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2 0 1 4 A N N U A L R E P O R T

New Faces New Voices (NFNV) is a Pan-African advocacy group. We focus on expanding the participation and influence of women in the financial sector. Women have the potential to contribute significantly to economic growth in Africa. To harness this potential, we engage with decision makers at national, regional, continental and global level.

GOALS AND OBJECTIVES Our goals are to improve the economic wellbeing of women and their families, to reduce inequalities, and to strengthen African economies and societies. We have three objectives:

1. To increase women’s access to finance and financial services. 2. To strengthen the skills and capacity of women as consumers, entrepreneurs and investors to access finance. 3. To increase the number and visibility of African women in leadership and decision-making positions in the financial sector.

Our work consists of:

1. Engaging with financial institutions, regulators and policy makers to remove the obstacles that impede women’s economic advancement and financial inclusion.2. Conducting research and disseminating knowledge on women’s financial inclusion, entrepreneurial development and economic contribution to African economies. 3. Convening meetings, conferences, roundtable discussions, working-group sessions and dialogues with key stakeholders in the financial sector to develop innovate ways and financing vehicles to accelerate women’s economic empowerment.4. Strengthening and expanding our network of chapters to have a tangible and measurable impact in the countries in which they operate. 5. Advocating for the expansion of women’s economic opportunities and leadership in strengthening financial systems at national, regional, continental and global levels.

NEW FACES NEW VOICES

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table of contents FOREWORD3 A New Identity for Women: Nomsa Daniels

GAME CHANGERS

7 Women in Leadership 9 Financial Inclusion Research

13 Enabling Access to Finance

CONVENING DRIVERS OF CHANGE

17 Women in the Driving Seat of Change: Mrs Graça Machel 19 The African Women’s Economic Summit 21 Pledges 27 Partner’s Voice: Geraldine Fraser-Moleketi

31 KNOWLEDGE SHARING

THE BOARD

37 The Time is Ours to Take: Anne-Marie Chidzero40 The New Faces New Voices Board

44 OUR NETWORK

FUNDERS

Advocacy groups like ours have an important role to play in challenging inequalities that prevent women from reaching their economic potential. Despite African countries moving away from outdated and

outlandish laws that require a woman to have her husband’s permission to open a bank account or apply for a loan, we’re still a long way from recognising the importance of women as agents who can help to solve our continent’s challenges.

Our role in changing the narrative starts with women having a financial identity, irrespective of age, location, profession or income. In 2014, we imparted this message to governments, policy makers, financial institutions, academic bodies, women’s organisations, the media and other civil society groups through our work. Five years ago when NFNV was launched, limited research and anecdotal evidence offered little guidance on how to change the status quo. We challenged ourselves to move away from a one-size-fits-all approach to financial inclusion, to one that focuses squarely on women. We’ve undertaken research in Mozambique, Zambia, South Africa and six Francophone countries and in 2015 studies will be conducted in Egypt, Rwanda and Uganda. We need to

partner with governments, statistical offices, universities and financial institutions to improve gender-disaggregated data.

Another area of focus is changing mindsets that limit women’s horizons to small-scale activities in the informal sector. We want women to graduate from micro to small to medium to big in the enterprises they own, operate and manage. We want women to move into non-traditional sectors like infrastructure while enhancing the role women play in agriculture. Investing in women makes business sense, so we’re working with banks to view women as a viable market segment.

We’ve put in a lot of sweat equity in the last five years to give shape and form to NFNV and to develop its unique value proposition. As most of our initiatives are driven on a volunteer basis and a slim budget, strengthening the Secretariat and putting the organisation on a financially sustainable footing is critical for future success. So too is expanding the number of chapters and strengthening those that exist. As our programmes become more established, it’s encouraging to see funders beginning to note our efforts and we’re sincerely grateful for their support. As we move from our start-up to our consolidation phase, we look forward to exciting times ahead.

a new identity for womendirector's voice: nomsa daniels

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WOMEN IN LEADERSHIPIn 2014, NFNV explored various platforms and methods to increase the number and visibility of African women in leadership and decision making positions in the financial sector. These included taking part in advocacy processes in private and public spaces for women to lead at board levels. Our work in Kenya serves as an example of the interventions network chapters lead to ensure that women are at the decision making tables as influencers.

Andia Chakava leads the NFNV Kenya chapter, which has partnered with the Nairobi Securities Exchange (NSE) to launch a Leadership & Diversity Dialogue for Listed Company Boards. This is a series of roundtable events for listed firms to promote discussion about the various aspects of board diversity including gender, technical expertise, age, nationality, race, ethnicity, and disability.

Chakava says the initiative has allowed women to negotiate their way to positions where they were previously excluded or underrepresented. It’s also in line with the call by the Kenyan

Capital Markets Authority for corporates to have a diversity strategy. NSE CEO Andrew Wachira referred to the partnership as a significant step in promoting women’s leadership: “We’re proud to convene this forum in line with our role of fostering best practices in corporate governance.”

