Financing Programs For Womens Financial Inclusion and Access To Finance For Women MSMEs Results From A Survey of Public Development Banks
Financing Programs For Womens Financial Inclusion and Access To Finance For Women MSMEs Results From A Survey of Public Development Banks
Financing Programs For Womens Financial Inclusion and Access To Finance For Women MSMEs Results From A Survey of Public Development Banks
Gabriela Andrade
Karina Azar
Tabia Kazembe
Cristina Lopez Mayher
Vanina Vincensini
SEPTEMBER 2023
Financing Programs for
Women's Financial Inclusion and
Access to Finance for Women MSMEs
RESULTS FROM ASURVEY OF PUBLIC DEVELOPMENT BANKS
Keywords: public development banks, gender finance, women MSME, financial programs,
financial institutions.
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Contents
List of Acronyms ................................................................................................................................................... 1
Executive Summary .......................................................................................................................................... 2
Acknowledgements ......................................................................................................................................... 4
1 Introduction .............................................................................................................................................................. 5
7 Conclusions ........................................................................................................................................................... 50
8 References ............................................................................................................................................................... 52
Annex ..................................................................................................................................................................................... 55
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Disclaimer
The Inter-American Development Bank (IDB) and UN Women do not guarantee the ac-
curacy, reliability, or completeness of the content included in this work or the conclusions
or judgments described herein. The findings, interpretations, and conclusions expressed
in this publication are those of the authors. They do not necessarily reflect the position of
all the FiCS Coalition, FiCS Gender Coalition members/institutions, or the governments
they represent. The contents of this work are intended for general informational purposes
only and are not intended to constitute legal or investment advice.
About UN Women
UN Women is the United Nations (UN) organization dedicated to gender equality and
the empowerment of women. A global champion for women and girls, UN Women was
established to accelerate progress on meeting their needs worldwide. UN Women sup-
ports UN Member States as they set global standards for achieving gender equality and
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works with governments and civil society to design laws, policies, programs, and services
needed to ensure that the standards are effectively implemented and truly benefit women
and girls worldwide. It works globally to make the vision of the Sustainable Development
Goals a reality for women and girls and stands behind women’s equal participation in
all aspects of life, focusing on four strategic priorities: Women lead, participate in and
benefit equally from governance systems; Women have income security, decent work
and economic autonomy; All women and girls live a life free from all forms of violence;
Women and girls contribute to and have greater influence in building sustainable peace
and resilience, and benefit equally from the prevention of natural disasters and conflicts
and humanitarian action. UN Women coordinates and promotes the UN system’s work
in advancing gender equality.
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List of Acronyms
ACRONYM DEFINITION
ABDE Brazilian Association of Development
ADB Asian Development Bank
AFD Development Agency of France
BANCOLDEX Business Development Bank of Colombia
BANDESAL El Salvador Development Bank
BICE Argentinean Development Bank
BOAD West African Development Bank
BRD Development Bank of Rwanda
CEO chief executive officer
CONAFIPS National Corporation of Popular and Solidarity Finance in Ecuador
COO chief operating officer
CSO civil society organization
DAC Development Assistance Committee
DFI development finance institution
FiCS Finance In Common Summit
FINEP Brazilian Agency for Innovation
FIRA Agricultural Trust Fund Mexico
IDB Inter-American Development Bank
IDFC International Development Finance Club
IFC International Finance Corporation
KPI key performance indicator
LAC Latin America and the Caribbean
MDB multilateral development bank
MSME micro-, small-, and medium-sized enterprise
NDB national development bank
OECD Organization for Economic Co-operation and Development
PDB public development bank
SDGs sustainable development goal
SIDBI Small Industries Development Bank of India
STEM science, technology, engineering, and mathematics
TMG The Montreal Group
UEMOA West African Economic and Monetary Union
UN United Nations
WMSME women micro-, small-, and medium-sized enterprise
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Executive Summary
This report presents the highlights from a survey directed to public development banks
(PDBs) as part of the 2023 agenda of the Finance in Common Summit (FiCS) Coalition
on Gender Equality and Women’s Empowerment in Development Banks (“the Gender
Coalition”), co-chaired by the Inter-American Development Bank (IDB) and UN Women.
The survey identifies current PBD practices and trends, as well as innovations in financing
programs targeting women's financial inclusion and access to finance for women micro-,
small-, and medium-sized enterprises (WMSMEs). Key findings suggest that PDBs are
offering a diversity of programs, product types, and innovative approaches, with varied
institutional capabilities that range from the development stage to well-established systems
that support productive financing, business development, green financing, and financial
education and literacy in women micro, small-, and medium-sized enterprises. The results
were differentiated by type of institution, which were divided in three main categories:
multilateral development banks (MDBs), national development banks (NDBs), and other
PDBs (which includes subnational development banks, bilateral banks, and those that
selected the option “other PDBs”). The main findings can be grouped into the following
10 key points:
1. Over half of PDBs are using multiple WMSME definitions, while 15 percent have yet
to adopt even one.
2. All MBDs in the sample offer WMSME programs, yet there is room for expansion, as
18 percent of other PDBs and 15 percent of NDBs have not developed such programs.
3. Most PDBs provide productive financing (68 percent) and business development
programs (50 percent) for WMSMEs, with an additional focus on green/climate
financing and financial literacy.
5. While various innovative approaches are being pursued to cater to WMSMEs, explicit
targeting of gender biases is the most common, driven mainly by MDBs.
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7. The most significant challenges are the lack of sex-disaggregated data (84 percent),
and limited understanding of WMSMEs’ financial needs (77 percent). WMSMEs’
limited credit histories and collateral further compound these challenges, more so
given the low acceptance of nontraditional collateral by PBDs and limited use of
credit scoring mechanisms.
8. PDBs view the positive societal impact and growing market potential as promising
opportunities to expand programs for WMSMEs. Financial education is also deemed
a key opportunity for improving women’s financial inclusion.
9. The predominant competitive advantages for PBDs serving women and WMSMEs
are more favorable financial conditions and public policy mandates.
10. There are opportunities to enhance PDBs’ monitoring and evaluation practices and
foster knowledge exchange to refine approaches toward WMSMEs and women’s
financial inclusion.
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Acknowledgements
The survey reached a wide range of public development banks (PDBs) thanks to the col-
laboration of the FiCS Gender Coalition. Additionally, the Inter-American Development
Bank (IDB) internal database of PDBs in Latin America and the Caribbean had an active
participation rate. The IDB and UN Women are grateful for the support and input of the
Association of African Development Finance Institutions (AADFI), Brazilian Association
of Development (ABDE), Latin American Association of Development Financing Institu-
tions (ALIDE), International Development Finance Club (IDFC), Montreal Group (TMG),
and Multilateral Development Banks’ Gender Working Group, as well as the 54 PDBs that
participated in the survey.
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1 Introduction
The financial sector is not gender neutral, as men and women have differing needs, pref-
erences, access to opportunities, and financial performance. Addressing these differences
adequately is crucial to tackle persistent gender gaps in access to financial services. For
instance, according to the World Bank (2021), 27.7 percent of women over 15 years old
borrowed money from a formal financial institution compared to 30.6 percent of men.
Furthermore, according to SME Finance Forum (undated), women-owned businesses
comprise 23 percent of micro-, small-, and medium-sized enterprises (MSMEs) and face
a formal financing gap of US$1.5 trillion. As such, it is essential to design programs and
interventions tailored to women MSMEs (WMSMEs) and women as individuals.
Public development banks (PBDs) play a critical role in promoting and implementing pro-
ductive finance as well as financial inclusion programs and initiatives. Moreover, they act
as catalysts for change, fostering a more inclusive financial sector in line with their man-
date to pursue broader development and public policy objectives. This context sets the
importance of understanding how PDBs are serving women and WMSMEs and analyzing
the characteristics of programs and products offered to these segments that have been
traditionally unserved or underserved.
