SANTO DOMINGO.-The Dominican Republic's Multiple Banking Association (ABA) highlighted that women have made gradual progress in financial inclusion over the past seven years, reflected in the increased ownership of savings accounts and financing, although it stressed the need to address structural and cultural barriers that slow this progress.
The ABA highlighted that, during the period, the number of savings accounts belonging to women in multiple banks increased. It indicated that these accounts rose from 2.6 million in 2016 to 3.2 million in 2023, representing a cumulative growth of 21%. It pointed out that, consequently, the share of women who hold savings accounts increased to 48.9% during the same period.
The banking association detailed that women's participation in the portfolio destined for individuals increased from 35.9% in 2017 to 37.5% in 2023. "These figures reflect a gradual advance in the financial inclusion of women, indicating expanded access to credit and greater involvement in credit-related activities," it stated.
The ABA reasoned that, despite the advances outlined above, the still minority participation of women, both in terms of credit and savings account ownership, reveals that challenges regarding equity in financial inclusion persist, indicating the need to address the issues that may still be limiting access to financing for this population segment.
"In this context, the banking sector emerges as a key player in promoting financial inclusion and the economic empowerment of women in the Dominican Republic," the ABA stated.
She argued that, through initiatives specifically aimed at this goal, such as credit programs for female entrepreneurs, like the We Fi Code with the support of IDB Invest, and financial services designed to meet the needs of female clients, multiple banks are striving to help close the gender gap in access to financial services.
Women in the workplace
The Banking Association argued that the employment situation and educational levels are closely linked to financial inclusion, as evidenced by data from the Central Bank's Continuous National Labor Survey.
She reported that, according to this study, 43% of the economically active population in 2023 were women, compared to 57% for men, even though they represent more than half of the national population. Furthermore, the unemployment rate, both open and expanded, is higher among women, revealing that they face difficulties entering the labor market.
However, the ABA indicated that in recent years there have been encouraging signs reflecting women's progress in the workplace. For example, of all employed women, 52.7% work in the formal sector, compared to only 41.9% of men.
Furthermore, the association that brings together multiple banks noted that there has been an increase in the proportion of women with higher education, representing 59.9% of those employed with some profession in 2023.
He argued that this information reflects the importance of different public and private actors in the country continuing their efforts to promote gender equality, a commitment to which the Dominican multiple banking sector has subscribed.