The chapter’s approach is informed by studies that show that women are a valuable asset that boards can no longer afford to ignore. Research on the link between diversity and organisation performance conducted on Fortune 500 companies shows that diversity has a positive impact on the bottom line1. Further data shows that companies with more women directors on boards outperform those with fewer by 83% in terms of return on equity, 73% in terms of sales and 112% in terms of return on investment2.

The chapter has conducted its own studies, which revealed that there was limited participation of women in company boards, largely reflected in their role as board secretaries with no decision making powers. Through the NSE dialogues, the chapter is set to change the character of women’s participation on boards.

1 Roy D Adler, “Profit Thy Name Is… Woman?” (February 28, 2009), <http://www.psmag.com/business-economics/profit-thy-name-is-woman-3920>, Accessed March 12, 20152 Catalyst, “Why Diversity Matters”, (July 2013), http://www.catalyst.org/system/files/why_diversity_matters_catalyst_0.pdf, Accessed March 12, 2015

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1 Roy D Adler, “Profit Thy Name Is… Woman?” (February 28, 2009), <http://www.psmag.com/business-economics/profit-thy-name-is-woman-3920>, Accessed March 12, 20152 Catalyst, “Why Diversity Matters”, (July 2013), http://www.catalyst.org/system/files/why_diversity_matters_catalyst_0.pdf, Accessed March 12, 2015

KenyaNairobi Securities Exchange

FINANCIAL INCLUSION RESEARCHIn 2014, we undertook both desktop and qualitative research in Southern African and West African countries to understand the realities women face in accessing finance. Our research shows that while the banking industry is growing on the continent, it still does not cater for women who have potential to grow their businesses.

The findings are documented in four reports completed in 2014:

1. Accelerating Women’s Financial Inclusion in Francophone Countries

2. Women’s Access to Financial Services in Zambia

3. Women’s Access to Financial Services in Mozambique

4. Inclusive Finance: Exploring the Finance Pipeline for Women-owned SMMEs in South Africa

The country studies identify a range of impediments that keep the majority of women financially excluded. Most of the barriers are so entrenched, they seem to be a norm. Yet, they present a formidable challenge to African women’s access to the formal financial system.

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FINANCIAL INCLUSION RESEARCHAFRICA 26.5% OF MEN AND 21.5% OF WOMEN HAVE AN ACCOUNT AT A FORMAL FINANCIAL INSTITUTION

MOZAMBIQUEFEWER THAN 10% OF WOMEN IN MOZAMBIQUE USE BANKS,AND ONLY 41.3% ARE REGISTERED AT THE CREDIT REFERENCE BUREAU

ZAMBIA63% OF ADULTS ARE FINANCIALLY EXCLUDED: 66% OF WOMEN VS 59% OF MEN

SOUTH AFRICA43.7% OF WOMEN-OWNED SMMES ARE FINANCIALLY EXCLUDED

FRANCOPHONE COUNTRIES THE FINANCIAL INCLUSION FOR WOMEN IN BURKINA FASO IS 11%, 6% IN BURUNDI, 11% IN CAMEROON

FINANCIAL INCLUSION RESEARCH

IRREGULAR OR LOW LEVELS OF INCOMEFormal financial service providers require businesses to be registered in order to access their financial products and services. This hampers access to finance as women-owned businesses often have irregular or low levels of income.

CUSTOMS AND CULTURESome customs negatively affect women’s ability to own assets, which negatively affects their ability to proffer collateral to get credit. For example, in Zambia, under customary tenure a wife rarely inherits land or property from her husband, and her rights to joint marital property are not recognised.

LACK OF COLLATERALBanks tend to request collateral for loan applications, which women in particular are often unable to present, either because they don’t own property or in cases where they do, they do not have the title deeds.

LACK OF ACCESS TO INFORMATIONWomen’s levels of financial literacy are found to be very low and they don’t understand the terms used by banks. Our research shows that in Mozambique for example, women’s main sources of information are family, friends and accumulated savings and credit associations.

Taking into account the value that women put in improving the lives of their families and their communities, not removing these barriers hampers the growth and wellbeing of African societies. We highlight the common barriers identified in the studies.

demand-side barriers

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FINANCIAL INCLUSION RESEARCH

supply-side barriers

POOR REACHMost women live in rural areas where it takes lengthy travelling time to access banks.

BIASED CREDIT ASSESSMENTCredit-assessment methodologies don’t take into account certain factors that enhance women’s creditworthiness, such as their higher propensity to save and to repay loans. Although there is a lot of evidence that shows that women have higher repayment rates than men, there is also evidence of gender bias in the high failure rates of women’s applications when seeking loans in comparison to men.

LACK OF PRODUCT SUPPLY Banks tend to target workers with regular and considerable incomes, leaving other income-generating activities underserved. Many women are locked in this kind of non-salaried work..

LACK OF GENDER-DISAGGREGATED DATAFormal financial institutions rarely have gender-disaggregated data, which means they can’t track women clients’ performance and so invest in products that cater to women and take into account barriers to access. Our study on South African SMMEs found this to be one of the main limiting effects for women’s advancement in business.

