Addressing gender inequality in the financial services sector could generate an additional $700 billion (Dh12 trillion) in revenue globally, according to industry experts. To achieve this, companies need to implement policies that foster diversity and inclusion, such as mentorship programs, leadership training, and flexible work arrangements. These measures are seen as crucial steps toward creating a more equitable and inclusive industry for women, particularly in leadership roles.
Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for the GCC at Visa, highlighted the progress made in promoting gender parity in finance, particularly in the Gulf Cooperation Council (GCC) region. However, she acknowledged that challenges persist. “Women are still underrepresented in leadership roles and often face difficulties balancing work and personal life. Although women make up 52% of entry-level finance jobs in the US, representation declines at senior levels,” Dr. Jaffar said. She emphasized that more women are now moving into critical roles within the industry.
Dr. Jaffar, who has 20 years of experience, has been instrumental in driving the adoption of digital payments and strengthening consumer education in the GCC. Through partnerships with financial institutions and governments, Visa has been working to build a secure and innovative payments network, furthering financial inclusion in the region.
Reflecting on her career, Dr. Jaffar attributed her success to the inclusive environments in which she worked, which championed talent regardless of gender. She noted that the UAE’s commitment to promoting women in leadership roles has been pivotal to her journey, offering opportunities for growth that have empowered women across various sectors.
The UAE’s commitment to empowering women, particularly in finance, sets it apart. Women account for 70% of graduates in the country, providing a strong foundation for breaking barriers in the workplace. The UAE ranks seventh globally in the United Nations Development Programme’s 2024 Gender Inequality Index, reflecting the country’s significant strides in gender parity. Policies, such as the requirement that all listed companies have at least one woman on their board of directors, further underscore the UAE’s dedication to gender equality.
As the UAE continues to diversify its economy, opportunities for women entrepreneurs are growing in key sectors such as sustainability, finance, and digital transformation. Visa, through initiatives like ‘She’s Next,’ is helping to support women entrepreneurs by providing grants, training, and mentorship, ensuring women are not left behind in the evolving business environment.