As part of the 2023 work agenda of the Finance in Common Summit (FiCS) Coalition
on Gender Equality and Women’s Empowerment in Development Banks (“the Gender
Coalition”),1 in 2023 the Inter-American Development Bank (IDB) and the United Nations
Entity for Gender Equality and the Empowerment of Women (UN Women) implemented
a survey of PDBs to map existing programs and identify current practices, innovations,
challenges, and opportunities in this agenda.2 The present analysis of the results of the
survey, which was completed by 54 PDBs, can help strengthen the institutional capacity
and knowledge of PDBs and other stakeholders to develop strategic work agendas and
programs to increase access to finance for WMSMEs.3
1. FiCS is the global network of all PDBs, which aims to align financial flows on the 2030 Agenda and Paris Agreement for Climate
Change. The Gender Coalition is a collaborative effort between PDBs and partners to increase their commitments to gender
equality and women’s empowerment, by addressing gender gaps through development finance, by improving the social and
economic prospects and livelihoods of women, and by promoting funding and financing for gender equality programs. This
Coalition, co-led by UN Women, within FICS, is committed to active collaboration to promote peer learning and share best
practices and lessons learned for both targeted gender programming, and gender-lens investing.
2. T
he survey did not capture Information regarding internal policies, broader initiatives for gender equality, or general gender
mainstreaming considerations.
3. T
he report does not intend to evaluate or rank the practices, or lack thereof, of any of the institutions that completed the
survey, or of those that did not.
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Public development banks: Following the AFD’s definition (AFD, 2020), this report uses
the term public development banks to refer to all the financial institutions with a mandate
to finance a public policy on behalf of the State, whether it is a supranational, national, or
sub-national level. These mandates vary considerably, but they all contribute to achieving
sustainable development goals (SDGs).
Other PDBs: For the purposes of this report and based on the survey sample, this category
covers survey respondents that are either subnational development banks, development
agencies, or those that selected the option “other PDBs.”
Financial inclusion with a gender perspective: How initiatives are designed and imple-
mented to reduce barriers faced by women in accessing financial products and services,
achieve financial autonomy, and deal with crises affecting their lives and businesses (UN
Women, 2021). It also refers to programs and products to boost access and use of financial
products and services by WMSMEs.
Women micro, small, and medium enterprises (WMSMEs): Enterprises owned or led
by women. According to the International Finance Corporation (IFC) definition (IFC, un-
dated) which is widely used in this sector, an enterprise qualifies as woman-owned or
led if it meets the following criteria: (A) ≥ 51 percent owned by woman/women; OR (B) ≥
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20 percent owned by woman/women; AND (i) has ≥ 1 woman in a top decision position
(CEO/COO/President/Vice President); AND (ii) has ≥ 30 percent of the board of directors
composed of women, where a board exists. Other definitions are also accepted for the
purpose of this survey.
Financing programs for WMSMEs: Interventions that aim to increase access to, and us-
age of, formal credit by WMSMEs. These interventions can be direct or indirect, through
financial intermediaries.
Financial products for WMSMEs: Specific financial services or tools created to cater to the
unique needs and preferences of WMSMEs, including, among others, loans, guarantees,
leasing, factoring, and early-stage financing.
Financial products for women: Financial services or tools created to cater to women’s
unique needs and preferences, including, among others, loans, guarantees, insurance,
savings accounts, investment options, and digital financial services.
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MDBs: multilateral
development
banks
NDBs: national
PDBs development
banks
Subnational development
banks, development
Other PDBs
agencies, central banks,
public companies, etc.
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19% 19%
24,1%24,1%
31% 31%
59,3%59,3% 16,7%16,7%
50% 50%
Multilateral
Multilateral
development
development
banks banks Public sector
Public focus
sector focus
National
National
development
development
bank bank PrivatePrivate
sector focus
sector focus
Other PDBs
Other PDBs Public and
Public
private
and private
sector focus
sector focus
As shown in Figure 3, the majority (67 percent) of the respondents’ geographic reach is
the Latin American and Caribbean (LAC) region4, 19 percent focus in Africa, 11 percent in
Central Asia, and less than 10 percent have a global scope.
Oceania 2%
North America 6%
Middle East 6%
Eastern Europe 6%
Europe 7%
Global 9%
Africa 19%
4. T
his large representation of respondents working in the LAC region could be explained by several factors: (i) the 2032 FiCS
Summit in Cartagena is co-hosted by the IDB, Bancoldex, and the Latin American Association of Development Financing
Institutions (ALIDE), promoting a greater response from institutions of this region; (ii) the participation of the IDB as the
co-chair of the Gender Coalition and as the implementer of the survey; (iii) the relatively larger proportion of PDBs from the
region who are Gender Coalition members; and (iv) the fact that global and bilateral development banks / agencies cover
multiple geographies, including LAC
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3 Trends in Financing
Programs for WMSMEs
A comprehensive understanding of PDBs’ involvement with WMSMEs would have benefited
from a standardized definition of WMSME. However, the absence of a consistent definition
among respondents presented an opportunity to explore the definitions being utilized.
y PDBs are using multiple WMSME definitions, with 56 percent using more than one
definition simultaneously.
y While most respondents are working with a WMSME definition, 15 percent still have
not adopted a specific one.
y Regardless of specific definitions, PDBs are following best practices in terms of defining
WMSMEs, by considering parameters that ensure women have decision-making power
within the enterprise.
The survey offered the following options to capture trends in WMSME definitions:
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• National definition
• Institutional/own definition
• No specific definition
• Other definitions: The survey provided the option of specifying other criteria being
used by respondents.
The analysis reveals that, as within the financial sector and the SME segment in general,
while there is a preference for definitions that emphasize majority ownership and/or lead-
ership, there is a lack of uniformity among PDBs in defining WMSMEs. The IFC’s WMSME
definition is the most widely used among respondents, but not the majority, since only
one-third use it (33 percent). Another 40 percent use it, but not exclusively. This could be
due to influences from different local conditions and traditions, disparities in monitoring
systems capabilities, or even variations in legal considerations across countries. Further-
more, the lack of a standardized definition poses challenges for comparing and analyzing
data, both between and within countries.
The analysis reveals a relationship between type of institution (Figures 4a, 4b, and 4c)
and definitions used. For instance, the IFC’s definition (IFC, undated) was chosen by 60
percent of MDBs but only 33 percent of NDBs and 17 percent of other PDBs. Regarding 2X
Challenge Criteria (2x Challenge, undated), 30 percent of MDBs chose both criteria one and
criteria two definitions, combined with other available definitions. However, only 11 percent
of NDBs and 18 percent of the other PDBs chose any of the 2X Challenge options included
in the survey. In fact, results of the analysis show that NDBs and other PDBs do not have
a predominantly used WMSME definition. NDBs do not have a preference or tendency to
use national definitions; only 13 percent selected this option. This could be due to a lack of
national definitions, or when available, they might be in early implementation stages and not
widely adopted. Overall, 17 percent of institutions use alternative definitions, the diversity
of which is presented in Box 1. Additionally, 15 percent of respondents do not work with a
specific definition, and another 9 percent are currently analyzing which definition to use.
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60%
10% 10%
20%
24% 24%
12% 12%
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y PDBs can combine a set of products (financial and non-financial) as part of their WMS-
MEs programs. Surveys show there are different combinations of programs and type
of beneficiaries targeted by PDBs, as well as an increasing interest in creating specific
programs for WMSMEs.
y In terms of key focus areas, PDBs most commonly offer productive financing (68 per-
cent) and business development (50 percent) programs, followed by green and climate
financing (43 percent), and financial education and literacy (43 percent).
y The majority (91 percent) of PDBs include products tailored to WMSMEs as part of their
programs, most commonly, working capital and investment loans.
y There are variations in terms of targeted firm size depending on the nature of PDBs.
Public sector-focused institutions (50 percent) and NDBs (48 percent) only target
small and medium-sized enterprises, a notably higher percentage than the average 28
percent among all respondents.
Focus Areas
The majority of PDBs (68 percent) offer productive financing, followed by business de-
velopment programs (50 percent). At the aggregate level, 43 percent of PDBs also focus
on green and climate financing, and financial education and literacy. Figures 5b and 5c
illustrate the differences that emerge when data is analyzed by type of institution. For in-
stance, approximately 50 percent of MDBs and NDBs offer green and climate financing for
WMSMEs, but only 24 percent of the rest of institutions do so. Similarly, while 60 percent
of MDBs offer financial education and literacy, only 30 percent of NDBs and 24 percent
of other PDBs declared doing so.