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1. Apply gender-sensitive risk and credit- assessment methodologies. Banks should adjust their analysis to reflect the fact that women are better at repaying and servicing loans. Credit products should also take into account the type of informal economic activities women engage in.

2. Train bank staff to better serve women clients. Our research in Francophone countries found that, in settings in which loan officers are predominantly men, their own gender preferences often put women’s loan applications at a disadvantage.

3. Promote women’s education and exposure to business training. This training should be continuous and supported by the banks, especially in how to raise capital for business expansion.

4. Fast-track women’s leadership in the financial sector. Support and enable women to occupy senior management positions and lead financial institutions, either as CEOs, finance ministers or governors of central banks.

5. Improve the quality of data on women’s economic roles and contributions. More gender-disaggregated data will help ensure that regulators, policy makers and financial institutions better understand the needs of this market segment so that a one-size-fits-all approach to financial inclusion is not adopted at the expense of women.

6. Remove discriminatory legal provisions that prevent women from owning assets such as property and land. In addition, build awareness to inform women about changes in the laws and their rights.

The New Faces New Voices research recommends a number of steps that financial institutions, governments and Non-Governmental Organisations can take to promote access to financial services and finance.

the Six game-changer steps are:

ENABLING ACCESS TO FINANCE

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Driven by a desire to uplift rural c o m m u n i t i e s , Theopista Sekitto

Ntale was determined to break the stereotype that low-income rural women can’t save. As NFNV Uganda Country Director, she used her banking insights and passion for the economically marginalized rural communities to change

the landscape of financial access.

Having worked as a banker for more than 20 years, she realised that the traditional model excluded the majority of Ugandans because it wasn’t geared to serve their needs. Now she’s helped 250 000 people in 465 villages in the Lwengo District become bankable in just one year, thanks to a visionary model she created and piloted called FINISAVE (Financial Inclusion Through Savings and Village Enterprises).

FINISAVE is aimed at increasing the amount of finance in rural areas by bringing previously unbanked people into the formal financial system while demonstrating a solid business case for

why banks need to establish rural branches. The model is based on creating a viable market for a bank by pooling community resources through savings clubs while creating business opportunities to raise their income and living standards.

Ntale was already making a difference when she was invited to take part in the first NFNV conference in Nairobi. The mother of five has adopted 36 children – hence her nickname Mama Theo – copying the example of her mother who instilled in her the idea that while she may not have a lot, she had enough to share with others who had even less.

Meeting Mrs Graça Machel allowed her to marry her passions for making a difference and banking. “What Mama Graça said about her dream of seeing an economically independent African woman who has room for choice touched my heart. The main objective is financial liberation. I always say, ‘Culture can only enslave you when your pocket has enslaved you’.”

“I want to see more consumers of banking services. I don’t want people to come as beggars but as people who define what they want. I want to see people have real relationships with a bank that cares for them, that focuses on them, not just to exploit them but to help them grow and advance so that they are socially, economically and culturally transformed.”

UGANDA

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women in the driving seat of changefounder's voice: mrs graça machel

From Lusaka to Timbuktu, Johannesburg to Yamoussoukro, millions of African women are operating outside the formal financial system. It is in the interest of the continent to change this

reality and enable women to become equal participants in driving Africa’s economic development. Making access to education and finance possible for women entrepreneurs will not only spur growth, it will improve the general well-being of African societies.

New Faces New Voices has taken it upon itself to shift the portrayal of African women as mere spectators in the economy, to one of African women as central and indispensable shapers of economies on the continent. It is indeed time, to boldly show that women are not accessories

in this game of building African economies, institutions and leaders. Women ought to take center stage and be at the driving seat of the continent’s economic advancement.

Our shared commitment and our ambitious goals are opening new avenues for women in many countries. They are enabling us to unleash a movement with the power to change the destiny of all Africans, male and female. The progress made since 2010 when New Faces New Voices was born shows that we can be bold and find new solutions to the challenges of access to finance and markets that many women face across the continent. Each one of us is needed to give these initiatives impetus and build a continent that offers women the opportunity to fully express their creative powers, energy, hard work, drive and enormous talents.

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In 2014, we held our 3rd African Women’s Economic Summit, an event that is fast becoming a premier gathering on the continent to look at how to accelerate women’s economic advancement. In partnership with

the African Development Bank, the 3rd Summit was held in Lusaka, Zambia under the theme of “African Women Realising Africa’s Economic Potential”. It provides a unique platform to exchange ideas and best practices with African leaders in business and finance, and global experts. The summit comprises a series of plenary and break-out sessions on issues underpinned by data and research. Two new features were introduced in 2014: the Investor Readiness Forum and the Women in Media Roundtable meeting.

The Investor Readiness Forum was a closed session involving women entrepreneurs from around the continent

who were given the opportunity to present their businesses to a panel of potential funders from commercial banks, private equity companies and other specialist small and medium enterprise funding vehicles. Following a rigorous selection process, the women received strategic advice and guidance from a business development specialist to prepare a business proposal and presentation to raise capital to expand their businesses.

