Umwalimu SACCO – a Savings and Credit Cooperative for Rwandan Teachers, has joined Women in Finance Rwanda Foundation (WIFR), a foundation that supports women’s career ambitions in the financial sector through capacity development programs, leadership opportunities, and networking events.
This move aims to promote gender equality in all aspects of the cooperative and empower its staff, mainly female staff, on inclusive and sustainable finance. The partnership also aims to increase the participation of women in management roles within the financial services sector.
Umwalimu SACCO formalized its membership during an official Gender Equality Charter signing ceremony held on Tuesday 24th September 2024, at its Head Office located in Remera, Kigali.
Speaking at the signing ceremony, the Director General of Umwalimu SACCO, Ms. Laurence Uwambaje said that by joining Women in Finance Rwanda, Umwalimu SACCO would like to leverage the power of this platform to deliver gender parity at all levels of the institution, raise women’s capacity on sustainable finance, improve gender diversity in Umwalimu SACCO technical teams and increase female representation in the cooperative’s leadership; to improve the performance of the institution.
“We believe that the enforcement of the Gender Equality Charter will boost Umwalimu SACCO to a higher level of performance through collective efforts of male and female staff. Umwalimu SACCO will continue fostering the gender-equal environment that promotes a full and equal participation of all genders,” Ms. Uwambaje said.
On behalf of the WIFR Council, the WIFR founding member and CEO of Coopedu MFI, Ms. Raissa Muyango welcomed Umwalimu SACCO’s membership and appreciated the cooperative’s Management for embarking on the journey of gender diversity within the institution.
“We are thrilled to welcome Umwalimu SACCO to the Women in Finance Rwanda Foundation, and I am glad to witness this important milestone, as the institution commits to invest in women’s capacity development in order to contribute to the financial Sector performance,” Ms. Raissa said.
During this event, four female scholars from Umwalimu SACCO staff were awarded scholarships by the WIFR in partnership with the Chartered Institute for Securities and Investments UK, for them to study a course on Sustainable & Responsible Investment.
Ms. Christine Baingana, the CEO of Urwego MFI and Founding member of WIFR said: “Capacity building is a significant pillar for the foundation. The WIFR partnership with the Chartered Institute for Securities and Investments UK and the Uganda Institute of Finance & Banking will have a positive impact on capacity building impact for the financial sector.”
Speaking on behalf of the four scholars from Umwalimu SACCO who were granted scholarships by WIFR, Miss Suku Clemence thanked the Chartered Institute for Securities & Investment (CISI) and Women in Finance Rwanda Foundation (WIFR) for accepting to offer them the scholarship for online CISI courses, and pledged to do their best to complete them.
“We commit using all our efforts in order to successfully undertake these CISI courses and increase our competency. These courses will enable us to enhance our competencies in terms of professional skills, practices and assessments related to financial services, hence improving our productivity;” Miss. Suku remarked.
WIFR Council Representatives and U. SACCO DG posing for a photo with the scholars from Umwalimu SACCO Female staff.
Umwalimu SACCO staff, led by the Director General Ms. Laurence UWAMBAJE, pose for a group photo with WIFR Council Representatives Ms. Muyango and Ms. Bayingana.
Research shows that, like any other economic sector, gender equality needs to be improved in the financial sector mainly in managerial positions; and that through collaboration from both men and women, financial institutions can perform better to support countries achieve sustainable development.
Today, the Women in Finance Rwanda Foundation boasts of an institutional membership including several banks such as Bank of Kigali, BRD, NCBA Rwanda, EcoBank, I&M Bank, and BPR Bank, three Microfinance institutions namely Urwego Bank, Coopedu, and now Umwalimu SACCO, two major players in the insurance sector – Mayfair Rwanda and Zep-Re Reinsurance, Kigali Financial Center, and Access to Finance Rwanda who are both partners and members, as well as a sovereign fund – Agaciro Development Fund.
The Foundation has extended scholarships to almost 50 staff in the banking sector since its launch in 2023, with all its members signing Gender Equality Charters in their commitment to make Gender a Strategic priority.