Amnah Ajmal on leadership, technology, and driving change beyond finance

The EEMEA (Eastern Europe, Middle East, and Africa) Executive at Mastercard shared her career journey of over two decades, breaking barriers and redefining leadership. Amnah Ajmal is proud of her career spanning over two decades, during which she has had the privilege of working with the world's leading banks and financial brands. Her first decade was spent in banking, while the second focused on payments and technology, demonstrating her adaptability and forward-thinking approach.

Currently, she serves as the Executive Vice President of Market Development for Eastern Europe, the Middle East, and Africa (EEMEA) at Mastercard. This achievement is attributed to her continuous efforts in driving digital and cultural transformation, reaching multiple markets, including Europe, the Middle East, Asia, and North America through innovative consumer experiences. She experienced her first career breakthrough in her 20s when she was entrusted with a significant leadership position at Citigroup in Europe, highlighting her early potential and ambition.

"This position was usually held by managers in their 40s. I was working in Poland at the time, didn't speak the local language, and looked different from most people. Instead of forcing myself to fit into a mold designed by others, I decided to stay true to myself, embrace this difference, and let it work for me," she said in an exclusive interview with Economy Middle East. These pivotal moments shaped her leadership style, fostering authenticity and resilience. Beyond professional milestones, her experiences as a mother have also influenced her role as a leader, contributing to her well-rounded perspective.

"Being a mother has made me a better person and a better leader. It has given me new perspectives and inspired me to appreciate the importance of curiosity. I think there are many similarities between parenting and leadership," Ajmal shared. "While I have learned a lot from a business perspective, what I remember most is the impact on people. In the fifteenth year of my career, I realized that if I could design a life for myself and achieve my goals despite all the difficulties, then I was in a special leadership position to help others do the same. I am delighted to play a small role in helping the world become more equitable, allowing women to thrive without any prejudice or judgment," she added. In her current role at Mastercard, Ajmal is responsible for managing more than 30 sub-markets in 80 countries in the EEMEA region, demonstrating her extensive reach and influence.

She stated, "I believe leadership is a privilege, and I strive to create a stress-free and fun work environment where everyone can speak their minds and fully utilize their talents. Over the years, I have recognized the power of open communication, mutual respect, sincerity, humility, empathy, and compassion. I also understand the importance of showing vulnerability – I now know that this does not make me lose leadership. In addition, I think a sense of humor is greatly underestimated in leadership. For me, humor plays a key role in creating a friendly workplace," fostering a positive and collaborative atmosphere.

For Ajmal, there are three main drivers that are likely to redefine leadership in the near future: first, the unprecedented speed of technological advancement. Leadership in finance and other industries will be increasingly influenced by technology, especially artificial intelligence (AI). One of the primary roles of leaders will be to ensure that the human element behind technology is not overlooked, requiring a balance between innovation and ethical considerations. "Leaders must pay more attention to the ethical aspects of technology, as well as the biases that exist in our minds, which technology tends to replicate, because AI can amplify anything, including inequality. These biases must be eliminated to produce objective outputs. If used correctly, technology has the power to make our world more inclusive, more equal, and more balanced," she said.

The second driver is the increase of Generation Z in the workforce, as organizations are hiring more "digital natives." Ajmal believes that these professionals are generally more goal-oriented, more impatient, and more driven by instant gratification than older generations. "In this case, the old ways of leadership will not work. We need to learn how to work efficiently with Generation Z and how to make the most of their strengths," she explained. The third driver is gender diversity. According to Mastercard's 2025 Economic Outlook, women's representation in the workforce is growing across the board, which is being referred to as the SHEconomy. This trend is particularly prominent in Saudi Arabia, where women's participation rate has risen from 18% in 2017 to 34.5% in 2023. This significant increase is mainly due to the relaxation of social and other restrictions in the Kingdom of Saudi Arabia in recent years. This clearly demonstrates the positive impact of the ambitious 2030 Vision, which aims to build a prosperous economy where everyone has the opportunity to succeed, promoting inclusivity and empowerment.

