Credit to women grows 255%

She revealed that during the last decade, there has been significant progress in access to credit and in the participation of Dominican women in savings, although there are still structural barriers that limit financial inclusion and their development as productive entities in the nation.

The ABA explained that this increase was faster compared to the total portfolio of men (12.3%) and that women’s participation in bank credit improved, going from 35.1% in 2014 to 37.7% in 2024. In terms of savings, an ABA analysis showed that accounts belonging to women went from 2.2 million in 2014 to 3.5 million in 2024, which represented 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%). Therefore, between 2014 and 2024, women’s participation in the possession of savings accounts increased from 47.5% to 49.7%, according to the Superintendency of Banks.

“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 still persist around equity in terms of financial inclusion and reflects the need to address the structural and cultural limitations that can still hinder women’s access to formal financing,” considered the ABA.

She argued that the banking sector is key in promoting financial inclusion and women’s economic empowerment.