The media roundtable discussed ways in which women in the media can contribute to the shaping and telling of stories about women’s contributions in the economic sector.

At each Summit, companies and governments make pledges towards the advancement of women in the financial sector and these pledges are monitored to measure their impact and ensure accountability.

AFRICAN WOMEN'S ECONOMIC SUMMIT

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INVESTOR TRAINING FOR WOMEN IN BUSINESS

HAZEL CHINAKE was in the business of agriculture and mining, and battling. From a net profit of US$269 727 in 2012, her company Majinga Group’s profits slumped to US$230 285 in 2013. Then Chinake took part in the 3rd African Women’s Economic Summit Investor Forum convened by NFNV in Lusaka, Zambia in 2014.

The training was offered to women who were eager to attract high net-worth investors but lacked the know-how or courage to do so.

The advice and coaching she received convinced her to focus on mining, a move that is reaping benefits. Not only has Chinake “been getting many enquiries from potential investors” since she streamlined her business, she’s also “put systems in place that have helped grow the business in the past year.”

For this Chinake credits the coaching, mentoring and advice she received at the Investor Forum. “Working with a coach to develop a business plan was most useful. The development of financial projections was engaging and forced me to look deeper and critically at my business model,” she says.

Chinake is not alone. Research conducted by NFNV has found that businesswomen require more coaching and mentoring than men to succeed. Helping women to master the skills necessary to raise capital and improve their access to more tailor-made business training are two key recommendations for strengthening women entrepreneurs on the continent.

It is not just once-off coaching or entry-level financial training that is required. The UNDP study, which explored the financing pipeline for women-owned SMMEs in South Africa, found that there was a need for “long-term aftercare support”.

The research found women entrepreneurs appeared to require more “hand-holding” than their male counterparts. “This is partly a confidence issue and is partly the result of women having had less business exposure than men and less formal business training,” the report concluded.

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At each summit we have been able to secure pledges from leading financial institutions and players that enable us to drive change at multiple levels. New Faces New Voices monitors and tracks these pledges to ensure there is measurable progress. The pledges made in 2012 at the sunmit in Lagos, Nigeria were reported on at the 2014 Summit in Lusaka, Zambia.

Pledges made in 2012

PLEDGE OUTCOME

AFRICAN DEVELOPMENT BANK

Increase the number of professional women joining the Bank and accessing top managerial positions.

• The percentage of women who occupy managerial positions increased from 25% to 27% between 2012 and 2014.

• The number of women directors rose from 15% in 2012, to 21% in June 2014.

• The percentage of women heads of units increased from 27% in 2012 to 40% in 2014.

• The percentage of women occupying the position of Division Manager fell from 31% to 27% in 2014.

Encourage Africa Guarantee Fund intermediary banks to specifically target eligible women-owned businesses and to undertake to follow up on how many women-owned businesses are beneficiaries

• As of September 2013, 17 guarantees had been approved with a cumulative value of $49 441 671.

• The number of SME beneficiaries was 87, with 33 being women-owned SMEs, representing 38%.

KENYA INSTITUTE OF MANAGEMENT

Continue to document gender-sensitive research and create a data-base of qualified women to serve as directors and board members. • Survey of women on boards produced in 2012 and in 2014.

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PLEDGE OUTCOME

GRASSROOTS MICROFINANCE BANK

Translate product flyers into local languages in Northern Nigeria, where many women are based.

• Translated key documents such as account opening forms, loan application forms, notices, etc.

• Grew client base by 200% between 2012 and 2014.

BARCLAYS AFRICA GROUP, THROUGH THE SUBSIDIARY ABSA

Increase loans to women in South Africa by 10% in 2010 and 2012.

• A 23% increase in loans extended to women since 2010. • A 10% increase in women’s deposit accounts. • The number of female customers remained relatively stable;

women accounted for 47% of total customers in 2013.

KENYA POST OFFICE SAVINGS BANK (POSTBANK)

Develop a savings product specifically for women.

• Launched product in November 2013. • Within six months, 1 438 accounts had been opened by

individual women savers and businesses with savings worth about Ksh.21 million (about US$240 000).

Increase the number of women accessing loans.• By 2013, women loan applicants comprised 24% of total loan

applicants and 23% of the loans disbursed were to women clients, falling short of their 30% target.

ORGANISATION PLEDGE

absa• Increase women Inclusion in finance by 20% in Barclays Africa. • Create programmes, tools, products and other interventions that will make sure that women are

included in the finance stream. • Create a product responsive to the needs of disabled women.

African Development Bank

• Introduce the 50-million African Women Speak online platform, in partnership with NFNV to create a dynamic and engaging exchange of ideas among women entrepreneurs, connecting them in ways that will foster peer-to-peer learning, mentoring and the sharing of knowledge.Revise procurement procedures and concentrate on issues of preferential procurement for women-owned businesses.

• Pursue challenges posed to the AfDB Board members to have the Bank commit 30 – 50% of bank funding to projects that support women and youth.

• Promote financial literacy and economic empowerment by ensuring women-owned small and medium-sized businesses are provided with technical assistance for their businesses.

