Rwanda stands out globally for women's leadership in finance. Yet experts warn the gains could slip away without urgent action.
Women hold 39 percent of board seats across the country's financial sector. They also fill 39 percent of CEO and managing director roles.
Female executives occupy 35 percent of committee positions. These numbers dwarf the world average of just 28 percent for boards and 9 percent for chief executive slots.
The National Bank of Rwanda released the findings on Tuesday. Access to Finance Rwanda and the Women in Finance Rwanda Foundation joined in the research.
Oliver Wyman and Mercer conducted the study. It's the first comprehensive assessment of its kind across Africa.
More than 50 financial institutions provided workforce data. Researchers also spoke with over 1,500 professionals from banking, insurance, pensions, investment management and fintech.
But the report carries a troubling warning. Weaknesses in the pipeline could undermine Rwanda's strong leadership record.
Women leave financial jobs at much higher rates than men do. They exit non-managerial positions at 64 percent, the data shows.
Female staff get promoted far less frequently. Men receive 30 percent more promotions than their female counterparts.
Many women get stuck in support roles. They miss out on technical, operational and revenue-generating positions that lead to the top.
Female representation declines sharply as careers progress. At non-managerial levels, women make up 56 percent of staff.
That share drops to 43 percent in middle management. Senior management roles go to just 36 percent women.
Executive committees remain 35 percent female. The pattern reflects obstacles throughout the career ladder.
Soraya Hakuziyaremye leads Rwanda's central bank. She acknowledged Rwanda's achievement but struck a cautious tone.
"Rwanda has demonstrated that gender progress at the top is achievable, but the pipeline sustaining it remains fragile," she said. "This report provides practical insight into where institutions need to act to ensure talent is recognized, supported, and able to progress."
The research identified multiple barriers slowing women's rise. Workplace bias tops the list of obstacles.
Limited sponsorship and mentorship hold women back. So do maternity leave complications and pay gaps.
Safety concerns and weak reporting systems also matter. Financial institutions must fix these problems to keep talented women.
Industry leaders say the issue matters for business. Firms that compete for skilled workers need strong governance.
Agnès Uwanyiligira heads Access to Finance Rwanda. She emphasized what gender diversity brings to the sector.
Greater female participation strengthens financial institutions overall. Policymakers and bank leaders must now act on that reality.
