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The global financial sector has called for increased financial inclusion for women and women-led enterprises in Africa.

At a high-level panel that brought together leaders in finance sector, it emerged that while the number of women excelling in banking and finance has increased, those who occupy top executive positions has not.

Speaking at the panel, Patrick Njoroge, the Central Bank of Kenya Governor said that in Kenya only a smaller percentage of women (4 per cent) have been left out of financial inclusion as compared to men.

“In the past 15 years we have managed to grow our inclusion levels from 26 percent in 2006 to the current 84 per cent. However, the number might be higher because some women may be using their partners’ accounts to transact their businesses,” Njoroge said.

Recent reports show that Kenyan women have less access to money than men, and this affects their outcomes in life, especially when it comes to banking and financial services.

Women represent a sizeable portion of the unbanked. Close to 20 per cent of the total population doesn’t have an account at a financial institution or with a mobile money provider, but women account for about two-thirds of that total, according to the World Bank.

Ratna Sahay, the International Monetary Fund’s Senior Advisor on Gender observed that IMF is developing a strategy to mainstreaming gender and outlined IMF’s vision on integrating gender into its core activities.

“We recognise that reducing gender disparities, especially with access to finance, leads to exponential economic growth. We encourage all countries to publish gender-disaggregated data and to find synergies with new emerging sectors,” said Sahay.