AFRICAN UNION• Work with New Faces New Voices to develop a strategy on women’s access to land.• Work with NFNV to promote financial literacy and mentoring for young women (together with the

Mara Foundation). • Train at least 100 women in agribusiness and partner with organisations to increase this number.

BANK OF ZAMBIA• Develop a Gender Mainstreaming Strategy by 2015 and implement it. • Work with the Zambia chapter of New Faces New Voices on financial literacy and train 5 000

women entrepreneurs across the country.

COMESA BUSINESs COUNCIL

• Interact with Heads of State to advocate for increasing the financial inclusion of women. • Work for the implementation of women’s financial inclusion in COMESA member countries.

Pledges made in 2014 and under monitoring

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FAMILIES ARE NATIONS

• Review the current programming of Families are Nations in Zambia and work with New Faces New Voices on our methodology for empowering women, which works with 3 670 women in four provinces.

• Extend this initiative to 10 provinces in Zambia and reach out to 10 000 women by December 2016.

FEMCOM• Continue working on financial inclusion advocacy in collaboration with the Graça Machel Trust

and New Faces New Voices.• In her personal capacity, Katherine Ichoya has pledged to continue to provide community service

by supporting 200 young women entrepreneurs in Kenya to improve their business through training, exposure to markets, and facilitating networks with financial institutions.

FINANCIAL SECTOR DEEPENING ZAMBIA

• Develop a gender strategy. • Streamline gender in all FSDZ activities. • Work closely with the Zambian chapter of New Faces New Voices.

GRAçA MACHEL TRUST• Convene a meeting before the end of 2015 to begin to draft a strategy on how to build and

sustain a movement to address women’s access to land.

MINISTRY OF GENDER AND CHILD DEVELOPMENT, ZAMBIA

• Create linkages, partnerships and synergies with all stakeholders in creating an enabling environment so that Zambia contributes to sustaining Africa’s economic growth through economically empowering women.

• Enhance and upscale capacity building in gender mainstreaming. • Work with New Faces New Voices to actualise and implement the pledges.

MOZAMBIQUE ACCESS TO FINANCE PROGRAMME (MAFIP)

• In partnership with New Faces New Voices Mozambique and FEMME, address issues related to capacity building targeting women and specific innovative projects that will contribute to increasing access to finance in Mozambique.

• Support the organisation of a Lusaka Summit follow up meeting. • Support the design and implementation of the New Faces New Voices Mozambique strategy.

NATIONAL BANK OF RWANDA

• Double the formal financial inclusion of women to 72% by 2016. • Conduct a study on regulatory reforms (or gender audit) and implement recommendations. • Collect engendered statistics from the financial sector and enforce them. • Change regulations that impede women’s economic progress, if any are identified by the audit. • Drive the women in finance agenda at the Central Bank Governors’ level.

NEW FACES NEW VOICES

• Engage with the African Association of Central Bank Governors and other regional associations of central bankers on women’s financial inclusion.

• Expand the FINISAVE model of getting low-income groups into the formal financial sector to other African countries besides Uganda.

PASSENGER RAIL ASSOCIATION OF SOUTH AFRICA

• Share the company’s blueprint on how to empower women in the value chain and understand what can be delivered in the value chain in ICTs, rail engineering, property and infrastructure.

PPC • Share the company’s model of how to scale up projects into sustainable businesses.

RWANDA CHAPTER OF NFNV • Produce a strategic plan and implement one quick initiative within 2 years.

STANBIC BANK ZAMBIA • Identify businesses that are looking for financing by working with the NFNV Zambia chapter.

SYLVIA GROUP OF COMPANIES

• Train 15 000 women farmers for the 2014-2017 season by buying all their produce as long as they process them in the manner in which they are trained.

• Work with NFNV to plant chapters in the 48 African countries where AWEP is represented.

WORLD FOOD PROGRAMME (wfP); purchase for purpose (PFP) program

• Work with 14 000 smallholder farmers in Zambia on capacity building in business skills, entrepreneurship, post-harvest handling and equipment.

• Empower more women and build the financial literacy capacity of the participants in the PFP project, while working with the Zambian chapter of NFNV.

the power is in the networkspartNer voice: geraldine fraser-molEketi

Our relationship with NFNV around the issue of financial inclusion is an important one. Financial inclusion is a driver, among others, of women’s empowerment.

Some concrete programmes to advance financial inclusion have emerged out of the engagements we have had with NFNV. We began this journey by supporting the hosting of the African Women’s Economic Summit. We are now working together towards the establishment of a Women’s Fund, and an online platform that will network 50-million women across the continent and facilitate means for financial inclusion.

While initiatives like New Faces New Voices are important, it is vital that we link up various networks to consolidate the crowding-in of women in the economy.

The African Union has identified 2015 as the Year of Women’s Empowerment and Development with nations being urged to advance the cause of women through economic empowerment and financial inclusion. It is therefore quite pertinent for the private sector as well as other partners to look at supporting networks to work towards this goal. It is quite ambitious and one group alone cannot get it done. It will only be achieved with the support of others.

