Ten female executives playing critical roles in Africa’s financial sector

Ten female executives playing critical roles in Africa’s financial sector

Africa’s financial sector has undergone massive development over the past few years compared to previous decades. In the last five years alone, the industry has contributed immensely to the development of countries on the continent and the larger economy.

Developments in the financial services sector have triggered a growth in domestic investments, as leading players engage technology to introduce smart and friendly products like USSD codes, mobile money agents and banking apps to make money accessible to Africa’s largely unbanked society and informal sector (the main driver of the economy).

During the African Financial Industry Summit (Africa CEO Forum) in March, African women accounted for about 40 percent of those attending, with a sizable number coming from the non-financial services sector.

However, it is essential to note that Africa’s financial service sector has experienced an innovative facelift, spurring unprecedented economic growth given the dynamic role of women holding top executive positions.

Below is a list of 10 top female executives playing critical roles in Africa’s financial sector. The list we chose from was long. We have selected these women given their outstanding track records and the impact of their services on the larger economy.

1. Nezha Hayat (Morocco)

Holding: Moroccan Capital Market Authority (AMMC)

Office: Chairperson / CEO

Nezha Hayat is the president of AMMC – Morocco’s Capital Market Authority. She was the first woman on a management board of a Moroccan bank, Societe Generale Morocco group.

Given her position in AMMC, Hayat is a member of the Board of the Supervisory Authority of Insurance and Social Welfare and a member of the Coordination and Systemic Risk Monitoring Committee in the Northern African country.

2. Wendy Lucas-Bull (South Africa)

Holdings: Absa Group Limited

Office: Chairperson

Wendy Elizabeth Lucas-Bull is a South African businesswoman, banker and corporate executive, who serves as the chairperson of Absa Group Limited, a large pan-African financial services group, with subsidiaries in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda and Zambia.

The bank had an asset base of $83 billion in 2019.

3. Freda Yahan Duplan (Ghana)

Holdings: Zenith Bank

Office: Chairperson

Freda Duplan is chairperson of the board of ‎Zenith Bank – Ghana.

She is a notable Ghanaian corporate leader with almost three decades of working experience with the Nestle Group. She was the company’s first African female CEO and market head in the Nestle Group and the first female Ghanaian managing director of Nestle Ghana Limited.

She also was the managing director of Nestle Pakistan Limited and head of Nestle Business Services in Manila, Philippines.

Zenith Bank had an asset base of $83 billion in 2019.

4. Santie Louise Botha (South Africa)

Holdings: Capitec Bank Holdings Limited

Office: Chairperson

Santie Louise Botha is a South African businessperson who has been at the helm of five different companies. Currently, Botha is independent non-executive chairman for Famous Brands Limited, chairman for Capitec Bank Holdings Limited, chairman of Capitec Bank Limited (a subsidiary of Capitec Bank Holdings), and independent non-executive chairman of Curro Holdings Limited.

She was previously executive director and executive director of marketing at MTN Group Limited and sales director-VdB Foodservice at Unilever South Africa Holdings (Pty) Limited.

As of 2016, Capitec Bank Holdings had $4.43 billion in assets.

5. Harriet-Ann Omobolanle Adesola (Nigeria)

Holding: Standard Chartered Bank Group

Office: Chairperson

Harriet-Ann Omobolanle was the senior vice chairman for Africa at Standard Chartered Bank Group and CEO of Standard Chartered Bank for Nigeria and West Africa.

She was also president of the Lagos Business School Alumni Association and is a member of the Nigerian Bar Association.

Adesola has more than 25 years of experience in the financial sector.

6. Mansa Nettey (Ghana)

Holding: Standard Chartered Bank of Ghana

Office: CEO

Mansa Nettey is a Ghanaian banking executive. She is the first female CEO appointed by the Standard Chartered Bank of Ghana.

With more than 15 years of experience in the banking industry in corporate and financial markets, Nettey also sits on the board of the company’s Nigerian subsidiary as a non-executive director.

Under her watch, the Ghanian subsidiary recorded 20-percent growth in H1 2021 to reach $198.6 million.

7. Diane Karusisi (Rwanda)

Holding: Bank of Rwanda

Office: Managing Director / CEO

Diane Karusisi is a Rwandan statistician, economist, bank executive and academic. She is the CEO of Bank of Kigali, the largest commercial bank in Rwanda by assets.

She was the chief economist and head of strategy and policy at the Office of the President of Rwanda.

8. Nneka Onyeali-Ikpe (Nigeria)

Holding: Fidelity Bank

Office: MD/CEO

Nneka Onyeali-Ikpe is a Nigerian lawyer with more than 30 years of experience as a business executive and banker. She is the first female managing director and CEO of Fidelity Bank Plc.

According to the bank, she led the transformation of the directorate to profitability and sustained its impressive year-on-year growth across key performance metrics, including contributing more than 28 percent of its profit before tax, deposits and loans.

Under her leadership, the bank recorded 12.8-percent growth in assets to reach $7.56 billion in H1 2021.

9. Nasim Mohamed Devji (Kenya)

Holding: Diamond Trust Bank Group.

Office: Managing Director / CEO

Nasim Mohamed Devji is a Kenyan businesswoman, accountant and corporate executive, who serves as managing director and CEO of Diamond Trust Bank Group, a commercial banking conglomerate, with headquarters in Nairobi and banking subsidiaries in Burundi, Kenya, Tanzania and Uganda.

As of 2013, the bank’s assets were pegged at more than $1.924 billion.

10. Amie Sow (Central Africa)

Holdings: UBA

Office: Regional CEO, Central Africa

Amie Sow is the regional chief executive of Nigeria-based financial services company, United Bank for Africa Plc (UBA).

She became head of UBA Senegal in 2013 and achieved a remarkable performance that earned the company the “Bank of the Year” award for six consecutive years from The Banker Magazine of the Financial Times.

She has helped to strengthen the bank’s partnership with leading stakeholders in the region with the ultimate objective of contributing to the company’s development.