Empowering Women in Fintech: The Purple Woman Initiative by PalmPay
By Chinenye Anuforo
In a significant move towards gender inclusion in Nigeria’s financial technology sector, PalmPay has ramped up its efforts through the expansion of its Purple Woman initiative. Now in its third year, this program is dedicated to nurturing and equipping young women with the essential skills and experiences needed to ascend to leadership roles within the rapidly evolving fintech landscape.
A Competitive Internship Program
As part of the Purple Woman initiative, PalmPay has opened its doors to young women across Nigeria, inviting them to apply for a competitive six-month internship program. This initiative is designed to provide practical experience across various departments, including marketing, human resources, administration, product development, sales, and business intelligence. The goal is to immerse these young women in real-world scenarios, preparing them for future leadership positions.
During the latest selection process, ten outstanding candidates emerged, securing internship placements within the organization. These women are now part of a growing network of female professionals who have benefited from the program, showcasing the initiative’s success in fostering talent.
Bridging the Gender Gap
Chika Nwosu, the Chief Executive Officer of PalmPay, emphasized the importance of the Purple Woman initiative, stating that it was launched in response to the noticeable gender gap within the fintech industry. “We noticed that there are not so many women in fintech, and we intend to bridge that gap. Our goal is to see more women in leadership positions in this sector,” she explained.
Nwosu further articulated the broader impact of empowering women, asserting that it is crucial for building stronger economies and communities. “Money in the hand of a man feeds a family, but money in the hand of a woman feeds a generation. By empowering women, we can create a stronger, more prosperous society,” she added.
Long-Term Vision for Women’s Success
PalmPay’s long-term vision extends beyond the internship program. Nwosu expressed a commitment to contributing to an ecosystem that enables Nigerian women to thrive across various sectors. “These young women are the future of this country, and we are committed to helping them reach their full potential,” she stated, highlighting the company’s dedication to fostering female leadership.
Rigorous Selection Process
The selection process for the Purple Woman initiative is both rigorous and merit-based, as explained by Anthony Iweala, Head of Human Resources at PalmPay. “From Purple Woman 1.0 to 3.0, we believe in equity, equality, and following the right process. Candidates go through classes, complete tests, and are ranked, after which only the top 10 are selected,” he noted.
Once selected, the candidates are assigned to various departments and paired with mentors who guide them through six months of practical training. Iweala emphasized that the aim is not just to train these women but to employ them. “For instance, all the 10 women trained under Purple Woman 2.0 were offered full-time roles at PalmPay, and they are still thriving with us today,” he shared.
Building Confidence and Overcoming Bias
Guest speakers at the Purple Woman 3.0 Masterclass underscored the importance of building confidence among women and seizing opportunities within the technology sector. Dr. Nneka Okekearu, Director of the Enterprise Development Centre at Pan-Atlantic University, highlighted the detrimental impact of unconscious bias on women’s career growth. “Many women are held back by unconscious biases instilled from a young age. Our session focused on building confidence and understanding self-worth so these women can thrive and lead,” she explained.
Kemi Okusanya, CEO of Hydrogen Payment Services Company Limited, also encouraged women to pursue leadership roles in technology and innovation. “There is nothing stopping us from becoming global leaders. The world needs our perspectives. We can’t keep having men develop products for women. Women need to take charge and innovate from their own experiences,” she asserted.
Commitment to Gender Equality
The Purple Woman 3.0 initiative stands as a testament to PalmPay’s unwavering commitment to promoting gender equality and creating opportunities that empower women. By investing in the next generation of female leaders, PalmPay is not only contributing to the fintech sector but also playing a vital role in broader social and economic development in Nigeria.