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The percentage of PDBs offering early-stage financing (36 percent) or trade finance
(30 percent) is low, yet these types of programs are relevant for WMSMEs. For instance,
WMSMEs that export are more likely to have higher earnings, a larger number of employees,
and higher levels of productivity than those who only operate domestically, evidencing
the case for considering gender factors to trade finance and expanding the role of PDBs
when consistent with their mandates (Bélanger Baur, 2019). In that regard, PDBs with
a private sector mandate show the highest response rate in terms of less prevalent but
key programmatic areas, such as trade finance and early-stage financing (42 percent in
both cases).
Policy advocacy and reform are also considered as part of the programs of 13 percent
of PDBs, a proportion that increases to 30 percent for MDBs. In fact, such programming
focus is very key to unlock some of the structural barriers to financing WMSMEs. For
example, legal and policy obstacles to business ownership and development constrain-
ing women’s entrepreneurship still prevail in many countries across the globe, where
women are restricted from signing a contract or registering a business in their own name
(World Bank, 2023). PDBs can thus strengthen the enabling environment and enhance
market opportunities for WMSMEs as part of their focus areas.
43% 30%
50% FINANCIAL EDUCATION TRADE FINANCE
BUSINESS DEVELOPMENT, 50% AND LITERACY
13% 13%
POLICY NO
ADVOCACY PROGRAMS
36% AND TARGETING
EARLY STAGE FINANCING REFORM WMSMES
68% 43% (SEED/STARTUP/EARLY GROWTH
PRODUCTIVE FINANCING GREEN/CLIMATE INVESTMENTS FUNDING) 5% OTHER (SPECIFY)
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60%
FINANCIAL EDUCATION
AND LITERACY
50% 40%
EARLY STAGE TRADE
FINANCING FINANCE
70%
100% BUSINESS 50% 30%
PRODUCTIVE FINANCING, 100% DEVELOPMENT GREEN/CLIMATE INVESTMENTS POLICY ADVOCACY AND REFORM
33% 26%
FINANCIAL EDUCATION TRADE FINANCE
AND LITERACY
15%
NO
PROGRAMS
56% 52% 52% TARGETING 11%
PRODUCTIVE GREEN/CLIMATE BUSINESS 30% WMSMES OTHER
FINANCING INVESTMENTS DEVELOPMENT EARLY STAGE FINANCING 4% POLICY ADVOCACY
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Target Beneficiaries
Over half of respondents (55 percent) offer programs to all types of WMSMEs and 53 per-
cent offer programs focusing specifically on women entrepreneurs or sole proprietors. More
broadly, the results of the survey show variations in terms of targeted firm size depending
on the nature of the PDB. Public sector-focused institutions (50 percent) and NDBs (48
percent) target only small and medium-sized enterprises, a notably higher percentage
than the average 28 percent among all respondents. Similarly, only 26 percent declared
focusing only on women microenterprises, with the public sector-focused institutions
showing a higher propensity to focus on this segment (Figure 6a).
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West African Development Bank (BOAD) offers inclusive finance operations through
which women’s businesses have obtained financing and credit to boost their busi-
nesses in Togo, Burkina Faso and Niger. In the West African Economic and Monetary
Union (UEMOA) zone, it has offered refinancing lines through commercial banks,
for the creation of WMSMEs. A program in the Niger included incubation financing,
along with coaching programs for women’s start-ups; 50 women’s businesses were
created and equipped as a and 100 women in total were supported.
Several subnational PDBs promoted programs for start-ups and expansion of wom-
en’s businesses in Brazil. Empodera, a credit program created in 2019 by Banco
do Estado do Pará S.A., has already supported the creation and expansion of over
2,600 enterprises in the state of Pará, in the northern Amazon region, with a prod-
uct that enables financing for working capital and investment purposes which suits
the client’s needs.
The Innovative Women Program, the Brazilian Agency for Innovation (FINEP) and
Ministry of Science’ initiative, encourages women led ventures, with the aim of in-
creasing women’s business representation on a national level and overall Brazilian
competitiveness. The program offers training and acceleration for up to 30 selected
startups, as well as a prize of R$120,000 f (approximately US$25,000) for compa-
nies selected by a panel as the best women-led startups in their respective regions.
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Products
Most survey respondents (91 percent) offer specific products for WMSMEs as part of their
programs, with the most common being working capital (74 percent) and investment loans
(72 percent). Guarantees rank third but are offered by only 43 percent of respondents.
Only 35 percent of PDBs report offering trade credits and 30 percent offer early-stage
finance mechanisms, even though these are within the top five products (Figure 7).
74% 72%
43%
% of PDBs
35%
30%
24%
15%
When analyzed by type of institution, differences emerge in terms of the type of prod-
ucts offered over the more traditional working capital and investment loans. For instance,
78 percent of MDBs offer guarantees, versus 48 percent of NDBs and 14 percent of other
PDBs, showing that MDBs play a key role in the promotion and instrumentalization of
guarantees. Over 55 percent of MDBs (compared to 30 percent of NDBs) offer early-stage
financing (e.g., equity, VC, seed capital) as part of their programs. However,
institutions grouped as "other" are more prone (43 percent) to offer trade credits
or finance than MDBs (33 percent) and NDBs (30 percent). Additionally, only NDBs
are offering invoice discounting and supply chain finance.
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Guarantees 78%
Guarantees 48%
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WMSMEs often face higher perceived risks by lenders due to factors such as limited
access to assets to pledge as collateral, and shorter credit history records. Guarantee
schemes provide a risk-sharing mechanism that can facilitate access to finance to
these enterprises. PDBs can have a pivotal role in promoting these schemes, there-
by addressing important barriers that WMSMEs face within the financial system.
Product Characteristics
Lower interest rates and support with non-financial services (such as financial education,
networking, and mentoring) are the two most mentioned product characteristics or fea-
tures offered by PDBs. However, as Figure 9 shows, there are significant differences among
types of institutions. For instance, while 75 percent of NDBs and 62 percent of other PDBs
provide lower interest rates, only 11 percent of MDBs declared doing so. Similarly, while
30 percent of NDBs and 15 percent of other PDBs provide unsecured lending, no MDB
declared doing so. NDBs also stand out in offering flexible repayment terms, gender-
sensitive marketing, or communication campaigns.
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8%
Other 25%
22%
15%
Availability of digital, mobile, or agent banking solutions 15%
33%
31%
Gender-sensitive marketing or communication campaigns 45%
22%
0%
Use of alternative methods for credit scoring 10%
22%
46%
Non-financial services 45%
67%
15%
Guarantees 45%
44%
8%
Acceptance of alternative collateral 25%
11%
15%
Unsecured loans 30%
0%
23%
Flexible repayment terms 50%
33%
62%
Lower interest rate 75%
11%
The literature highlights the importance of providing non-financial services as part of the
value proposition to WMSMEs (Financial Alliance for Women, 2020a). Indeed, 67 percent
of MDBs, and around 45 percent of NDBs and other PDBs, offer these services in conjunc-
tion with financial products. Examples in Box 4 focus on networking opportunities and
business development support, such as mentoring programs, in line with the findings in
the literature. However, 50 percent of PDBs do not currently offer non-financial services,
which points to the opportunity to explore further actions to enhance this type of support,
given its relevance to WMSMEs.
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Many PDBs recognize that WMSMEs require more than just financial products and
the importance of offering complementary non-financial services. By equipping
women entrepreneurs with tools for growth, fostering connections, and enhanc-
ing their visibility, along with other impactful measures, their financial capabilities
have the potential to flourish significantly. As a result, a cascade of opportunities
unfolds, benefitting not just financial institutions but also amplifying the strength
and success of empowered WMSMEs.
After almost a decade, the platform has over 300,000 women registered. As a re-
sult of this program, participation of women in BancoEstado’s portfolio increased
from 38 percent to 44 percent. Chile’s CreceMujer therefore illustrates the variety
of ways in which PDBs can offer non-financial support to WMSMEs.
These examples illustrate the importance of understanding the time constraints and
flexibility needs specific to women. The use of online tools empowers women to
efficiently manage their time and establish networks without the need for mobility
or travel, among other advantages. However, it must be recognized that gaps in
digital technology mean not all women can benefit from online services.
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Institutions that specified product characteristics different to those provided by the sur-
vey, mentioned: (i) financing 100 percent of project investment (versus 80 percent of
a traditional project investment); (ii) the possibility of requesting a smaller amount of
financing, compared to financing traditional projects; (iii) the provision of a longer-term
partial guarantee and grace-period benefits; and (iv) motivating intermediaries to offer
loan conditions specifically designed to overcome barriers faced by WMSMEs to accessing
finance such as, but not limited to, alternative and more suitable collateral requirements,
longer maturities, and regional outreach.
