CDC is pleased to launch a new partnership with the Financial Alliance for Women (FAFW), the leading members’ network of financial organisations dedicated to championing the female economy. Through the partnership, CDC and FAFW will establish a diversity and inclusion programme that will help financial institutions become the employer of choice for women.
The business case for a gender diverse workforce is clear – it can lead to bottom line impact for businesses such as higher productivity, lower absenteeism, improved market access and higher retention rates. Yet research shows women are still underrepresented across the financial sector globally, especially at board (19 per cent) and senior management level (28 per cent). Moreover, it is important that internal diversity and inclusion efforts mirror financial institutions’ external-facing efforts to bank more women. This not only shows customers that organisations are “walking the talk” but can also facilitate access to female customers.
The partnership seeks to increase workforce gender diversity by strengthening financial institutions’ internal activities that promote diversity and inclusion. Support provided by the partnership will include training, mentoring, online tools and practical guidance for financial institutions. Drawing on FAFW’s existing network and peer learning platform, the partnership will also provide support to CDC’s existing investees and the wider financial sector community.
The COVID-19 pandemic has reinforced the importance of strengthening gender equality and women’s economic empowerment to create resilient economies. Building female talent across workforces will lead to stronger, better performing companies, as well as build sustainable and thriving economies in the countries where we invest. We are pleased to be partnering with FAFW and look forward to working together with the shared goal of equipping financial institutions with the tools and support to advance gender equality through women’s economic empowerment.
Maria Largey, Director and Head of Financial Institutions, Equity and Ndaba Mpofu, Director and Head of Financial Institutions, Debt, commented:
“We are pleased to be partnering with FAFW to strengthen gender diversity across the financial sector. The business case for diversity within the workforce and the customer base is clear; this partnership will equip CDC investees and the wider financial institution community with the tools to increase women’s economic empowerment to realise the full value of female employees and customers.”
Inez Murray, CEO of the Financial Alliance for Women, said:
“Women are a powerful force in the global economy and members of the Financial Alliance for Women (Alliance) recognise that by offering holistic value propositions to women customers and women employees to help them achieve their life goals. Delivering for women is a strategic choice and requires leadership and a strong commitment to gender diverse and inclusive workforces. The Alliance is proud to partner with CDC to develop a range of services to support financial services providers to become the employer of choice for women.”
The CDC and FAFW partnership is supported by CDC Plus. CDC Plus is funded by UK Aid from the UK Government.
 FAFW and Mercer research