Natu: A finance pioneer opening doors for women

Mwananchi Communication Limited

What you need to know:

The financial expert rewrote history in 2011 as the first woman to serve on the Board of Directors of the central Bank of Tanzania in the capacity of Deputy Governor

Dar es Salaam. As Tanzania explores ways and means to spread awareness on gender diversity in different developmental sectors, multiple women’s first experiences in male dominated industries highlight the need for a gender equal society.
One of those women is Dr Natu El-Maamry Mwamba.
Sharing her journey with International Finance Corporation in a report titled ‘Leading Tanzanian Women in the Financial Services’ that was released in June 2021, Dr Mwamba unfolds her career.
In 2011, she rewrote history as the first woman to serve in the Board of Directors of the central Bank of Tanzania (BoT) at the Deputy Governor level. The decision to achieve gender diversity in the board of directors of BoT was influenced by other African central banks who had already uplifted capable women in top leadership positions.
By the time she was appointed to join the BoT board, Dr Mwamba was a faculty member at the University of Dar es Salaam (Udsm) who had already worked at the central bank for seven years on monetary policy and audit committees.
A while after she joined the board of directors at BoT, Dr Mwamba was appointed by President Jakaya Kikwete (2005-2015) as BoT’s first female Deputy Governor overseeing the economic and financial policies portfolio.
“One of the first internal issues I addressed was the lack of women directors across the central bank because it had resulted to gender gap in BoT’s management committees. Although I was focused on managing my portfolio, as the first woman to ever reach career heights, I felt responsible for opening more doors for women,” she narrates.
When Dr Mwamba raised the issue of gender gap with the central bank’s executive office, a new policy was developed to appoint a female senior manager to the internal committees that lacked female director representation. This enhanced committees to be more gender inclusive.
Throughout her time at BoT, Dr Mwamba promoted women’s career advancement and inclusiveness. She had a habit of identifying high performing female staff in a portfolio that detailed their expertise, skills and performance.
She would afterward present them as candidates for promotion. As Dr Mwamba’s time at BoT was coming to an end in 2017, one third of the managerial positions at the central bank were occupied by women.
Her efforts for women career advancement made her be part of a policy that enables women access to finance. Dr Mwamba contributed to the government efforts to establish Tanzania’s first National Financial Inclusion Framework; which is an initiative that requires financial institutions to provide sex desegregated data.
These data reveal the percentage of women with a bank account, a loan or other types of financing. This is deemed to be an important step to enhance and increase women’s financial inclusion.
“My time as Deputy Governor proved to me the importance of raising women’s voices and sharing their perspectives in high places,” Dr Mwamba says.
“The inclusion of women in every aspect of the financial sector is an urgent priority. It is important for us to communicate with our male colleagues as equals as this helps to normalize female leadership,” she explains.
When she was still a Deputy Governor, Dr Mwamba was invited to speak about of the state of the African Region at the World Bank Group’s Annual Meeting in Washington, D.C.
Being selected a speaker at such a respectable meeting was tangible proof that Dr Mwamba was a global leader. The knowledge she shared at that meeting opened new leadership opportunities because shortly after the annual meeting, Dr Mwamba was asked to join the board of the Eastern and Southern African Trade and Development Bank.
“Looking back on the last 41 years, I am proud and grateful for everything I have achieved. There have been dark moments but I have never let them define me or my career,” Dr Mwamba says.
There were times she was insulted because of being born a woman and other times, she was marginalised on decision-making processes because she was not g a member of the ‘boy’s club’.
“Today, I’m conscious of this great confidence that lies in me. I also carefully consider what I say ‘yes’ to, so that I make sure it’s on the same page with my personal goals. I want to follow my passions and I also still want to grow,” Dr Mwamba details.
She advices women to keep watering their skills and that they should first look out for their advancement before that of other people.
“To young women; do not bend to other people’s deadlines.
“If you stay true to your values and vision over your lifetime, things will align and happen when it’s the perfect time for you,” Dr Mwamba emphasises.
She further addresses women whose passion surrounds leadership to trust in themselves and their capabilities as well as to never compromise their integrity.
“Women have to be confident and trust in their successes,” Dr Mwamba says.