68%
41%
32%
26% 26%
15%
5. T
he question was answered by 45 institutions, of which 11 said not to work through financial intermediaries. Thus, the per-
centage is calculated over 34 responses, and as a multiple-choice question.
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Financing Programs for
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PDBs that work as second-tier institutions use different strategies to enhance finance
to WMSMEs, through intermediary financial institutions. Among the incentives are
reduced interest rates, larger funding amounts, or better loan conditions if specif-
ic targets are met. The National Corporation of Popular and Solidarity Finance in
Ecuador (CONAFIPS) offers an interest rate reduced by 0.5 percent to all interme-
diary financial institutions that meet specific targets, together with an increase in
the lending amount to incentivize the allocation of credit to WMSMEs.
The European Investment Bank (EIB) works with financial intermediaries to strength-
en capabilities to serve women. Through the “African Women Rising Initiative” EIB
provides technical assistance to financial intermediaries, promoting financial ser-
vices better tailored to the needs of women entrepreneurs in Côte d’Ivoire, Ghana,
Rwanda, Senegal, and Uganda. A gender Masterclass was launched online to share
best practices and learnings from AWRI with the wider EIB financial intermediary
client base. Through the “Kulima Access to Finance Project”, a joint initiative under
the Africa Investment Platform launched with the European Commission to improve
access to suitable finance in Malawi, the EIB provides financial intermediaries with
long-term funding, guarantees, capacity building and technical assistance, so they
can on-lend to eligible small and medium sized businesses, ensuring that 30 percent
of the credit lines meet 2X Challenge Criteria (2X Challenge, undated), unlocking
gender-responsive financing operations.
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y The most widely reported innovative model is the explicit targeting of gender biases
through training or sensitization efforts. MDBs are driving this agenda, (88 percent),
compared to NDBs and other PDBs (55 percent).
y MDBs are also leading the agenda in terms of (i) designing products that are informed
by data and that consider the distinct needs and experiences of women, (ii) equity
financing; and (iii) resource mobilization with instruments such as gender bonds.
y There is still low adoption of alternative credit scoring mechanisms or data, such as
machine learning, artificial intelligence, or social network and mobile data analysis.
Innovative approaches can enhance financing for WMSMEs by tackling specific barriers.
For instance, digital and mobile banking solutions can address women’s time and mo-
bility constraints, while data-driven and gender-responsive product design can help to
tailor financial products to women’s specific needs, driving demand and ensuring a better
market fit. Other innovations can address women’s more restricted access to collateral
and shorter credit history records. For example, cash-flow lending focuses on present
and future cash flows rather than traditional collateral, making it a more accessible model
for women. Similarly, alternative credit scoring mechanisms utilize non-traditional data,
allowing women who might lack conventional credit history records to secure financing.
For certain types of needs and firm stage, equity financing offers women entrepreneurs
the opportunity to raise capital without accumulating debt. All of these efforts and ap-
proaches can be undermined by conscious or unconscious gender biases in credit decisions
(Bank of Spain, 2019), which highlights the importance of addressing these biases
(World Bank, 2019). Lastly, the introduction of new financing instruments such as gender
bonds and sustainable funds, can mobilize private finance towards WMSME projects.
The survey gauges how PDBs are currently exploring or implementing these innovative
approaches. Figure 11a shows the main reported innovation is targeting gender biases
through training or sensitization (58 percent). MDBs are driving this agenda, where 88
percent declared implementing these efforts, versus 55 percent of NDBs and other PDBs,
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Financing Programs for
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as seen in Figure 11b. Thus, there is an opportunity to tackle biases which could be under-
mining any broader efforts to direct more financing to WMSMEs.
All other innovative approaches presented in the survey were selected by less than
40 percent of the institutions, suggesting there is no specific trend in the use of innovative
approaches at the aggregate level. Only MDBs show a trend as a group, with 50 percent of
respondents utilizing new financing instruments such as gender bonds to mobilize private
finance (see Box 6), versus 36 percent and 18 percent of other PDBs (18 percent). Simi-
larly, 50 percent of MDBs work with data-driven and gender-responsive product design,
compared to 41 percent of NDBs, and 27 percent of other PDBs. Equity financing is also
provided by 50 percent of MDBs, compared to 36 percent of NDBs, and only 9 percent of
other PDBs. Other PDBs are leading in terms of cash-flow lending, given that 55 percent
of these institutions offer this model, versus 18 percent of NDBs, and 13 percent of MDBs.
Another relevant finding is that only MDBs and NDBs have started using gender specific
credit scoring or other types of alternative credit scoring mechanisms or data, such as
machine learning, artificial intelligence, or social network and mobile data analysis (Box 7).
No institution mentioned the use of psychometric testing as an innovative approach to
the financial inclusion of WMSMEs.
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0%
Supply chain financing/out-grower contracts 9%
0%
9%
Other 14%
13%
18%
Group loans 14%
13%
0%
Gender-specific credit scoring models 5%
13%
55%
Cash-flow lending 18%
13%
0%
Social network and mobile data analysis 9%
13%
0%
Machine learning and artificial intelligence 5%
13%
9%
Applying an inclusive ecosystem approach 27%
25%
36%
Digital and mobile banking solutions 27%
38%
18%
New financing instruments to mobilize private finance 36%
50%
9%
Equity financing, including equity and technical assistance approaches 36%
50%
27%
Data-driven and gender-responsive product design 41%
50%
55%
Specifically targeting gender biases 55%
88%
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10%
Other 25%
8%
0%
Supply chain financing/out-grower contracts 0%
8%
0%
Gender-specific credit scoring models 0%
8%
0%
Machine learning and artificial intelligence 13%
4%
0%
Social network and mobile data analysis 13%
8%
0%
Group loans 13%
20%
20%
Applying an inclusive ecosystem approach 13%
24%
20%
Cash-flow lending 38%
24%
30%
Digital and mobile banking solutions 38%
28%
40%
New financing instruments to mobilize private finance 25%
32%
30%
Equity financing, including equity + technical assistance approaches 25%
32%
40%
Data-driven and gender-responsive product design 38%
36%
50%
Specifically targeting gender biases 63%
60%
Public sector focus Private sector focus Both public and private sector focus
In the context of the main challenges to expanding access to finance for WMSMEs, PDBs
may be providing solutions through adopting these innovative approaches. For instance,
75 percent of institutions using data-driven product design that consider the distinct
needs and experiences of women (“gender-responsive products”) to improve their offer-
ings to WMSMEs point out the lack of gender-specific data and insights a hindrance. All
institutions employing alternative scoring mechanisms reported the same. This subset of
PDBs also view the limited credit history and collateral of WMSMEs as “very relevant” or
“relevant” challenges.
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According to the International Capital Market Association, IFC and UN Women (ICMA,
IFC, UN Women, 2021) gender bonds are debt instruments that promote gender
equality through use of proceeds (for social bonds or sustainability bonds) or key
performance indicators (in the context of a sustainability-linked bond) that exclusively
finance projects that aim to advance gender equality and women’s empowerment.
The initiatives financed by gender bonds are expected to have an impact on women’s
access to better social and economic conditions. They have the potential to attract
institutional support and impact investors, allowing them to combine financial returns
with a positive effect on gender equity. Similarly, they provide the issuer with the
ability to expand its sources of financing while allowing the promotion of a certain
social impact (IDB Invest). Gender Bonds represent one of many different forms of
gender responsive investing (FSD Africa and UN Women, 2020).
The IDB Group has used this financial instrument to support a total of 8 gender
bonds in Latin America (7 by IDB Invest and 1 by IDB). In 2019, IDB Invest supported
Banistmo in Panama in issuing the first gender bond in Latin America for a total of
US$50 million. A further three transactions for financing WMSMEs were supported
in 2020; Banco W and Davivienda in Colombia, and Caja Arequipa in Peru received
a total of over US$150 million (IDB Invest, 2021). In the case of Davivienda, it was the
first gender bond in the world with incentives linked to objectives. In 2021, Banco
Pichincha in Ecuador, and Mibanco in Colombia, issued two gender bonds totaling
around US$70 million, also for financing WMSMEs. In 2022, Banco Solidario in Ec-
uador issued a Social Bond of Gender and Inclusion for up to US$30 million.
