“If you are not at the table, you’re probably on the menu.” This often-quoted adage reminds us how systems reflect the priorities of those who design them. And for too long, financial systems- policies, products, institutions- have been designed without women meaningfully at the table.

But what if that changed? What if financial systems were not only inclusive of women, but shaped by their lived experiences, insights, and leadership? What if women weren’t just beneficiaries of financial inclusion, but architects of the systems themselves?

Who are financial systems designed for?

Despite progress, women remain underrepresented in decision-making roles across financial sectors. Globally, fewer than one in five central bank governors are women. In fintech, only 3% of funding goes to female-led startups. Even among financial regulators, women’s perspectives are often missing from policy formulation.

This isn’t just about diversity – it’s a design flaw. When financial systems don’t reflect the realities of half the population, gaps in access, usage, and outcomes are inevitable. Women face higher barriers to credit, limited ownership of collateral, lower digital and financial literacy levels, and a lack of products that meet their needs.

Why representation in financial design matters?

Women bring different life experiences, risk profiles, and time-use patterns to the financial equation. Their insights can lead to more holistic and human-centered financial systems- ones that prioritize security, flexibility, transparency, and long-term well-being.

When women are at the design table, financial products and services become more accessible, intuitive, and equitable- not just for women, but for everyone. From urban planning to healthcare, we’ve seen that including women in decision-making results in better, more sustainable outcomes. Finance is no different.

What would a financial system designed by women look like?

It would prioritize empathy over efficiency, security over short-term profits, and acknowledge unpaid care work. It would be designed for the realities of women’s lives. Imagine:

• Savings accounts tailored for irregular incomes of informal workers.
• Credit scoring models that factor in group lending history or non-traditional data.
• Insurance products that cover maternal health and caregiving disruptions.
• Pensions that reward societal contributions, not just years worked.

This isn’t utopia- it’s already happening in pockets of innovation. But to scale it, we need intentional shifts in power and perspective. As regulators, we have the smart power to influence greater female participation in finance across our countries’ financial institutions.

Examples from Nigeria and the Dominican Republic

In Nigeria, 42% of banks are led by women, the result of the Central Bank of Nigeria’s (CBN) National Gender Policy, implemented in 2014, which mandates 40% female representation in management and 30% on boards. Women’s financial inclusion has grown from 38% in 2012 to 70% as of 2023. In November 2024, CBN launched the Women’s Entrepreneurs Finance Code (WE-FI Code), with 92 institutions joining as early signatories. These moves align with Nigeria’s National Financial Inclusion Strategy and Framework for Advancing Women’s Financial Inclusion.

The Dominican Republic has also made notable progress: women represent 57% of the workforce in financial institution and hold 53% of senior management positions. There is, however, a sharp drop at board level, where men occupy 79% of seats – an area where targeted policy initiatives could address this gap. Women’s financial inclusion is growing, with a 21% increase in women’s savings accounts from 2016 to 2023, and increased participation in credit portfolios. Initiatives such as the National Gender Equality and Equity Plan (PLANEG II) and the National Strategy for Financial Inclusion (2022–2030) are reinforcing a cohesive policy framework for gender equity in finance. The country’s participation in the WE-FI Code further underscores its commitment to advancing women’s leadership and inclusion across the financial sector.

Global Perspective: Gender Balance Index 2024

Globally, however, women hold just 15% of executive roles across central banks, sovereign funds, pension funds, and commercial banks- an increase of just 2 percent in five years. But among the best-performing institutions are those with gender policies, transparent data, and strong regulatory mandates. Nigeria and the Dominican Republic’s efforts show what’s possible when gender equity is prioritized.

Building a future designed by women

We don’t just need more women users; we need more women:

• In leadership roles at central banks, regulatory institutions, fintech firms, and financial institutions.
• In innovation hubs where new financial tools are developed.
• In data conversations, ensuring women’s experiences are visible and valued.
• In policy design, ensuring that inclusion is embedded, not added on.

AFI’s commitment to gender-inclusive finance is a powerful foundation for this future. Through peer learning, gender-disaggregated data, and regulatory innovation, the AFI network is already helping to rebalance finance in favour of equity and inclusion.

The bottom line

When women help design financial systems, we don’t just fix gaps- we reimagine what finance can be: not transactional, but transformational; not extractive, but empowering; not one-size-fits-all, but rooted in real lives.

“In the future, there will be no female leaders. There will just be leaders.”
– Sheryl Sandberg, Lean In

Because when women lead, everyone gains.

Bondi and Claudia are part of the 2024/2025 cohort of AFI Engage, a one-year leadership and mentorship program for aspiring policymakers in the AFI network.