"These drivers are pushing us to come up with new ways of leading. Part of that is striking a balance between courage and compassion. Agility, curiosity, speed of execution, and empathy are also becoming increasingly important. We need leaders who challenge the status quo so that the next generation doesn't have to go through the same struggles we did," she said enthusiastically. Ajmal stated that technology is a powerful force for good, but it depends on how we deploy and use it. According to Statista, the proportion of women in C-level positions in the global financial services sector gradually increased from 2012 to 2023, reaching 18.4% by the end of the period. This steady growth is expected to continue, with projections indicating that this figure will reach 21.8% by 2031, signifying progress towards gender equality.

As Ajmal emphasized, every female leader's journey is different. The challenges these leaders face are often a combination of their location, the industry they are in, and the people around them. It is also influenced by the environment they are exposed to, an environment that encourages openness, curiosity, and support, rather than reinforcing biases. "It can be an uphill battle for women who are clinging to old ideas in inflexible, unhelpful workplaces. But through my own personal experience, I have seen the value of confidence, the courage to do brave things, humility, and perseverance, continuing along the path that is sometimes the best, but not the easiest," the Mastercard executive pointed out, emphasizing the importance of resilience and authenticity.

"Over the years, I have recognized the importance of empathy, which plays a crucial role in leadership. I often take on risky challenges and address challenges outside of my comfort zone, because this may be one of the most effective ways to drive positive change and transform perceptions. As a female leader, I am very aware of how I play a leadership role and how what I do affects the next generation of female leaders. And I know that by surrounding myself with people who are smarter than me, I am the one who benefits. I ask questions, I listen a lot – because this process generates learning, knowledge, perspectives, and context. Sometimes, it is also a catalyst for unlearning – making way for progress," she added. As a mother, Ajmal also mentioned that balancing career and motherhood is a challenge; it is much more difficult than she imagined. "But because I see every challenge as an opportunity, I appreciate the positive impact that being a mother has had on my work, my approach, and my leadership. It made me realize the truth behind the phrase 'done is better than perfect.' It has also made me a master of multitasking and a time management expert. In addition, I have learned to prioritize and focus on what is important," she shared, highlighting the valuable skills gained through motherhood.

At Mastercard, fostering an inclusive culture is essential. This is also one of the reasons why Ajmal feels "at home" in the company. "Diversity is not something we feel obligated to pursue – it is very natural to us, it is just how we work," she said. In her team alone, 60% are women. Three-quarters are Millennials and Gen Z. Together, they have representatives from 12 to 15 countries at any given time. They also come from different cultures and backgrounds and focus on different verticals. This provides them with an amazing diversity of experience that they can build on to drive innovation and success, creating a dynamic and collaborative environment.

"We are reaping huge benefits from implementing policies that promote diversity and inclusion, ensuring that all employees have equal opportunities. This includes providing flexible work arrangements, as well as developing mentoring and sponsorship programs specifically to support women. We also make leadership training and development programs available to women at all career stages," she commented. Ajmal herself is a firm believer in inclusion. She acknowledges the need to address unconscious biases, especially those that may hinder women's career advancement. "Providing equal opportunities, recognizing the unique strengths that women bring to the table, and creating a safe space for women to express their ideas and concerns are important parts of my leadership style. I do my best to contribute to creating a supportive environment where women feel valued and empowered," she said. As for cross-cultural collaboration, Mastercard's leadership recognizes that "it is very difficult – and ineffective – to drive innovation alone." For these reasons, they place great emphasis on bringing together different parts of the organization to fully leverage its diverse talent pool, fostering synergy and collective problem-solving.

In addition to building cross-cultural synergy in their daily work, Mastercard also hosts an annual Innovation Week event, which is held in every region where the organization operates. The forum provides people with an ideal platform to discover new ideas, hone valuable skills, build connections across business units, and showcase the power that can be achieved. For a few days each year, they put on their thinking caps, brainstorm, build on ideas, and test them to see if they can work in the real world. They also share expertise and participate in immersive skill-building activities. Mastercard is working with businesses and governments around the world to improve the lives of billions of people. As a global technology company in the payments industry, Mastercard's mission is to lead digital transformation. Through technology, Mastercard enables organizations across industries – including fintech companies, telecommunications companies, retailers and e-tailers, mobile platforms, food delivery companies, and travel aggregators – to get closer to their customers, offer more diverse services, and digitize supply chains. Mastercard, in collaboration with industry partners, provides many of the payment technologies that make today's digitalization possible – from contactless cards to tokenization and cybersecurity, driving innovation and convenience.

