In Honour of Women’s Month: Taryn Augoustatos on the Dynamic Landscape of African Fintech
Imagine a financial landscape where women’s voices, experiences, and perspectives are not just heard but actively embraced. Empowering women to participate in shaping the fintech industry can create a more inclusive, fair, and impactful financial ecosystem.
Despite the progress, we still have a long way to go, with only 10% of global board seats within the fintech industry currently held by women. However, Africa has already seen a gradual but notable increase in positive developments, with the number of fintech companies founded by women nearly twice the global average. So, how can we drastically change these numbers and propel more women into the fintech sector, particularly into leadership roles? With the help of other women in the industry, let’s explore some ways we can navigate this space with ease.
Changing Entrenched Perceptions About the Tech Industry
Reshaping entrenched perceptions about the fintech industry is crucial for increasing not only the number of women in the sector but also women from diverse backgrounds. The fintech ecosystem comprises various specialist areas that demand a wide range of skill sets. While technical expertise certainly has its place, it’s essential to recognize that other skill sets are equally valuable.
Taryn Augoustatos, Chief Financial Officer at Finch Technologies, emphasizes, “Whether you possess an accounting qualification, marketing experience, or have been part of the corporate world, your work experience in other industries can bring a fresh and invaluable perspective to the business strategy and management style within a fintech company.”
Shifting perceptions needs to start from the grassroots, meaning schools and universities should educate female students about career opportunities within this space. Organizations like GirlCode are empowering girls with essential tech skills, laying the groundwork for future leaders.
Choose the Avenue That’s Right for You
Women must be selective about finding the right fit in their careers. Seek out companies that align with your values, embrace diversity, and empower women. Such workplaces can transform your career and job satisfaction. In fintech, where building solutions that benefit both women and men is crucial, it’s vital that companies value and encourage input from all employees.
In a male-dominated sector, this can sometimes be challenging. It may require being the change you want to see. Fintechs eager to change policies and empower women can provide opportunities where you champion change. During the interview process, inquire about the presence of women in leadership roles, potential career progression, and work-life balance. Assess the company’s remote work and maternity leave policies, which can significantly impact women’s career opportunities.
Mentorship and Networking
“The saying, ‘behind every successful woman is a tribe of other successful women who have her back,’ couldn’t be truer in fintech,” says Ashleigh Butterworth, Marketing Specialist at Finch Technologies. Seeking support from women in fintech fosters a positive and empowering environment. While stepping out of your comfort zone may feel daunting, networking events provide an ideal community to share tips and advice. Noteworthy organizations include Future Females, Innovation City, and Women Who Build Africa.
Mentorship is vital for women aspiring to leadership positions. “My advice is to forge forward with passion and integrity, guided by your feminine instincts, empower and support your team, and take them with you,” advises Lee Ziervogel, Chief Operating Officer at Ukheshe Technologies.
Embrace Education and Continuous Learning
Staying informed and continuously learning is not just valuable but empowering. The key to breaking barriers is ensuring you have a loaded arsenal of relevant industry knowledge needed to succeed in fintech. Your insights and ideas can revolutionize how financial services are delivered, making them more inclusive and accessible for all.
If you’re interested in pursuing a more tech-based role within your company, consider seeking out short courses or postgraduate studies that can enable you to fulfill these roles.
Advocate for Diversity
“What stands out for me is the passion and diversity of females when you include them in tech-based roles,” says Lee Ziervogel. Women bring a diversity of talent in competency, contributions, voices, and opinions, working towards achieving collective dreams and aspirations in any organization.
The phrase “you can’t be what you can’t see” should catalyze the push for diversity and inclusion. Women are less inclined to apply for jobs in companies that lack diversity, making it crucial for business owners to embed diversity into their company’s core values. According to McKinsey & Co, fintechs that embrace diversity tend to be 25% more profitable, innovative, and successful, illustrating that the impact goes beyond social responsibility and ethics.
Kerry Ho-Van Rensburg, Digital Marketing Director at Ignition Group CX, shares her experience: “As I’ve climbed the proverbial ladder within my career, it has become clear that leadership in the fintech space is very male-dominated. I often find myself looking around the room to find that I am the only female or one of very few.”
To succeed in this industry, determination and sometimes being unapologetic are essential. Speak out against injustices and support other women on their journey. Remember that your male colleagues are often eager to learn, and diversity means including them in the conversation too.