Rwanda’s women lead finance boards, but promotion gap threatens future CEOs

Rwanda has emerged as one of the world’s strongest performers in women’s representation in financial sector leadership, surpassing global averages for female board members, chief executives and senior executives, but a new study warns that weaknesses in the leadership pipeline could threaten future progress.

The findings, released on Tuesday by the National Bank of Rwanda (NBR), Access to Finance Rwanda (AFR), and the Women in Finance Rwanda Foundation (WIFR), show that women occupy 39 percent of board seats and 39 percent of CEO or managing director positions across Rwanda’s financial services industry. Women also account for 35 percent of executive committee roles.

The figures place Rwanda well ahead of global averages, where women hold 28 percent of board seats, only nine percent of CEO positions, and 23 percent of executive committee roles.

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The study, conducted by consulting firms Oliver Wyman and Mercer, is the first comprehensive assessment of its kind in Africa. It analysed workforce data from more than 50 financial institutions and gathered insights from over 1,500 professionals working across banking, insurance, pensions, investment management and fintech sectors.

While Rwanda’s performance at the top of the corporate ladder stands out globally, the report found signs that future leadership gains may be harder to sustain unless institutions address structural barriers affecting women’s career progression.

According to the study, women account for 64 percent of non-managerial exits from financial institutions and receive 30 percent fewer promotions than men. Many remain concentrated in support functions rather than technical, operational and revenue-generating roles that traditionally serve as pathways to executive leadership.

The data shows a gradual decline in female representation as careers advance. Women represent 56 percent of employees at non-managerial levels, but their share falls to 43 percent in middle management, 36 percent in senior management and 35 percent at executive committee level.

The findings suggest that while Rwanda has succeeded in opening leadership positions to women, maintaining that success will require deeper reforms across talent development, workplace culture and promotion systems.

Soraya Hakuziyaremye, governor of the National Bank of Rwanda, said the country had demonstrated that gender inclusion at senior levels is achievable, but warned that progress cannot be taken for granted.

“Rwanda has demonstrated that gender progress at the top is achievable, but the pipeline sustaining it remains fragile. This report provides practical insight into where institutions need to act to ensure talent is recognized, supported, and able to progress,” she said.

The report identifies several obstacles slowing women’s advancement, including workplace bias, limited access to sponsorship and mentorship, challenges associated with returning from maternity leave, pay disparities, and concerns over workplace safety and reporting mechanisms.

Industry experts say addressing these issues has become increasingly important as financial institutions compete for skilled workers and seek stronger governance and performance outcomes.

Agnès Uwanyiligira, acting chief executive officer of Access to Finance Rwanda, said greater participation by women strengthens the sector’s resilience and competitiveness.

“Women’s economic participation is directly linked to the resilience and competitiveness of our financial sector. This study provides evidence that can help institutions take more deliberate and measurable actions,” she said.

The findings also carry significance beyond Rwanda. Across Africa, financial institutions and regulators are under growing pressure to improve gender diversity, not only as a social objective but also as a business imperative linked to better decision-making, risk management and innovation.

Lina Higiro, founding chair of Women in Finance Rwanda Foundation, said the next challenge is ensuring more women successfully advance through the ranks.

“The gains we are seeing are encouraging, but sustaining them will require stronger leadership commitment, active sponsorship, and greater transparency in measuring progress. Rwanda has shown what is possible at the top; the next step is ensuring that more women successfully navigate the journey to leadership,” she said.

Sandra Villars, financial services partner at Oliver Wyman, said Rwanda’s achievements compare favourably with many global markets and offer lessons for the wider financial industry.

“Rwanda’s financial sector demonstrates that meaningful progress in women’s leadership is possible. The next frontier is ensuring that this success is sustained through a stronger leadership pipeline,” she said.

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To address the challenges identified, the study recommends that financial institutions adopt board-approved gender targets, improve workforce reporting and transparency, expand leadership development and sponsorship programmes for women, strengthen whistleblowing and workplace protection systems, and develop a sector-wide roadmap aimed at achieving gender-balanced leadership by 2030.

The report positions Rwanda as a rare example of a market where women have secured significant representation at the highest levels of finance. However, it also highlights a lesson increasingly relevant across Africa and globally: achieving diversity at the top is only part of the challenge. Sustaining it requires a continuous flow of talent moving through the ranks.

Without stronger promotion pathways and retention strategies, today’s leadership success could struggle to produce the next generation of female executives.