In 2020, the IDB supported Mexico’s Trust Funds for Rural Development (Fideicom-
isos Instituidos en Relación a la Agricultura, or FIRA) in developing the framework
for a gender bond to expand the resources available and finance projects led by
women in rural areas (Andrade and Prado, 2020). This first bond issuance under the
framework was for MEX$3 billion on the Mexican institutional stock exchange (Bolsa
Institucional de Valores, or BIVA) and was almost four times oversubscribed. This
issuance was Mexico’s first gender bond and the first to be issued by a NDB in LAC.
A second issuance under the framework for MEX$3.5 billion followed in 2021 and was
also oversubscribed, proving the interest of investors in these types of instruments.a
a. A full case study of the FIRA and other bond issuances that integrate gender equality objectives can be found
in UN Women and Luxembourg Stock Exchange (2023).
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The inherent biases and limited data on businesses in traditional credit scoring
models often miss the full potential or creditworthiness of WMSMEs. For example,
gender bias can be found in the data, especially when relying on data sets that
reflect existing prejudices (UN Women, 2019). In the event that the data utilized
carry historical biases, those biases will be magnified on a larger scale and prove
challenging to rectify in probability models of credit default. And often, WMSME
data is less available in large datasets than for other businesses, which leads to
potentially weaker interpretation of patterns by credit scoring models.
Alternative credit scoring methods can provide financial institutions with more
accurate assessments using non-traditional data points such as business per-
formance indicators. This approach not only promotes financial inclusion and
gender equality but also unlocks the untapped economic potential of WMSMEs
(Financial Alliance for Women, 2020b).
One of the cases highlighted in the survey related to the use of alternative credit
scoring is the Women’s Finance Exchange (ADB, 2021) for working with financial
partners to expand gender-responsive financing in developing countries in Asia. Along
with partner institutions, Women’s Finance Exchange conducts market scoping and
needs assessments for financial technologies to help financial institutions expand
their gender-responsive finance portfolios. It provides information technology (IT)
assessments for gender lens financing topics. An assessment tool included in the
program is alternative credit scoring models, which incorporates gender-specific
data and links with social network and mobile data analysis.
Other Actions
PDBs also implement other initiatives, beyond financial programs and products, to pro-
mote WMSMEs’ access to finance (see Figure 12a). Almost two-thirds of respondents
(62 percent) conduct market studies or generate knowledge to better characterize WMS-
MEs and tailor financial products. Nonetheless, only 56 percent of PDBs declare collecting,
analyzing, and disseminating data disaggregated by the sex of the owner or leader of the
business, with significant differences depending on the type of institution: 89 percent of
MDBs report these activities, versus 59 percent of NDBs, and 29 percent of other PDBs.
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These results demonstrate the need for sustained efforts on the part of NDBs and other
PDBs to further progress in this crucial agenda. Gender data is key for PDBs, like any other
financial service provider, to understand the nature of the gender access to finance gap
and the opportunity to better serve women and WMSMEs. This, in turn, allows to create
tailored solutions for WMSMEs; to make informed decisions about their unique preferences
and needs; or to better understand the risk profiles of the various segments. It can also
help identify and rectify biases within PDBs’ programming and financing instruments,
ensuring that WMSMEs are not at a disadvantage in access to credit, loans, or investment
opportunities due to discriminatory practices.6
Other actions, such as providing technical advice to other financial institutions, were report-
ed by 42 percent of respondents, and the use of instruments to mobilize private finance,
by 24 percent, with MDBs showing higher proportions in both cases (89 percent and
56 percent respectively), as shown in Figure 12b. PDBs also mentioned implementing ac-
tions such as providing marketing support, face-to-face and digital fairs focusing on the
women’s market, networking spaces for women, and technical assistance to WMSMEs.
These actions are also mentioned in the literature related to the importance of non-financial
services (Financial Alliance for Women, 2020a; López Mayher, Azar, and Andrade, 2022).
42%
24%
16% 13% 11%
In terms of mandate, and as Figure 12c shows, public sector focused institutions are more
prone to implement market studies or knowledge creation (70 percent), sex-disaggregated
data (70 percent), provide technical advice to other financial institutions (50 percent),
offer instruments for capital mobilization 30 percent), and improve credit infrastructure
(20 percent).
6. F
or more information on sex-disaggregated data, see Data2X and the Financial Alliance for Women (undated).
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Financing Programs for
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FIGURE 12B • Other Actions for WMSMEs Access to Finance, by Type of PDB
36%
None 0%
0%
14%
Other 14%
22%
14%
Instruments to mobilizing private finance 18%
56%
7%
Improvement of credit infrastructure 14%
22%
21%
Technical advice to other financial institutions 36%
89%
29%
Data disaggregated by the sex of the owner or leader of the business 59%
89%
36%
Market studies/knowledge creation 68%
89%
FIGURE 12C • Other Actions for WMSMEs Access to Finance by PDB Mandate
0%
None 25%
11%
0%
Other 13%
22%
30%
Instruments to mobilizing private finance 25%
22%
20%
Improvement of credit infrastructure 0%
15%
50%
Technical advice to other financial institutions 38%
41%
70%
Data disaggregated by the sex of the owner or leader of the business 50%
52%
70%
Market studies/knowledge creation 63%
59%
Public sector focus Private sector focus Both public and private sector focus
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Financing Programs for
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4 Trends in Financing
Programs for Women’s
Financial Inclusion
y Most PDBs (80 percent) offer financial inclusion programs specifically tailored to wom-
en as individuals.
y The majority of programs offered by PDBs prioritize the promotion of women entrepre-
neurship. Specifically, 66 percent of respondents provide access to productive loans,
while 51 percent offer entrepreneurship and business development support.
y Non-financial services are mainly provided by MDBs (87 percent). NDBs and other
PDBs report offering these services for individuals at a higher rate than for WMSMEs.
Programs
The majority of survey respondents (80 percent) offer financing programs that target
women’s financial inclusion (as individuals). Most programs are related to productive ac-
tivity, such as access to productive loans, and entrepreneurship and business development
(offered by 66 percent and 51 percent of the institutions, respectively). This is true for any
type of institution and its mandate.
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Financing Programs for
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RESULTS FROM ASURVEY OF PUBLIC DEVELOPMENT BANKS
Digital payments 8%
Other 13%
As the survey shows, all types of PDBs agree that women’s specific requirements and
accessibility, gender-sensitive marketing, and outreach efforts should all be considered
integral to the program’s design. The only difference is that 87.5 percent of MDBs also take
into consideration the importance of non-financial services to increase value proposition
(training, information, mentoring), compared to 50 percent of NDBs and 33 percent of
the rest of PDBs, indicating that more PDBs consider offering non-financial services to
women (individuals) than to WMSMEs.
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Financing Programs for
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Low-income women 5%
Other 14%
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5 Challenges, Opportunities,
and Advantages of PDBs
y Lack of sex-disaggregated data is considered by 84 percent of institutions to be a “very
relevant” or “relevant” obstacle to expanding programs for WMSMEs and women’s
financial inclusion.
y More than two-third of PDBs (70 percent) consider the positive social impact and the
growing market potential (62 percent) as the most promising opportunities for expand-
ing financing programs and financial products for WMSMEs in the future.
y Regarding women’s financial inclusion, 71 percent of PDBs agree that financial education
is the most promising opportunity for continuing to work with this segment. Over half
of NDBs (56 percent) and other PDBs (53 percent) identified networking and collab-
oration among stakeholders as a top opportunity.
y Overall, the PDBs' predominant competitive advantages for serving women and
WMSMEs are their favorable financial conditions and public policy mandates.
Challenges
The aim of the survey has also been to identify the main challenges to expanding access to
finance for WMSMEs and improving women’s financial inclusion (Figure 16 and Figure 17).
Despite some variations, results are similar in terms of the obstacles that were rated “very
relevant” or “relevant”; 84 percent considered lack of gender-specific data and insights
very relevant or relevant and 77 percent rated the limited understanding of WMSMEs’ fi-
nancial needs similarly. Since sex-disaggregated data is the foundation for understanding
such needs for the purpose of designing adequate programs and approaches, these two
challenges are related.
