The Association of Multiple Banks of the Dominican Republic (ABA) has highlighted the gradual progress of women in financial inclusion over the last seven years. This progress is seen in greater ownership of savings and financing accounts. The ABA emphasizes the imperative of addressing persistent structural and cultural barriers that hinder further advancement.
The number of savings accounts held by women in multiple banks increased from 2.6 million in 2016 to 3.2 million in 2023, reflecting a cumulative growth of 21%. Consequently, the participation of women with savings accounts increased to 48.9% during this period.
In the individual portfolio sector, the ABA noted an increase in women’s participation from 35.9% in 2017 to 37.5% in 2023. This progress suggests greater access to credit and greater participation in activities related to credit.
The ABA recognizes that women’s relatively low participation in credit and savings account ownership highlights current challenges to achieving equity in financial inclusion. To address these challenges, the ABA affirms the crucial role of the banking sector in promoting the financial inclusion and economic empowerment of women in the Dominican Republic.
The ABA cites specific initiatives, such as credit programs for entrepreneurs and financial services tailored to the needs of women, as evidence of the banking sector’s commitment to closing the gender gap in access to financial services.
Regarding employment and educational levels, the ABA links financial inclusion to these factors, citing data from the Central Bank’s Continuous National Labor Survey. Women make up 43% of the economically active population in 2023, compared to 57% of men, facing higher unemployment rates. Positive signs include an increasing proportion of women in the formal sector and at higher levels of education.
The ABA emphasizes the constant importance of the collective efforts of public and private actors to promote gender equality, a commitment endorsed by Dominican commercial banking.