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partNer voice: geraldine fraser-molEketi

KNOWLEDGE SHARINGL e a r n i n g a n d s h a r i n g t h e N e w Fa c e s N e w V o i c e s n e t w o r k ' s e x p e r i e n c e s w i t h

o t h e r s v i a p u b l i c p l at f o r m s i s h o w w e r e a c h o u t t o p o l i c y m a k e r s , a c a d e m i c s a n d o t h e r n e t w o r ks .

Wh ite House Cou nci l on Wom en an d Gi rls, Wash i ngton DC, USA

On 5 March 2014 the White House Council on Women and Girls held an event to celebrate International Women’s Day, attended by Tina Eboka. The discussion centered on breaking down barriers to women’s economic empowerment. Speakers included International Monetary Fund MD Christine Lagarde; Global Banking Alliance

Oxford Foru m for Wom en i n th e World Economy: Power Sh i ft 2014, Oxford, Englan d

NFNV participated in the second Oxford Forum for Women in the World Economy: Power Shift

CEO Inez Murray, Goldman Sachs Group Chairman and CEO Lloyd Blankfein, and others. Futhi Mtoba represented NFNV at the Annual Women’s Empowerment Principles Summit in New York City, under UN Women, now headed by former Deputy President of South Africa, Dr Phumzile Mlambo-Ngcuka. Mtoba spoke on a panel entitled “Jobs, Gender and Development”. On 6 March, Mtoba also represented NFNV at the Leadership Advisory Group of the WEPs.

2014, held at the Saїd Business School at the University of Oxford from 28 to 29 May 2014. Under the theme of “Women and Finance”, the forum focused on creating more inclusive financial systems to promote growth and equality. It also presented a workshop on gender-lens investing.

We have participated in various platforms during 2014 to learn and share the network’s experiences on the following platforms:

An n ual M eeti ngs of th e African Developm ent Ban k, Kigali, Rwan da

The Executive Director attended the Annual Meetings of the African Development Bank (AfDB) as an observer. The AfDB is our key strategic partner and co-host for the African Women’s

Economic Summit. The events exposed us to a range of financial sector stakeholders from across the continent. The theme of the 2014 Annual Meetings was “The Next 50 Years – The Africa We Want”.

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of “Advancing Women’s Financial Inclusion”. The centerpiece was the presentation of a study carried out by NFNV on “Women’s Financial Inclusion in Zambia”. The findings were presented by Henriqueta Hunguana of ICC who also heads our chapter in Mozambique. Our partners intend to follow through on most of the recommendations made in the study.

GLOBAL BANKING ALLIANCE FOR WOMEN ANNUAL SUMMIT, WASHINGTON DC, USA

As a member of the Global Banking Alliance for Women, NFNV attended their annual summit in

September 2014. A special report, “How Banks Can Profit from The Multi-Trillion Dollar Female Economy”, was presented by McKinsey & Company. It was attended by over 200 bankers, policymakers and thoughtleaders from 34 countries.

CONFERENCE ON ADVANCING WOMEN'S FINANCIAL INCLUSION IN ZAMBIA, LUSAKA, ZAMBIA

In partnership with the Bank of Zambia, GIZ and Financial Sector Deepening Zambia, NFNV held a one-day conference on 24 June 2014 on the subject

PEER-TO-PEER LEARNING EXCHANGE, BERLIN, GERMANY

With the support of GIZ, three members of our executive team visited Germany in October 2014 to

meet with organisations and exchange experiences and build connections between the networks. One of the trip outcomes is a planned visit by the largest organisation of German women entrepreneurs to Uganda in 2016 to explore business opportunities.

Maki ng Fi nance Work fo r Africa Partn ersh i p Foru m, Dakar, Sen egal

NFNV oganised a breakout session on Gender and Finance at the MFW4A Partnership Forum on 11 June 2014. The theme was “Accelerating Women’s Financial Inclusion in Francophone Countries”. Chapter directors from Cameroon and Senegal

developed a background paper that analysed six Francophone countries.The speakers were former Governor of the Bank of the DRC Jean-Claude Masangu, Director of the Gender Laboratory at Cheikh Anta Diop University Professor Fatou Sarr Sow, founder and CEO of ASUSU in Niger and the head of our chapter in Niger, Reki Moussa Hassane, and Anne-Marie Chidzero was the moderator.

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Th e Fi nancial Pi peli n e for Wom en-own ed SM M Es workshop, M i dran d, South Africa

A worksho p was h eld on 6 Novem ber 2014 at th e U N ISA Graduate School

Africa SM E Cham pions Fo ru m , Dakar, Sen egal

NFNV was invited to be a strategic partner at the inaugural Africa SME Champions Forum, with support from the African Guarantee Fund and the pan-African Ecobank. Three hundred SMEs from the five regions of Africa were invited and came

th e fi nanci ng pi peli n e fo r wom en-own ed sm m eS WORKSHOP, m i dran d, south africa

A validation workshop was held on 6 November 2014 at the UNISA Graduate School of Business Leadership, Midrand to share the results of a study conducted by NFNV. Titled “Inclusive Finance:

Exploring the Financing Pipeline for Women-owned SMMes in South Africa”, the study was commissioned by the UNDP Regional Office in South Africa. The attendants included representatives from developmental and private institutions, regulatory bodies, women entrepreneurs, business organisations, key government departments, UN agenices, developmental partners, academic institutions and advocacy groups.

from various sectors like mining, media, consumer goods and agribusiness. A number of financial institutions that are active within the SME sector as well as high-quality experts and policymakers were also present. NFNV gave the perspective of women in business and highlighted the need to support women-owned SMEs in Africa through better access to capital and access to markets.