The second most frequently cited challenge to serving WMSMEs is their limited credit his-
tory or collateral, considered by 78 percent as either very relevant or relevant (86 percent
of MDBs and 77 percent of the rest of PDBs). This, combined with the low percentage of
institutions using alternative credit scoring methods indicates an opportunity for developing
more innovations that can mitigate the collateral-related barriers for WMSMEs (Figure 15).
39
Financing Programs for
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Two other key challenges for expanding WMSMEs programs are the difficulty in reaching
women entrepreneurs in remote or underserved areas (77 percent), and limited internal
capacity or resources (71 percent), although this seems to be a challenge less relevant for
MDBs (57 percent) than for the rest of PDBs (74 percent), as shown in Figure 18a. In the
case of women’s financial inclusion, the second most selected barrier was cultural or social
barriers, together with lack of awareness or demand for services (81 percent).
84%
78% 77% 77%
71%
62%
50%
42%
37%
Lack of gender- Limited credit Limited Difficulty Limited internal Limited High perceived Lack of gender Regulatory
specific data and history or understanding of reaching women capacity or funding risk strategy or policy barriers and
insights collateral WMSMEs entrepreneurs in resources policy constraints
financial needs certain areas
46%
43%
Lack of Cultural Lack of Difficulty Limited High Limited Difficulty No dedicated Regulatory
gender-specific or social awareness or reaching credit history perceived funding in reaching gender barriers
data and barriers demand for women in or collateral risk resources women strategy or and policy
insights services remote or through ICTs policy constraints
underserved
areas
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Differences in how challenges may be perceived exist also between groups of PDBs.
Figure 18a shows that 86 percent of MDBs consider the high perceived risk of WMSMEs
as a challenge, where only 43 percent of the rest of PDBs find it relevant (Figure 18b) and
whereas 57 percent of MDBs view regulatory and policy barriers as significant challenges,
67 percent of the rest of PDBs do not see them as constraints.
43%
Limited funding
57%
0%
Difficulty reaching women entrepreneurs in certain areas
100%
43%
Regulatory barriers and policy constraints
57%
29%
Limited understanding of WMSMEs financial needs 71%
0%
Lack of gender-specific data and insights 100%
14%
High perceived risk
86%
14%
Limited credit history or collateral
86%
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37%
Limited funding
63%
28%
Difficulty reaching women entrepreneurs in certain areas
72%
19%
Lack of gender-specific data and insights
81%
Opportunities
The survey also aimed to identify the main opportunities perceived by PDBs. Over two-
thirds of PDBs (70 percent) consider positive social impact and growing market potential
(62 percent) to be the most promising opportunities for expanding financing programs
and financial products for WMSMEs in the future.
However, opportunities are not perceived equally by all types of institutions (see Table 1
for a detailed comparison). For instance, while 89 percent of MDBs consider leveraging
technology and digital innovations to be one of the top three opportunities, this was not
the case for the rest of the PDBs. Similarly, new instruments to attract impact invest-
ments and blended finance are in the top opportunities for MDBs (56 percent) and NDBs
(52 percent) but not for other PDBs.
Regarding women’s financial inclusion, most PDBs agree that financial education is the
most promising opportunity for continuing to work with this segment (see Table 1 for de-
tails regarding the top three opportunities per type of institution). An interesting finding
is that over half of NDBs (56 percent) and other PDBs (53 percent) selected networking
and collaboration among stakeholders as a top opportunity, underscoring the importance
of amplifying such activities within PDBs.
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Other 4%
Institutions Institutions
Type of Opportunities for women’s Opportunities for WMSMEs access
selecting selecting this
Institution financial inclusion to finance
this option option
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Fifty-five percent of PDBs see developing new partnerships with public and private
institutions as one of the biggest opportunities to serve WMSMEs. For example, the
Asian Development Bank (ADB) has partnered with a large financial services provid-
er in the Philippines and in Indonesia, while working closely with the governments
of those countries to introduce national definitions of women-owned businesses,
as well as new guidelines on gender-responsive procurement. In Sri Lanka, the
ADB has also collaborated with the Sri Lanka Ministry of Finance’s Department of
Development Finance, to strengthen the technical capacity of banks, government
agencies, and civil society organizations (CSOs) and better serve WMSMEs.
Another example is the Small Industries Development Bank of India (SIDBI), which
has partnered with Google to offer lower interest rates for women-owned micro-
enterprises, thus helping to scale up existing businesses. In Colombia, Bancoldex
partnered with Fondo Mujer Emprende, linked to the Women’s Advisory Office
(Consejería para la Mujer), to pilot and launch specific lines of credit for women.
Bancoldex launched the program as a second-tier window and was able to target
WMSMEs with more adequate conditions, compared to what the market would
have offered.
For the case of women’s financial inclusion, the top three advantages are: (i) better financial
conditions, selected by 38 percent of MDBs, 58 percent of NDBs, and 88 percent of other
PDBs; (ii) public policy mandate, selected by 63 percent of MDBs, 50 percent of NDBs,
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and 65 percent of other PDBs; and (iii) strategic partnerships in the financial ecosystem,
selected by 38 percent of MDBs, 65 percent of NDBs, and 41 percent of other PDBs.
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These results, together with prior insights on the lack of consensus on the WMSME
definition, and the lack of sex-disaggregated data being a key challenge, show that
comparing KPIs and outcomes across PDBs is currently not straightforward and available
information is still scarce. This scenario presents an opportunity to strengthen
monitoring and evalua-tion practices across PDBs and encourage the exchange of
knowledge, including lessons learned and best practices.
Rigorous impact evaluation methods are less frequently conducted by PDBs, which implies
that that there is still limited information on program outcomes and how to improve their
design based on evidence of what does or does not work (Figure 20). This can be seen as
a challenge but also as an opportunity, if PDBs undertake actions to fill this knowledge gap.
7. T
he rate goes up from 52 percent to 61 percent when PDBs that do not have monitoring or evaluation systems in place (15
percent) are removed from the analysis.
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Other 2%
The majority of PDBs surveyed monitor financial KPIs relating to the amount of financing
disbursed or committed (81 percent) and outreach and access KPIs such as the number
of beneficiaries reached, women among total beneficiaries, and geographic distribution
(67 percent). All other types of KPI listed in the survey were selected by 30 percent or
less of respondents.
Among types of institutions, 60 percent of MDBs surveyed also monitor the amount of
financing mobilized (versus 13 percent of NDBs) and 40 percent observe indicators re-
lated to gender equality (versus 7 percent of NDBs). Many NDBs in the survey monitor
loan characteristics (40 percent) and repayment and default rates (27 percent), while the
MDBs surveyed do not observe either (Figure 21a). Finally, additional differences between
institutions appears when considering their mandates; for example, public sector-focused
institutions surveyed (29 percent) are the only ones that actively monitor customer sat-
isfaction (Figure 21b).
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14%
Customer satisfaction 7%
0%
14%
Gender equality indicators 7%
40%
14%
Number of women in financial education 7%
20%
43%
Outreach and access 73%
80%
14%
Revenue or asset growth 7%
0%
14%
Job/employment creation 13%
20%
0%
Amount of financing mobilized 13%
60%
29%
Average loan characteristics 40%
0%
43%
Repayment and default rates 27%
0%
86%
Amount of financing disbursed or committed 80%
80%
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RESULTS FROM ASURVEY OF PUBLIC DEVELOPMENT BANKS
29%
Customer satisfaction 0%
0%
0%
Gender equality indicators 14%
23%
0%
Number of women participating in financial education 14%
15%
86%
Outreach and access 71%
54%
14%
Revenue or asset growth 14%
0%
0%
Job/employment creation 29%
14%
29%
Amount of financing mobilized 15%
15%
43%
Average loan size, terms, and conditions 14%
31%
14%
Repayment and default rates 14%
38%
86%
Amount of financing disbursed or committed 86%
77%
Public sector focus Private sector focus Both public and private sector focus
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RESULTS FROM ASURVEY OF PUBLIC DEVELOPMENT BANKS
7 Conclusions
Public development banks offer a diversity of programs, products, and innovative ap-
proaches to serve women and their businesses. The main findings and trends identified
herein and highlighted below can help further strengthen the PDBs' institutional capacity
to design more effective and inclusive programs and policies.
• PDBs are using multiple WMSME definitions, with 56 percent of PDBs using more
than one definition simultaneously. While most respondents are working with a
WMSME definition, a remaining 15 percent have not yet adopted one.
