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Women entrepreneurs in the small and medium enterprises (SME) sector need greater policy support to ensure equitable access to finance and facilitate their business development, asserts Nadia Mizan, country chief risk officer at Standard Chartered Bank.

In an interview with ¶¶Òõ¾«Æ· Business magazine, in the capital ahead of the International Women’s Day celebration, Nadia expressed her concern regarding the inadequacy of current policy measures, particularly for women entrepreneurs in the SME sector.

‘I believe the existing policy support falls short of being fully beneficial, particularly for women entrepreneurs within the SME sector,’ she said.

Nadia stressed the significance of access to finance for the growth of women entrepreneurs’ businesses, underscoring its positive impact on the country’s economy.

The senior banker suggested that providing training and workshops could uplift women entrepreneurs’ businesses in the SME sector.

While acknowledging some progress in supporting women in the workforce over time, Nadia highlighted the substantial room for improvement.

She emphasised the necessity of increased support for women in the workforce, including within the banking sector, which currently exhibits male dominance.

Nadia advocated for greater representation of women in leadership roles within the banking sector, noting that true support for women in the workforce can only be achieved when families prioritise equal education and career opportunities for daughters alongside sons.

She emphasised the importance of diversity and inclusion within organisations and noted that a diverse workforce and an inclusive culture contribute to a better working environment and ultimately enhance performance, including within banks.

Nadia acknowledged the distinct challenges women encounter in their careers, often necessitating them to prove themselves more than their male counterparts.

‘A prevalent obstacle is the presence of conscious or unconscious bias, which can curtail opportunities for women in certain roles,’ she said.

She further highlighted the critical importance of family support, noting that many women exit the industry mid-career due to a lack of such support.

Reflecting on her journey, Nadia remarked on the additional hurdles women often face, such as assumptions about their commitment and capabilities.

‘I think there are barriers for every individual in their career, though not as much as for women. I started in this bank immediately after my graduation. There was early apprehension regarding when I planned to get married or if I would be able to manage difficult tasks,’ she shared. ‘I concentrated on doing my job very well, which allayed those concerns.’

Regarding opportunities for women in the banking sector, Nadia expressed a belief in equal access, though she observed a tendency for women to be less inclined to pursue careers in banking due to confidence issues. ‘Sometimes, we as women lack the self-assurance needed,’ she admitted.

Nadia commended existing supportive policies, such as free education for girls up to a certain level and regulations catering to women’s family needs.

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She stressed the importance of addressing both conscious and unconscious biases collectively to effect meaningful change.

Furthermore, she expressed optimism about recent regulatory changes and their positive impact on the banking industry once implemented.

Standard Chartered Bank, with a longstanding presence in Bangladesh spanning over a century, has implemented initiatives to nurture female leaders through year-long coaching and mentoring programmes.

Nadia Mizan, who opted for a career in banking, reflected on her entry into the industry 23 years ago when female representation was notably sparse.

She underscored the bank’s steadfast dedication to cultivating a safe and inclusive workplace environment.

However, Standard Chartered has since fostered a safe and inclusive working environment.

Nadia emphasised the bank’s commitment to providing female colleagues with opportunities for growth and development.

Ultimately, it will depend on individuals to leverage these platforms and propel their careers forward, remarked Nadia Mizan, who also served in Standard Chartered Bank abroad.

‘Opportunities abound in both the banking industry and other sectors, and I consider both to be equally promising,’ she said adding, ‘It’s crucial to prioritise individual interests and aspirations when selecting a career path’.

The banking industry serves as a vital pillar of any economy, catering to clients’ financial needs and thereby fostering economic growth.

‘This fundamental role deeply inspired my decision to work in this sector. I believe it’s essential for every professional to contemplate how they can contribute to personal growth while also becoming drivers of their country’s economic progress,’ she said.

‘I’ve observed a concerning lack of awareness surrounding the career trajectories of women leaders in banking, which may deter young women from pursuing careers in this field,’ she said.

‘Drawing from my own experience, I emphasise the significance of finding inspiration and setting ambitious career aspirations, often fuelled by the mentorship of esteemed leaders and supportive colleagues,’ she said.

‘Regarding Standard Chartered, we place utmost importance on regulatory compliance, maintaining a strong risk culture, and implementing robust internal governance structures,’ she said.

‘Consequently, the changes required are typically not extensive, as we continuously strive to enhance these frameworks for improved performance’.

Last year, Standard Chartered introduced parental leave for both parents, including our male colleagues, recognising that parenting is a shared responsibility.

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‘We believe this initiative will enhance the colleague experience and contribute significantly to fostering equal responsibility and active involvement of all parents in nurturing future generations,’ she said.

As more banks adopt similar measures, they will effectively support women in the workplace, she said.

Talking about the banking sector, she said that one key challenge now is non-performing loans (NPL).

There are number of regulations that are planned to address this issue.

Standard Chartered is prepared to embrace these changes from regulators and Standard Chartered has also embedded Enterprise Risk Management Framework.

‘Risk management is at the heart of banking, it is what we do,’ she said adding, ‘Doing it effectively is how we drive commerce and prosperity for our clients and our communities, and it is how we grow sustainably and profitably as an organisation’.

‘Risk culture encompasses our general awareness, attitudes, and behaviours toward risk, as well as how risk is managed enterprise wide’.

Nadia expressed hope for seeing more women in management roles, including CEO/Managing Director positions, in banks over the next decade.

She emphasised the importance of diversity and inclusion in creating a better working environment and driving better performance for organisations, including banks.