Wom en's World Ban ki ng Advisory Cou nci l, nai robi, kenya

Women’s World Banking and Financial Sector Deepening Africa identified an opportunity to work together to drive greater financial inclusion for low-income women through a high-level banking advisory council. Twelve African leaders, including Nigerian Finance Minister Dr Ngozi

Okonjo-Iweala, have joined the council, as well as NFNV Chair Anne-Marie Chidzero and Vice Governor of the National Bank of Rwanda Dr Monique Nsanzabaganwa, who heads the NFNV chapter in Rwanda. This partnership will build capacity of financial institutions to innovatively serve low-income populations, especially women, with an evolving value proposition. It will transfer knowledge and provide evidence that supports the case for the financial inclusion of women at scale.

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THE TIME IS OURS TO TAKE CHAIR'S VOICE: Anne-Marie Chidzero

Over the last five years we have seen women’s financial inclusion become a priority in the African financial system. While we cannot take all the credit for this shift, New Faces New Voices has

put the agenda on the map very firmly and forcefully. At global and continental levels we are advocating for strategies in the financial sector to always carry a lens that involves women’s financial inclusion, because it makes sound business sense.

For a long time, African women were not vocal enough in the economic space. Yet, there are many who manage large resources as they occupy senior positions in the financial sector. We have positioned New Faces New Voices to be more than just an empowerment movement. We want to shift the game by harnessing the energy and commitment of people in the financial market, from regulators to donors, to invest in women for results that translate into more than just personal gain but affect the bottom-line of their countries. We have been able to capitalise on these decision makers using the fact that Africa is seen as a continent of growth, and women are a very important part of this change.

The energy and vision of our patron, Graça Machel, continues to inspire us. When we started, she told us she would like to handover the baton and open doors for women in Africa to join the tables of economic decision-making in the continent and globally. Her support has opened doors that we would have taken a long time to open on our own. NFNV is taken seriously at continental and international platforms. In addition, the partnerships we have created such as with the African Development Bank, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, governments and banks from the countries where NFNV has a presence, have helped create a foundation for us to build a powerful movement. We’re truly a pan-African force with 15 country-level chapters and growing.

The time is ours to take and we are committed to pushing this change agenda forward. The larger the network of women in finance who are influential, the more rapidly the economic transformation of this continent will unfold. In today’s world, any policy and strategy that does not tap into women as a resource is not going to achieve its desired objectives. Success will come to those who understand that women are the heart of Africa’s growth.

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Anne-Marie Chidzero, Board Chair

Ms Chidzero has more than 20 years’ experience in private sector development, specifically financial sector, microfinance and SME development in Africa. She is CEO of AfriCap Microfinance Investment Company, a private equity fund for micro-finance in Africa. She is also the CEO of the UK-DFID Financial Sector Deepening Fund – Mozambique (FSDMoç), which drives investments for financial inclusion in Mozambique. She is on the Advisory and Investment Committee of the Africa Enterprise Challenge Fund, a facility that finances innovations in agribusiness, rural finance and renewable energy, as well as on the Africa Advisory Board of Women’s World Bank, and the Advisory Board of Making Finance Work for Africa. She is the past Chair of the Centre for Financial Regulation and Inclusion (Cenfri). Chidzero previously worked for FinMark Trust, South Africa (whose mandate is making financial markets work for the poor across the African continent), the World Bank and the consulting firm ICC.

Cynthia Parrish

Ms Parrish is one of the founding members and a director of New Faces New Voices. She is Chief Legal Counsel at Musa Capital Fund Managers, an investment banking and fund management firm. Before joining Musa, she ran one of SA’s first virtual legal consulting firms, Axis Legal, which she co-founded in 2008. Parrish has more than 25 years’ experience in the financial services industry, specialising in the investment banking, private equity and asset management sectors. She started her legal career with the US Securities and Exchange Commission. Parrish worked as the Executive Vice President and Legal and Compliance Director for SEI Investments Company in the United States and SEI Investments (South Africa) Ltd. Parrish earned a B.B.A degree from Temple University, a J.D. from Nova University School of Law, and an LL.M. in Securities Law from Georgetown University School of Law. She is also one of the chartering members of the Psi Tau Omega Chapter of the Alpha Kappa Alpha Sorority in South Africa and serves as a director on a number of corporate boards.