In addition, Mastercard continues to leverage new technologies to develop personalized and contextualized new value propositions. The goal is to shape the future of commerce, solve real-world problems for businesses, and make people's lives easier. For example, the company is leveraging artificial intelligence in its cybersecurity solutions and fraud detection efforts. This transformative technology enables them to protect the more than 125 billion transactions they process on their network each year. In fact, their AI-powered solutions have saved $35 billion in fraud losses over the past three years. At the same time, Mastercard's AI-driven insights help customers make better decisions, discover entirely new target customer groups, solve business challenges, optimize processes, and improve efficiency and cost savings, showcasing the tangible benefits of AI adoption.

Amidst all these achievements, Mastercard understands the importance of setting the right guardrails. "While AI can certainly enhance problem-solving capabilities in various fields, in many areas, human ingenuity, creativity, and collaboration can effectively solve challenges without it," Ajmal said. "Technology is a powerful force for good, but it depends on how we deploy and use it. For me, technology is an enabler, and it also helps us connect more on a human level. For example, I have learned to delegate mundane tasks to technology to increase efficiency and spend time building relationships," she added. "I have to admit that I wasn't always like this before. However, the COVID-19 pandemic was a huge wake-up call for me. Previously, I thought that remote work would create barriers between me and my team, and that we could not collaborate efficiently if we were not in the same room. But once I had no choice, working from home made me realize that technology can also eliminate barriers between people. Rapid technological advancements have also inspired me to stay up-to-date through continuous learning so that I remain relevant," she further revealed, highlighting the importance of adaptability and lifelong learning.

When asked which industries outside of financial services might be key growth areas in 2025, Ajmal mentioned technology, especially artificial intelligence, which is a rapidly evolving field. It is becoming more intuitive, interactive, immersive, and embedded in people's daily lives, with significant implications for all industries. Advances in the three areas of artificial intelligence, computing power, and data technology are converging to drive this trend forward, as they amplify each other's impact. Artificial intelligence enhances data analysis and decision-making, while computing power enables faster AI training and reasoning. Spatial computing benefits from AI-driven object recognition, while data becomes more valuable as it is fed into AI algorithms, creating a synergistic effect.

According to Ajmal, e-commerce is also booming, with retail brands increasingly realizing that having a brick-and-mortar store today is simply not enough. Since 2020, daily e-commerce transactions in the Middle East and North Africa (MENA) region have grown by a staggering 80%. "I believe that a more unified regulatory framework in the region will facilitate smoother e-commerce operations and pave the way for further growth in the industry," she said. Tourism is another promising industry, especially in the Middle East, which was the first region to exceed pre-pandemic levels in 2023, with inbound numbers 22% higher than in 2019. Last year, the region's tourism data was even more impressive. In the first quarter of 2024, the number of international tourists increased by 36% compared to the first quarter of 2019. In 2024, the UAE is also one of the top ten most popular tourist destinations in the world, demonstrating the region's appeal and growth potential.

"I am excited to see a trend in this area that sustainability, cultural immersion, and purpose are becoming factors influencing travelers' choices," she commented. As these industries continue to evolve and present new opportunities, industry leaders are at the forefront of shaping a more adaptable, collaborative, and innovative workforce. If anything, today's rapidly changing landscape underscores one constant: the importance of personal growth and building a strong professional foundation. As advice to anyone just starting their career, Ajmal said this: "Surround yourself with people who can lift you up, inspire the best in you, and who you want to talk to when you are in trouble. Having such a support network – whether it is your direct manager, your mentor, your colleagues, or even your friends and family – is truly invaluable," emphasizing the importance of mentorship and supportive relationships.