• All MDBs offer programs for WMSMEs, while 18 percent of other PDBs and 15 per-
cent of NDBs have not yet developed one, revealing the opportunity to support
these institutions in designing appropriate programs.
• For WMSMEs, PDBs most commonly offer productive financing (68 percent) and
business development (50 percent) programs, followed by green and climate fi-
nancing (43 percent), and financial education and literacy (43 percent).
• The majority (91 percent) of PDBs include specific products as part of their WMSMEs
programs, most commonly, working capital and investment loans. Lower interest
rates and support with non-financial services are the main product characteristics
or features of products offered by PDBs.
• PDBs are implementing different approaches to address the needs of WMSMEs but
none is predominant. The most widely reported innovative approach is explicitly
targeting gender biases through training or sensitization efforts. MDBs are driving
this agenda, (88 percent) versus 55 percent of NDBs and other PDBs. This presents
an opportunity to tackle these biases which may be undermining broader efforts
to direct more financing to WMSMEs.
• MDBs are leading the agenda in terms of other innovative approaches, such as
data-driven and gender-responsive product design and resource mobilization with
instruments such as gender bonds. NDBs are significantly more likely than MDBs
or other PDBs to offer preferential product features for WMSMEs, including lower
interest rates, flexible repayment terms, unsecured loans, and acceptance of alter-
native collateral.
• Overall, there is still low adoption of alternative credit scoring mechanisms or data.
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Financing Programs for
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RESULTS FROM ASURVEY OF PUBLIC DEVELOPMENT BANKS
• Another key challenge to serving WMSMEs is their limited credit history or collat-
eral. This, combined with the low percentage of institutions using alternative credit
scoring methods, suggests there is a potential opportunity to explore further inno-
vations that mitigate collateral-related barriers for WMSMEs. PDBs other than MDBs
and NDBs compensate this by resorting to cash-flow based lending approaches
to serving WMSMEs.
• In terms of the main opportunities perceived by PDBs for expanding these programs,
more than two-thirds of PDBs consider the positive social impact, and the grow-
ing market potential as the most promising opportunities for WMSME programs
in the future. Most PDBs also agree that financial education is the most promising
opportunity for enhancing women’s financial inclusion.
• The predominant key competitive advantages for serving women and WMSMEs
are the more favorable financial conditions that PDBs provide.
• There are opportunities for strengthening monitoring and evaluation practices across
PDBs and encouraging the exchange of knowledge, including lessons learned and
best practices.
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8 References
AFD (Agence Française de Développement). 2020. Public Development Banks: A
First Global Database. Available at https://www.afd.fr/en/actualites/public-devel-
opment-banks-first-global-database.
ADB (Asian Development Bank). 2021. Bridging Financing Gaps for Women Starts with
Better Data and Technology. Available at https://www.adb.org/news/features/bridg-
ing-financing-gaps-women-starts-better-data-and-technology.
Data2X and the Financial Alliance for Women. Undated. The Gender Data Playbook for
Women’s Financial Inclusion. Prepared for the Women’s Financial Inclusion Data
(WFID) Partnership. Available at: https://data2x.org/wp-content/uploads/2023/05/
Gender-Data-Playbook-FINAL.pdf.
de Andrés, P., R. Gimeno, and R. Matias de Cabo. 2019. The Gender Gap in Bank Cre-
dit Access. Working Paper No 1945 Available at https://www.bde.es/f/webbde/
SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/19/Fich/
dt1945e.pdf.
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Financing Programs for
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Access to Finance for Women MSMEs
RESULTS FROM ASURVEY OF PUBLIC DEVELOPMENT BANKS
Financial Alliance for Women. 2020a. Non-financial Services: The Key to Unlocking the
Growth Potential of Women-led Small and Medium Enterprises for Banks. Avail-
able at https://financialallianceforwomen.org/download/non-financial-services-
the-key-to-unlocking-the-growth-potential-of-women-led-small-and-medium-en-
terprises-for-banks/.
FSD Africa (Financial Sector Deepening Africa) and UN (United Nations) Women. 2020.
Viability of Gender Bonds in Sub-Saharan Africa: A Landscape Analysis and Fea-
sibility Assessment. Available at: https://fsdafrica.org/publication/viability-of-gen-
der-bonds-in-sub-saharan-africa/.
IDB Invest. 2021. IDB Invest Issues: First Gender Bond to Finance Projects Support-
ing Women in Latin America & the Caribbean. Available at https://www.idbinvest.
org/en/news-media/idb-invest-issues-first-gender-bond-finance-projects-support-
ing-women-latin-america.
López Mayher, C., K. Azar, and G. Andrade. 2022. Best Practices for the Financing of
Women MSMEs in Latin America and the Caribbean: Recommendations for Na-
tional Development Banks. Washington DC: Inter-American Development Bank.
Available at: https://publications.iadb.org/en/best-practices-financing-women-ms-
mes-latin-america-and-caribbean-recommendations-national.
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Financing Programs for
Women's Financial Inclusion and
Access to Finance for Women MSMEs
RESULTS FROM ASURVEY OF PUBLIC DEVELOPMENT BANKS
UN Women. 2019. Leveraging Digital Finance for Gender Equality and Women’s Em-
powerment. Working Paper. Available at: https://www.unwomen.org/sites/default/
files/Headquarters/Attachments/Sections/Library/Publications/2019/Leveraging-dig-
ital-finance-for-gender-equality-and-womens-empowerment-en.pdf.
--------. 2021. Finance for all Women. Innovative Experiences and Initiatives for Wom-
en’s Financial Inclusion and Recovery with Gender Lenses in Latin America and
the Caribbean. Available at https://lac.unwomen.org/sites/default/files/2022-03/
FinanzasParaTodas_Ingles_21MAR2022.pdf.
UN Women and Luxembourg Stock Exchange. 2023. Case Study Series: Innovative Fi-
nancing for Gender Equality via Bonds. Available at: https://www.unwomen.org/en/
digital-library/publications/2023/05/case-study-series-innovative-financing-for-gen-
der-equality-via-bonds.
World Bank. 2021. The Global Findex Data Base. Washington DC: World Bank. Available
at https://www.worldbank.org/en/publication/globalfindex/Data#sec3.
--------. 2023. Women, Business and the Law. Available at: https://wbl.worldbank.org/
en/reports.
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RESULTS FROM ASURVEY OF PUBLIC DEVELOPMENT BANKS
Annex
Timeline: This survey will be open from May 29th until June 15th, 2023. Nevertheless, we
encourage you to take the survey at your earliest convenience.
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Financing Programs for
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RESULTS FROM ASURVEY OF PUBLIC DEVELOPMENT BANKS
Financing programs for women MSMEs: refers to interventions that aim to increase ac-
cess to, and usage of, formal credit by Micro, Small, and Medium Enterprises owned or
led by women (WMSMEs). These interventions can be direct, or indirect through financial
intermediaries.
Financial products for women MSMEs: refers to a specific financial service or tool created
to cater to the unique needs and preferences of MSMEs owned or led by women. These
products can include loans, guarantees, leasing, factoring, early-stage financing, etc.
Financing programs targeting women’s financial inclusion: interventions that aim to in-
crease access to, and usage of, financial services for women, addressing the gender-specific
barriers that hinder their participation in the formal financial sector. These interventions
can be direct, or indirect through financial intermediaries.
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Financing Programs for
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Institution’s mandate
Public sector focus (1)
Private sector focus (2)
Both public and private sector focus (3)
Please share your contact information in case we need to follow up on any answers:
Name (1) _______________________________________________________________
Email (2) ______________________________________________________________
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Financing Programs for
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RESULTS FROM ASURVEY OF PUBLIC DEVELOPMENT BANKS
Can we explicitly mention the information in this survey in the future report? (your
institution’s programs and their characteristics as examples)
Yes (1)
No (2)
If your institution has programs specifically targeting access to finance for Women
MSMEs, what are the key focus areas of work? (select all that apply)
Productive financing (1)
Green/climate investments (2)
Early stage financing (seed/startup/early growth funding) (3)
Trade finance (4)
Financial education and literacy (5)
Business development (6)
Policy advocacy and reform (7)
Other (specify) (8) ______________________________________________________
We do not have programs targeting WMSMEs (9)
Skip To: Q15 If your institution has programs specifically targeting access to finance for Women MSMEs, what a… = We do
not have programs targeting WMSMEs.
