demonstrated support for efforts to give women more opportunities and leadership in the private sector.
In celebration of International Women’s Month on 11 March, UN Women Rwanda, Rwanda Stock Exchange and International Finance Corporation hosted the “Ring the Bell for Gender Equality event” for the sixth time in Rwanda, along with 118 other stock exchanges around the world to raise awareness about the pivotal role the private sector can play in advancing gender equality. . The occasion brought together different players in the finance sector, entrepreneurs, the Central Bank, varsity and high school students to discuss the role and opportunities for the private sector to advance gender equality and sustainable development.
The event called for tangible commitments from stock exchanges, market regulator among other players to advance gender equality, to promote increased female representation in boardrooms and growing the pipeline of female talent to ascend to top positions in their markets.
Pierre Celestin Rwabukumba, Chief Executive Officer of Rwanda Stock Exchange
welcoming participants. Photo: UN Women Rwanda
In his welcome remarks, Pierre Celestin Rwabukumba, Chief Executive Officer of Rwanda Stock Exchange said:“Rwandan women are doing well on the stock market where, out of the four private companies on the Rwandan stock market, two are led by women. However, evidence shows that in commercial activities and business in the world economy, women still face challenges. Through this event we are sensitising people about, the importance of women in private sector leadership positions”.
Denise Umwali, Gender Joint Program Manager, UN Women Rwanda called
for multisectoral collaboration. Photo: UN Women Rwanda.
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Denise Umwali Wa Ngoga, UN Women GenderJoint Programme Manager said that the “partnership with Rwanda Stock Exchange gives a clear picture of what can be achieved with regards to gender equality and women empowerment.” She highlighted some of the barriers impeding women from achieving desired results including negative social norms and stereotypes and made a bold call for multisectoral collaboration to meet envisaged objectives.
The Vice Governor of the Central Bank, Soraya Hakuziyaremye, speaking
at the ‘Ring the Bell’ event. Photo: UN Women Rwanda.
The Vice Governor of the Central Bank, Soraya Hakuziyaremye also highlighted the crucial role of the private sector in driving gender equality by promoting the presence of more women in decision-making positions. She further added that “despite the commendable equal academic opportunities presented to women, equal opportunities in access to finance remain a challenge. If capital is channeled to companies that exhibit inclusion, gender equity as values, their peers will start adopting those values.”
According to the latest data from the National Institute of Statistics in Rwanda (2020), women-owned businesses were 37.6 per cent compared to 62.4 per cent of men, and five per cent of women borrowed from formal financial services compared to 10 per cent of men.
IFC Representative, Mr. Dan Martin Kasirye, emphasized that IFC is happy to partner with the Rwanda Stock Exchange in raising gender equality as Stock Exchanges are uniquely positioned to influence their home markets in a way few other actors can. In addition, stock markets help connect companies, investors, and policymakers to support sustainable development practices, thus rallying the private sector to increase women’s participation in business and economic development.
The celebrations culminated in a fireside chat with Yvette Ishimwe, Founder and CEO of IRIBA Water Group, who shared about her business journey as a woman entrepreneur. She stressed the need to open doors for women to succeed, adding that given a platform and needed resources, women can efficiently deliver and contribute to national development.
University students from the Africa Leadership University (ALU) and students from Lycée de Kigali got a chance to ask questions from delegates and career guidance setting them on entrepreneurial career paths.
Fireside chat and Q&A with Yvette Ishimwe at the “Ring the Bell” event.
Photo: UN Women Rwanda.
Concluding the event, Mr. Rwabukumbi, CEO of Rwanda Stock Exchange re-emphasized their commitment to lead the way to ensure that gender equality does not fade away with the sounds of today’s bell, but rather will make sure it becomes the norm. He officially announced the launch of the “Women Achievers in Finance award” that will be an annual event going forward to recognize women’s leadership in finance and showcase their contribution to the development of the financial market industry in Rwanda.
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