THE NEW FA CES NEW VOICES BOARD

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THE NEW FA CES NEW VOICES BOARD

Nomsa Daniels

Ms Daniels is the Executive Director of New Faces New Voices and has worked in the investment business for the past 10 years. As Executive Director of Scientific Resource Management Holdings, her company invests in start-ups, early-stage businesses and established companies, and its current portfolio includes investments in information technology, aerospace, financial services and electronic commerce. Prior to joining New Faces New Voices, Daniels worked as a consultant in the investment banking division of JP Morgan, where she helped analyse and identify new business opportunities and supervised special projects. Before returning to live in SA in 1997, she worked for 10 years as Executive Director of the Professional Development Programme, a not-for-profit organisation based in New York City that provided management training and leadership development in the United States to black South African business professionals. She has a Bachelor’s Degree from the University of Toronto and a Master’s in Geography and Environmental Studies from Hunter College in New York.

Prudence Phashe

Before moving to SA, Ms Phashe worked for Deutsche Bank New York and London (Global Derivatives) and occupied numerous other positions in London, India and Europe. She moved to SA in 2005 to join then ABSA Corporate and Merchant Bank (ACMB), implementing strategy for the Absa Executive Committee. At the conclusion of the Barclays Plc acquisition of ABSA, she did merger integration for Barclays of ABSA. Upon leaving in 2007 she joined a start-up Stonecap Investment Holdings as chief operating officer. Phashe co-founded Barak International Consultancy International, which focused on providing advisory and implementation services on structured trade and commodity finance and business development projects within the food value chain. Phashe is currently the founder and Director of Emergence Holdings, a business incubator focusing on the food value-chain; from seed to the market. She is also a founding member of New Faces New Voices. Phashe has a BA in Communications from the University of California Los Angeles.

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Ms Sebotsa is a founder and principal partner of Johannesburg-based investment, advisory and financing firm Identity Partners. She started her career in investment banking in 1997 after completing her studies in law, economics and management. Her transacting, corporate finance and advisory experience has spanned SA, Africa and the world; covering mergers and acquisitions, privatisations, BEE and capital raisings. Sebotsa was the Executive Director of Women’s Development Bank Investment Holdings (2002 to 2007) and a Vice President of Deutsche Bank, South Africa (1997 to 2002). She is also a non-executive director on the boards of RMB Holdings and Discovery Holdings, and the Non-Executive Chairman of Aquarius Platinum SA. Sebotsa was previously a non-executive director of FirstRand Group, Anglo American Platinum and Mr Price Group. She was also a trustee of the National Empowerment Fund and a member of the Presidential Working Group on BEE. Sebotsa has a LLB (Hons) from the LSE, UK; a MA Economic Policy Management from McGill University, Canada and she was on the Executive Programme at Harvard Kennedy School. She is a Young Global Leader of the World Economic Forum.

Ms Eboka is the Group MD of NTP Radioisotopes Group, a subsidiary of NECSA. She has enjoyed a 24-year career spanning the banking, science and technology research, retail and manufacturing industries in both public and private sectors. Eboka is a recognised business-turnaround specialist who excels at fuelling change in companies with which she works. Eboka is a facilitator, trainer and conference speaker. She has assisted listed-company clients to implement strategies as an interim executive or change manager. Eboka served as Exco Director at Standard Bank of South Africa and at the Council for Scientific & Industrial Research (CSIR) for seven years as VP: Organisational Development & Communications. While at the CSIR, Eboka was a founding member of Technology for Women In Business, the Gauteng Innovation Hub and the Nepad Schools IT initiative. Her early career roles include tenure as a Senior Manager with Woolworths LTD, a Chief Engineer with After Six in the USA, and an Adjunct Math Professor with the Philadelphia College of Textiles & Science in the United States. Ms Eboka holds an MBA, BSc Textile Engineering, BSc Industrial Engineering with Applied Maths and Executive Certificate from Harvard Business School.

Sonja De Bruyn Sebotsa Tina Eboka

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Aishatu Aminu Nigeria

Maruping MangwediSouth Africa

Jacqueline MurangazaDemocratic Republic of

Congo

Hadia GondjiEthiopia

Gisele YitambenCameroon

Aishatu Aminu Nigeria

Asna Fall NdiayeSenegal

Reki MoussaNiger

Tourre MassogbeCôte d’Ivoire

Futhi Mtoba South Africa

Emma KawawaTanazania

Theopista Sekitto NtaleUganda

Joy NdungutseRwanda

Andia ChakavaKenya

Amany AsfourEgypt

Henriqueta HungunaMozambique

Penelope MapomaZambia

the networknfnv country directors

AFRICAN DEVELOPMENT BANK

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH

EUROPEAN INVESTMENT BANK

FINANCIAL SECTOR DEEPENING ZAMBIA

GRAçA MACHEL TRUST

making finance work for africa

SAB MILLER

FUNDERS

FUNDERS

Graça Machel TrustVictoria Gate West – Hyde Park Lane

Cnr Jan Smuts Avenue and Hyde LaneHyde Park, 2196

Johannesburg, South Africa+27 (0) 11 325 0501

www.nfnv.org.zainfo@nfnv.org

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