Businesses Challenged to Lead Gender Equality Efforts at the Nairobi Bell-Ringing Ceremony

Nairobi, 10 March 2026: As the world marked International Women’s Day, Kenya’s private sector leaders, policymakers and development partners joined a global call to accelerate gender equality to advance women’s rights, justice and economic empowerment at the 2026 Ring the Bell for Gender Equality Ceremony in Nairobi. The event, held under the global International Women’s Day theme “Rights. Justice. Action. For All Women and Girls,” highlighted the critical role businesses and capital markets play in dismantling barriers that continue to limit women’s full participation in economic life.

The event, jointly organized by UN Women, the Nairobi Securities Exchange (NSE), the International Finance Corporation (IFC) and the Global Compact Network Kenya, forms part of a global initiative where stock exchanges worldwide ring the bell to promote gender equality. The gathering featured high-level remarks, the symbolic bell ringing, an executive panel discussion and the signing of the Women’s Empowerment Principles (WEPs), a global framework guiding businesses to advance gender equality in the workplace, marketplace and community.

UN Women Kenya Country Representative Ms. Antonia N’Gabala-Sodonon said the ceremony comes at a critical moment when progress on gender equality remains fragile despite growing global awareness.

“Ring the Bell for Gender Equality highlights the critical role the private sector and capital markets can play in advancing gender equality and achieving the Sustainable Development Goals,” she said. “The theme Rights, Justice, Action reminds us that progress toward gender equality requires more than commitment, it requires structural change.”

She noted that despite existing legal frameworks and corporate commitments, many women continue to face barriers to economic participation. “Globally, women enjoy only 54 per cent of the legal rights that men have, and at the current pace it will take 286 years to achieve full legal equality. This underscores a simple truth: governments cannot close the gender gap alone. The private sector has a decisive role to play,” she said.

Ms. Antonia emphasized that companies could accelerate progress by adopting inclusive hiring and promotion practices, expanding access to finance for women entrepreneurs and opening supply chains through gender-responsive procurement. “Inclusive economies are stronger economies, and inclusive businesses are more successful businesses,” she added.

Ms. Rita Kavashe, Chair of the Board and Managing Director of Isuzu East Africa, echoed the call for greater corporate action, noting that gender equality is both a moral imperative and a matter of economic efficiency.

“Gender equality is not just a moral imperative or an abstract aspiration. It is about economic structure, capital flows and governance standards,” she said. “Research shows that empowering women is not only the right thing to do, but also smart economics.”

Ms. Kavashe pointed out that women remain underrepresented in leadership across global capital markets, with only about 22 per cent of board seats in top companies held by women. While Kenya has made progress, she said more needs to be done to expand access to finance, procurement opportunities and leadership roles for women entrepreneurs.

“When women cannot access capital at the same rate as men, it is not simply a market inefficiency it is a justice issue,” she said. “Corporate leaders must embed inclusion in their business strategies, not treat it as corporate social responsibility.”

Drawing from her experience leading Isuzu East Africa, Kavashe said inclusive leadership practices have helped drive business growth and organizational transformation. “When I became CEO in 2011, our market share was 23 per cent. Ten years later, it had grown to 50 per cent,” she said. “This shows that when women lead and inclusive practices are adopted, businesses thrive.”

She also challenged women leaders to play an active role in supporting other women. “What are we doing to lift another woman? What are we doing to support women at the grassroots? The responsibility to drive change lies with all of us,” she said.

From the capital markets perspective, Ms. Lucy Kamar-Chepkurui, Head of Talent at the Nairobi Securities Exchange, said the ceremony represents a turning point where advocacy must shift toward accountability and measurable progress.

“We gather today not merely to observe a global tradition, but as architects of Kenya’s sustainable transformation,” she said. “We are no longer in an era where awareness is enough. It is about accountability.”

Ms. Kamar-Chepkurui highlighted the continued disparities within corporate leadership, noting that women hold about 36 per cent of board seats in NSE-listed companies but only 12.7 per cent of CEO positions.

“When we marginalize women, we leave billions of shillings in potential growth on the table,” she said. “We are not just ringing the bell for social justice; we are ringing it for the health and sustainability of our markets.”

She called for stronger legal protections, inclusive corporate cultures and improved economic participation for women across value chains. “True equity means ensuring women have the right to participate in decision-making, access finance and secure decent work,” she said.

Ms. Mary Porter Peschka, Regional Director for Eastern Africa at the International Finance Corporation, stressed that creating jobs and expanding economic opportunities for women is essential to building resilient economies.

“Jobs are not just about income. They are about independence, dignity and choice,” she said. “The right job at the right moment can change the direction of a life.”

Ms. Peschka warned that the challenge of job creation remains immense, with more than one billion young people expected to enter the labor market in developing countries over the next decade, while only about 400 million jobs are projected to be created.

“For women, the challenge is even greater,” she said. “Women are more educated and capable than ever before, yet opportunities still fall short because systems are not designed to support them.”

She emphasized that businesses play a central role in determining who gets hired, promoted and financed. “Equality becomes real not in theory but in practice, inside firms, factories and boardrooms,” she said.

Representing the Global Compact Network Kenya, Ms. Judy Njino, Executive Director, called on companies to move beyond pledges and implement measurable actions to close gender gaps.

“Gender equality is not just a rights issue, it makes economic sense,” she said. “Closing gender gaps could boost Gross Domestic Product (GDP) growth by up to two per cent annually.”

Ms. Njino highlighted persistent disparities, noting that women in Kenya earn significantly less than men and remain underrepresented in political and economic leadership. She urged companies to adopt the Women’s Empowerment Principles and integrate gender equality into their governance and operational practices.

“To businesses in this room: you are the engine of Kenya’s economy, and you hold the levers of change,” she said. “Gender equality should not be treated as a fringe issue. It is the bedrock of corporate governance, innovation and long-term value creation.”

The ceremony also saw additional companies sign on to the Women’s Empowerment Principles, joining a growing network of organizations committed to advancing gender equality across workplaces and supply chains.

As the symbolic bell rang, speakers urged participants to translate commitments into measurable reforms and investments that expand opportunities for women and girls.

Participants were encouraged to strengthen inclusive hiring practices, expand access to finance for women-owned businesses, eliminate workplace discrimination and create safe working  

In her closing remarks Ms. Antonia urged leaders across the public and private sector to carry both the responsibility and the power to turn commitments into measurable progress.

“Let this moment not end with applause but ignite action. Gender equality cannot remain a promise, it must become practice, embedded in our policies, our investments, and our everyday decisions. The time to act is now. Let us champion inclusive workplaces, expand opportunities for women, and hold ourselves accountable to real change. Together, we can build a future where equality is not an aspiration, but a lived reality for every woman and girl.” she said.