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Financing Programs for
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What is the primary target population of these financing programs? (select all
that apply)
Women entrepreneurs/sole proprietor enterprises (1)
WMSMEs in specific industries (2)
Exporting WMSMEs (3)
Women-owned or led startups (newly established or early-stage that seek to bring
innovative products, services, or solutions to the market) (4)
Women microenterprises only (5)
Women SMEs only (small and medium) (6)
Geographically targeted WMSMEs (7)
All WMSMEs (8)
Other (specify) (9) ______________________________________________________
If the programs offer products to WMSMEs, please select all products that apply
Working capital loans (1)
Investment loans (2)
Trade credits/finance (3)
Guarantees (4)
Factoring (5)
Insurance (6)
Asset financing and leasing (7)
Digital payments (8)
E-lending platforms (9)
Invoice discounting and supply chain finance (10)
Specific credit cards (11)
Early-stage financing (equity, VC, seed capital) (12)
Others (specify) (13) _____________________________________________________
No specific products for WSMEs are offered (14)
Skip To: Q12 If the programs offer products to WMSMEs, please select all products that apply = No specific products for
WSMEs are offered.
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Financing Programs for
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Access to Finance for Women MSMEs
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What primary characteristics of your institution’s products are designed for women
MSMEs? (select all that apply)
Lower interest rate (1)
Flexible repayment terms (2)
Unsecured loans (3)
Acceptance of alternative/mobile collateral (4)
Guarantees to improve terms and conditions (5)
Support with non-financial services (education, networking, mentoring, etc.) (6)
Use of alternative data or methods for credit scoring (7)
Gender-sensitive marketing or communication campaigns (8)
Availability of digital, mobile, or agent banking solutions (to accommodate women’s
time constraints or limited mobility) (9)
Other (specify) (10) _____________________________________________________
For institutions that offer indirect financing through financial intermediaries, what
are the primary options available for financing Women’s MSMEs? (select all that
apply)
Specific funds/credit lines for Women MSMEs (1)
Financing incentives to intermediaries (e.g., lower interest rates if a specific target is
met, etc.) (2)
Differentiated collateral schemes for loans to Women MSMEs (3)
Specific guarantees for Women MSMEs (4)
Blended finance (5)
Others (specify) (6) _____________________________________________________
We don’t work with financial intermediaries (8)
What are the current innovative approaches being utilized in financing programs
or products for Women MSMEs? Please select all applicable options.
Digital and mobile banking solutions, including agent banking (1)
Cash-flow lending (2)
Data-driven and gender-responsive product design (3)
Alternative credit scoring mechanism/data: machine learning and artificial intelligence (4)
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Financing Programs for
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In addition to financing programs, what other actions does your institution take
to enhance Women MSMEs’ access to finance? Please select all that apply.
Market studies/knowledge creation (1)
Collection, analysis, and dissemination of data disaggregated by the sex of the owner
or leader of the business (2)
Provide technical advice to other financial institutions. (3)
Improvement of credit infrastructure (credit reporting systems, secured transactions
and collateral registries, and insolvency regimes). (4)
Instruments to mobilizing private finance (gender bonds, gender funds, etc.) (5)
Other (specify) (6) __________________________________________________
None (7)
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Financing Programs for
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Rate the main challenges your institution faces to expand access to finance for
Women MSMEs
Please select up to three opportunities which you believe hold the most potential
for expanding financing programs and financial products for Women MSMEs in
the future.
Growing market potential (1)
Positive social impact (2)
Developing new partnerships and collaborations (3)
Leveraging technology and digital innovations (4)
New instruments to attract impact investments and blended finance (5)
Other (specify) (6) ______________________________________________________
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Financing Programs for
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What do you perceive are the top three competitive advantage(s) of PDBs/DFIs
in serving WMSMEs?
Better financial conditions (1)
Greater geographic reach (2)
Public policy mandate (3)
Higher risk tolerance (4)
Relationship with business promotion agencies (5)
Contra-cyclical responses to the crisis (6)
Understanding of WMSMEs’ markets, working beyond the microlevel (7)
Other (specify) (8) _______________________________________________________
Do you wish to highlight any programs for Women MSMEs from your institution
that have an innovative approach? If so, please share information and links to a
maximum of three programs. Whenever possible, include targets and results
________________________________________________________________________
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Financing Programs for
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Which groups of people are eligible for these financing programs? (select all
that apply)
All women (1)
Rural Women/ female farmers (2)
Urban women (3)
Women students (4)
Low-income women, including unemployed and recipients of cash transfers (5)
Women in vulnerable situations (migrants, indigenous, with disabilities) (6)
Senior women (+60 years old) (7)
Young women (aged 15 to 24) (8)
Female head of households (9)
Women entrepreneurs (sole proprietor women) (10)
Professional/wage-earning women (11)
Other (specify) (12) ______________________________________________________
What factors does your institution consider when designing financial programs
to specifically target Women's Financial Inclusion? (select all that apply)
Women’s specific financial needs (1)
Cultural and social factors (2)
Affordability (3)
Accessibility (4)
Access to communication and information technologies (ICTs), such as mobile or smart-
phones. (5)
Importance of non-financial services to increase value proposition (training, information,
mentoring) (6)
Gender-sensitive marketing and outreach (7)
Other (specify) (8) ______________________________________________________
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Access to Finance for Women MSMEs
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Alternative credit scoring mechanism/data: machine learning and artificial intelligence (4)
Alternative credit scoring mechanism/data: psychometric testing (5)
Group loans (6)
Equity financing, including equity and technical assistance approaches (7)
Alternative scoring mechanism/data: social network and mobile data analysis (8)
Gender-specific credit scoring models (9)
Applying an inclusive ecosystem approach (i.e., targeting several areas and actors) (10)
Specifically targeting gender biases (11)
New financing instruments to mobilize private finance (gender bonds, sustainable
funds) (12)
Supply chain financing/out-grower contracts (13)
Others (specify) (14) ______________________________________________________
Please rate the main challenges your institution faces in improving women’s fi-
nancial inclusion.
Not Relevant (6) Relevant (7) Very Relevant (11)
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Financing Programs for
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Which opportunities do you consider the most promising for enhancing women’s
financial inclusion in the future? Please select up to three:
Technological innovations, access to broadband-enabled devices (e.g., smartphones,
laptops) (1)
Software and AI technical innovations (2)
Public-private partnerships (3)
Policy reforms and advocacy (4)
Gender-responsive budgeting and resource allocation (5)
Financial education and capacity building (6)
Networking and collaboration among stakeholders (7)
Other (please specify) (8) __________________________________________________
What do you think are the top three competitive advantages of PDBs/DFIs in
serving women?
More favorable financial conditions (1)
Greater geographic spread (2)
Public policy mandate (3)
Higher risk- tolerance (4)
Strategic partnerships in the financial ecosystem (5)
Contra-cyclical responses to the crisis (6)
Resources allocated for data collection and management to inform decisions and other
stakeholders. (7)
Others (specify) (8) ______________________________________________________
Would you like to showcase any of your institution’s innovative programs for
women’s financial inclusion? If yes, please provide details and links for up to
three programs.
_________________________________________________________________________
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Financing Programs for
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RESULTS FROM ASURVEY OF PUBLIC DEVELOPMENT BANKS
What top three key performance indicators (KPIs) does your institution track
for its financing programs for Women’s MSMEs or Women’s financial inclusion?
(select up to three)
Financial: amount of financing disbursed or committed (1)
Financial: repayment and default rates (2)
Financial: average loan size, terms, and conditions (3)
Financial: amount of financing mobilized (4)
Business performance and growth: job/employment creation (5)
Business performance and growth: revenue or asset growth (6)
Outreach and access: number of beneficiaries reached, percentage of women among
total beneficiaries, geographic distribution, etc. (7)
Capacity building and skills development: number of women participating in financial
education (8)
Women’s economic empowerment indicators or gender equality indicators (e.g. access
to assets, technology, higher decision-making power in the household/community/mar-
kets; new skills, education advancement; better business practices, among others). (9)
Customer satisfaction (10)
Others (please specify) (11)
If your institution has any results from impact evaluations of relevant programs
that you would like to share, kindly provide the necessary details and links (if
applicable) in the space provided below.
________________________________________________________________________
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