For the month of March, in honor of International Women’s Day, the Cambridge SupTech Lab will be featuring inspiring leaders of women in finance and financial supervision. We asked them questions about financial inclusion as well as about career advice and mentorship. Our next leader is May Abulanga, First Sub Governor, Central Bank of Egypt.
Q: Why is it important to drive women’s equal representation and inclusion at all levels of the global financial system?
A: With estimates suggesting that advancing women’s equality could add $12 trillion to global gross domestic product by 2025 and the significant contributions to the economies in which women-led small and medium enterprises (WSMEs) operate, financial regulatory authorities remain committed in the mission to help in universal financial inclusion to unlock the potential of women worldwide. In Egypt, it is believed that enhancing financial inclusion and economic empowerment is critical at the macroeconomic level, as it drives an increase in the size of the active formal economy. It also creates the conditions in which Egyptians, particularly those who are underserved by the financial system, are able to save safely and build up resilience against financial shocks, and MSMEs are able to access finance, invest, grow, and generate more employment opportunities. Alongside the efforts to promote women financial inclusion, it is critical to level the playing field equally between genders and maintaining a sustainable gender-sensitive culture within the banking sector which now has a level of women representation at Board of Directors amounting to 19% as of December 2023.
Q: What inspires you about working towards greater gender equity through your role in financial supervision and central banking?
A: Egyptian women constitute half of the population and represent tremendous economic potential, and as such, their active participation in entrepreneurial activities and enabling them access to finance is critical at the macroeconomic level. To this end, and as I am leading the financial inclusion journey at the Central Bank of Egypt since 2013, I feel responsible of extending my support to women in Egypt by seeing through a gender lens while developing all policies and initiatives. This has become a passion of mine. The impact of some of CBE’s and national stakeholders’ initiatives on women’s economic empowerment is beyond rewarding, such as the Village Savings and Loans Association (VSLA) project which facilitated the transition of women from the informal to the formal financial system via innovative technology solutions. The VSLA project enabled the inclusion of new and underserved women while also contributing to sustainable development goals such as zero poverty and the reduction of gender inequality.
Read more about financial inclusion, females in financial supervision, and national-international women’s day!
