Webinar on women in fintech helps break down gender barriers

• The Women in Fintech: Bridging the Gender Gap webinar, organised by UfM with the support of GIZ, was held on November 30, 2023, allowing 40 online participants to discuss the challenges and opportunities for women in this field.
• The event served as a platform for comprehensive exchange on key aspects of the fintech landscape. The facilitator and participants discussed the evolution of fintech, the management of fintech start-ups, risks, regulations, ethics, governance, and an action plan on gender-lens in fintech for the Mediterranean Region.

November 30, 2023 – The Women in Fintech: Bridging the Gender Gap webinar brought together 40 women entrepreneurs from the MENA region. The event organised by the Union for the Mediterranean with support from the German Development Cooperation delved into the critical intersection of gender equality and fintech, providing a platform for diverse perspectives and insights.

The session opened with an overview of the Union for the Mediterranean’s actions towards gender equality. It highlighted the significance of female entrepreneurship, leadership, and job creation within the context of the twin transition of balancing environmental sustainability and technological innovation.

The upcoming conference, Closing gender gaps in the MENA financial sector: towards women-led business development, scheduled for March 6-7, 2024, in Cairo, Egypt was announced. This event, a collaboration between the UfM and the Union of Arab Banks, aims to address gender disparities in financial inclusion.

Technical session

The heart of the webinar was a compelling technical session led by Dr Amira Khaddour, a professor at the Ecole Nationale des Sciences et Technologies Avancées in Borj Cédria, Tunisia, and a member of the executive board of African Women in Fintech, that explored the intricate intersectionality of fintech through interactive elements like quizzes, videos, and participant questions. Views were provided on the global financial scenario, emphasising the role of diversity and inclusivity in propelling economic development.

Crowdfunding also emerged as a pivotal tool to bridge the financial gap for women founders, especially in the early stages of startup development. The session also analysed the intersection of non-fungible tokens (NFTs) and blockchain technology, emphasising opportunities for women in the fintech industry.

The economic benefits of active female participation in fintech were substantiated with data, and the need for diverse boards in fintech startups was underscored. The session concluded with a focus on the necessity of a robust regulatory framework in the banking sector to ensure transparency, accountability, and adherence to rules.

In the session on the webinar participants’ main outcomes, assessments were shared on the challenges faced by women in fintech, including knowledge gaps, the role of mentorship, and the imperative of fostering a healthy work-life balance. The mentioned challenges also included gender biases, limited financial literacy, and restricted access to funding.

Conclusion and next steps

The webinar concluded with a reflection on the importance of breaking gender barriers in fintech. The shared insights contribute significantly to ongoing efforts to create a more inclusive and equitable fintech landscape, setting the stage for transformative change in the fintech industry.