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Closing the gender gap in financial services could unlock $700 billion in revenue

Senior Visa official lauds progressive steps taken by the UAE

Published: Thu 19 Sep 2024, 5:36 PM

Updated: Thu 19 Sep 2024, 5:37 PM

Dr Saeeda Jaffar, SVP and Group Country Manager, GCC, Visa

Dr Saeeda Jaffar, SVP and Group Country Manager, GCC, Visa

Closing the gender gap in financial services could unlock $700 billion (Dh12 trillion) in revenue and secure the future of women globally. To address these issues, companies should implement policies that promote diversity and inclusion such as mentorship programmes, leadership training, and flexible work arrangements. By continuing to support women in finance, we can create a more inclusive and equitable industry, a senior official said.

“The finance industry has made progress in promoting gender parity, especially in the GCC region. However, challenges remain. Women are still underrepresented in leadership roles and often face work-life balance difficulties. In the US, women comprise 52 percent of entry-level finance jobs, but representation declines at senior levels. Fortunately, this is changing as more women move into these critical roles,” Dr Saeeda Jaffar, Senior Vice President and Group Country Manager, GCC, Visa, said.


Dr Jaffar leads her team in driving the adoption of digital payments and strengthening consumer education efforts to develop the broader financial ecosystem in the GCC. By creating partnerships with financial institutions and governments, and enabling Visa’s pioneering security solutions, Dr Jaffar and her team are dedicated to building an innovative, reliable, and secure payments network that drives frictionless commerce in the region.

With digitisation and financial inclusion high on the regional agenda, Dr Jaffar is committed to making Visa a partner of choice, while unlocking growth opportunities for new and existing clients and partners across the GCC. Her expertise of 20 years have enabled her to deliver pragmatic solutions to strategic issues, drive bottom-line impact, and achieve rapid results.


Excerpts from the interview:

How would you reflect on your journey so far as a woman in finance?

My passion for math and physics led me to engineering and consulting — an experience that became the foundation of my professional journey. As I progressed in my career through management consulting with firms such as McKinsey, Bain & Company, and Alvarez & Marsal, I thrived in environments that championed talent and growth, regardless of gender. This inclusive atmosphere was instrumental in shaping my career and inspiring my ambition to take on leadership roles.

My transition into a technology-focused role at Visa, where I oversee operations in the GCC, is a testament to the support and opportunities that have allowed me to develop and succeed. The UAE’s commitment to women in leadership has been pivotal in my journey, not only enabling my growth but also empowering many women in the finance sector. This inclusivity has also been a driving force in the country’s economic development. It is evident that the UAE’s emphasis on diversity and equal opportunity creates a unique environment where women leaders can truly excel, serving as a model of what’s possible when women are given the resources and opportunities to succeed.

What do you think sets the UAE apart in promoting women in finance?

The UAE’s commitment to empowering women across various sectors, including finance, sets it apart. Women now make up 70 percent of all graduates in the country, providing a strong foundation for breaking barriers and leading with purpose.

Recognised as the most gender-equal country in the Middle East, the UAE ranks seventh globally in the Gender Inequality Index 2024 by the United Nations Development Programme (UNDP). Emirati Women’s Day annually highlights the country’s advancements in women’s empowerment and emphasises the significance of continued development.

Significant policy initiatives such as the mandate that all listed companies must have at least one woman on their board of directors demonstrate the UAE’s commitment to empowering Emirati women and encouraging their active participation in leadership roles. Recent laws and legislative amendments covering work, protection, political participation, and personal status have enhanced women’s status and contributed to the UAE’s global competitiveness.

What are the emerging opportunities for women entrepreneurs in key sectors?

There are several emerging opportunities for women entrepreneurs in key sectors, particularly as the UAE continues to advance its economic diversification and sustainability agenda.

Additionally, the UAE’s focus on sustainability and green initiatives presents new opportunities for women to create impactful businesses that align with the UAE’s vision for a greener future. The financial services sector remains a strong area for growth, thanks to its early adoption of gender inclusivity and the notable success of women leaders within the industry. This sector aligns with the UAE’s goals of financial inclusion and digital transformation, providing significant opportunities.

The supportive policies and ongoing Emiratisation efforts in the UAE have created a favourable environment for women to succeed. This is evident in the growing number of young women-owned businesses (WOB), with a recent survey by NAMA Women Advancement and UN Women revealing that 77.6 percent of WOB in the UAE are run by individuals under the age of 40, which shows the significant role young women are playing in driving the UAE’s economy forward.

How can companies like Visa ensure that women are not left behind in the rapidly evolving business environment?

Visa’s The Women SMB Digitalisation Index, which assesses businesses using multiple indicators, has revealed numerous obstacles that women entrepreneurs frequently face. These include securing capital, identifying new market opportunities, diversifying their products, and establishing robust networks. This is why initiatives like ‘She’s Next’ are pivotal.

Take for instance our collaboration with PublisHer. This partnership provides women publishers in the UAE with the chance to secure a $50,000 grant, acquire tailored training, and gain access to the She’s Next Club. This platform is specifically designed to encourage networking and mentorship, empowering these entrepreneurs to thrive.

Visa is committed to expanding the reach of ‘She’s Next’ this year. In the coming months, Visa plans to launch programmes to assist women entrepreneurs in the fashion and food industries, among others. Emirates Nature has also joined the cause, offering guidance and mentorship to WOB and initiatives in the fields of conservation, sustainability, and more.

Partnership is a key element of success in these efforts. We are grateful for the invaluable support from Emirati women role models like Sheikha Bodour bint Sultan Al Qasimi, the founder of PublisHer, and Laila Mostafa Abdullatif, the Director General at Emirates Nature-WWF. Their leadership forms the driving force behind our empowering initiatives.

It’s important to note that these initiatives are part of the bigger picture. While supporting entrepreneurship is a crucial step, it is just one piece of the puzzle. To build a truly sustainable and inclusive financial sector, companies must adopt the appropriate internal policies that promote gender parity.

This begins with strong recruitment practices that attract top talent and continues with creating an environment where women are given the resources to grow into leadership roles. These include advocating for women’s work-life balance, offering mentorship and coaching opportunities, and protecting women returning from maternity leave—eliminating the so-called ‘motherhood penalty’.

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