SANTO DOMINGO. – The Dominican Republic's Multiple Banking Association (ABA) revealed that during the last decade there has been significant progress in access to credit and in savings participation among Dominican women, although there are still structural barriers that limit financial inclusion and their development as productive agents in the nation.
In a report, the ABA (Argentine Banking Association) stated that credit to women increased from RD$99.341 billion in 2014 to RD$352.508 billion in 2024, representing a cumulative growth of 255% and an average annual growth rate of 13.6%. The report explained that this increase was faster compared to the total loan portfolio for men (12.3%) and that, consequently, women's share of bank credit improved, rising from 35.1% in 2014 to 37.7% in 2024.
Regarding savings, an analysis by the ABA's Economics Department revealed that accounts belonging to women increased from 2.2 million in 2014 to 3.5 million in 2024, representing a cumulative growth of 55% and an average annual increase of 4.6%, a higher percentage compared to that of men's accounts (3.7%). Consequently, between 2014 and 2024, women's share of savings accounts increased from 47.5% to 49.7%, according to data from the Superintendency of Banks, which was referenced in the document.
Accounts belonging to women increased from 2.2 million in 2014 to 3.5 million in 2024. (EXTERNAL SOURCE)
"Despite all of the above, women's participation is still a minority, both in terms of credit and in the ownership of savings accounts, which shows that challenges regarding equity in financial inclusion persist and reflects the need to address the structural and cultural limitations that can still hinder women's access to formal financing," the ABA considered.
The ABA maintained that, 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. It explained that, through credit and other financial services, banks can significantly contribute to women's economic well-being and, through them, positively impact their families and communities.
She highlighted that the Women Entrepreneurs Finance Code (WE Finance Code) initiative, developed by the ABA with the support of IDB Invest, represents a milestone in the commitment of multiple banks to gender equality and the economic empowerment of women in the business field.
In this regard, he reported that Dominican banks have been actively working since 2023 on the implementation of the WE Finance Code, achieving significant progress in the collection and disaggregation of credit data to micro, small, and medium-sized enterprises (MSMEs) by gender, which sets the course of action for financial entities to create strategies and adjust their internal processes to offer solutions tailored to this population segment.
"On the occasion of International Women's Day, we renew our collective commitment to building a more inclusive, equitable, and sustainable future for all people, regardless of gender, and express our intention to continue working, in coordination with authorities, international organizations, and civil society, to promote and improve the quality of life of women through greater access to the formal financial system," the banking association stated.
