One of the biggest reasons women tend not to embrace a career in the financial technology (fintech) industry is that they don’t have enough relatable role models to develop an interest in that field of work. At least that’s the belief of many analysts and it’s actually backed up by graduate research at Cambridge University’s Judge Business School.
The (few) women currently in leadership positions in the industry are calling for more mentoring, more education, and more promotion to effectively advertise the industry to young women in the hopes of encouraging them to enter the sector en masse to address the gap.
With this in mind, today we’re speaking with two young women actively addressing the fintech gender gap in South Africa. Both in the employ of digital personal loan provider Wonga Online, the thoughts shared from both Tina and Sulungeka below hold precious insight into what attracted them to fintech in the first place.
They also share and reveal their biggest challenges and rewards from pursuing a career in one of the fastest-growing global industries.
First on our list is Sulungeka Faltein, software engineering lead at Wonga. Here she deals with engineering, coding, and design, leading a team of three engineers.
It was the innovative technologies appearing in the financial and banking sectors while she was job hunting that whetted Faltein’s appetite to get involved.
Fintech provides the latest in innovation
“FinTech really excited me as at the time…it offered me an opportunity to have access to the latest and greatest technology.”
“One of the most exciting parts of my job is the design of new features to enhance our customers’ experience. We also maintain the systems to ensure that they are always available to customers and are working smoothly.”
A Communication and Information Systems major from the University of the Western Cape, she went on to complete a post graduate in software development. She then interned as a programmer in software development at a retail group.
Proving herself in a ‘man’s world’
Faltein admitted there was definitely a bit of a ‘this is a man’s world’ feel about the industry when she first broke into it. But, with her skills, knowledge, and enthusiasm, she proved she was equal – if not better – than any male. It’s why she was appointed team leader at Wonga.
“Perhaps I’m just fortunate that I’m working where I am,” she said. “Everyone here is willing to offer support and provide training and skills development. From the onset, I was pulled into discussions around planning and was always asked for my opinion. That mattered a lot.”
There is far more representation in the tech industry by women than when I first started working in this space, and it is encouraging that women are being assigned to leadership and principal roles.”
Women need to ‘know FinTech’ to stay up-to-date
Another young woman who has advanced into a senior role at Wonga is Digital Marketing Manager, Tinashe Manyanya. She is set on seeing more women in the traditionally male-dominated industries of Finance and Banking. Certainly, it’s necessary to ensure their role in society as a whole, she insists.
“In today’s fast-paced and ever-changing world, the convergence of digital marketing and technology plays a vital role in driving technological advancements and shaping our AI-driven society,” she said.
Manyanya advocates self-learning via platforms such as Udemy, Coursera, and Google Skills. This gives females an opportunity to ‘taste’ the subject and see if it’s for them. They can then do face-to-face learning via the likes of UCT.
Both Faltein and Manyanya hope they are of the generation that the idea of a ‘glass ceiling’ is becoming related to history. Certainly, that’s their experience and that of many young women entering the digital and technical space. But, the statistics suggest the change is coming very slowly.
A 2023 Deloitte report, for instance, showed that of the big FinTech 50 companies, less than one-third of employees are female – and only 17 percent are in management positions.
Anjulie Patel, VP of Partnerships at Nucleus365, maintains it’s crucial that women enter the fields of finance, fintech, and payments. “Our sector needs to significantly ramp up the volume and quality of accessible initiatives for women.” She said.