Growth in women’s savings accounts across banks from 2017 to 2023

The Association of Multiple Banks of the Dominican Republic (ABA) has underscored the gradual progress of women in financial inclusion over the past seven years, manifested in increased ownership of savings and financing accounts. Despite this positive trend, the ABA emphasizes the imperative to address persistent structural and cultural barriers hindering further advancement.

During the stated period, the number of savings accounts held by women in multiple banks grew 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 expanded credit access and greater involvement in credit-related activities.

However, the ABA acknowledges that the relatively low participation of women in credit and savings account ownership highlights ongoing challenges in achieving equity in financial inclusion. To address these challenges, the ABA asserts the crucial role of the banking sector in promoting financial inclusion and economic empowerment for women in the Dominican Republic.

The ABA cites specific initiatives, such as credit programs for entrepreneurs and financial services tailored to women’s needs, as evidence of the banking sector’s commitment to closing the gender gap in financial services access.

Regarding employment and educational levels, the ABA links financial inclusion to these factors, citing data from the Central Bank’s Continuous National Labor Survey. While women constitute 43% of the economically active population in 2023, compared to 57% of men, they face higher unemployment rates. However, positive signs include an increasing proportion of women in the formal sector and higher education levels.

The ABA emphasizes the ongoing importance of collective efforts by public and private actors to promote gender equality, a commitment endorsed by Dominican commercial banks.