Women-led micro, small, and medium-sized enterprises (MSMEs) contribute 38 percent of the Dominican Republic’s GDP, yet receive only 19 percent of formal loans. To close this gap, the country’s Superintendency of Banks (SBDR) has made gender equality a core part of its financial inclusion mandate.

“Reducing the inequalities between male and female access to finance will help us construct a fairer, more resilient, and more sustainable financial system,” says SBRD’s Deputy Manager of Regulation, Yulianna Ramón.

SBDR has simplified processes such as electronic Know Your Customer (e-KYC), collects data on women’s financial needs, and encourages financial services providers to extend basic savings accounts to women-led MSMEs. Since the initiative began, more than 500,000 savings accounts have been opened for women business owners.

“Supporting women in business means supporting families,” says Alicia Freites, Vice President of Strategy and Innovation at Banco Ademi. “And that means helping the community, helping society, and creating change across the country.”

Banks are also providing digital financial training for women entrepreneurs, helping them to build their financial literacy and navigate products such as insurance, digital payments, and credit.

“It is a platform where women not only learn, but socialize, build a community, and develop better business management skills, explains Banco Adopem CEO, Mercedes Canalda, who says that empowering women MSME owners benefits the entire society.

“Being able to create these opportunities [for women MSME owners] has an impact on education, health, nutrition, housing, and family. It generates wealth and creates an important economic dynamic for stability and social growth.”