In Costa Rica, women’s financial inclusion and economic autonomy go hand in hand

AFI’s Communications Unit recently traveled to Costa Rica to learn from Superintendencia General de Entidades Financieras (SUGEF) and other stakeholders about the country’s initiatives to boost women’s financial inclusion.

“Greater financial inclusion of women generates great benefits for society,” says Rocío Aguilar, Superintendent of SUGEF and SUPEN. “Women have a clear idea of ​​the risks that each family runs, and take greater care of their savings. When they are given access to credit, they understand what it means as a contractual obligation, and use it as a fundamental basis to receive additional loans in the future.”

“As an organization active both in pensions and in the banking sector, we truly believe in women’s financial inclusion, but our efforts alone are not enough. As such, we are working with AFI to enhance coordination and governance in this area.”

Costa Rica’s National Institute for Women (INAMU) is another key player in supporting women’s financial inclusion, notably through a non-reimbursable financing fund that has benefited nearly 6,000 projects.

“For us, it is very important to link financial inclusion with economic autonomy,” says Lauren Palma, Specialist, Department of Public Policies, at INAMU. “There is huge unmet demand from women for access to resources to invest in their businesses. We provide businesswomen with tools and skills to understand the financial world. We make them beneficiaries of the non-reimbursable financing fund so that later, as they advance in their business, they can join the financial system.”

The Sistema de Banca para el Desarrollo (SBD or Development Bank System) similarly provides  women with a range of resources to develop or start a small business, including traditional credit, loans, guarantees, and seed capital resources for both traditional and non-traditional ventures.

“Some of our greatest achievements have been to help women in less developed areas to obtain credit, and to ensure that credit policies and credit scoring are geared toward enabling women to find financing”, says SBD’s Commercial Director, Jeannette Fonseca.

“Women do not use credit in the same way as men, and this is one of the most important barriers facing them, as most credit scoring systems are aimed at men. That’s why it’s vital not just to educate women, but to educate the financial services sector about women’s needs.”

You can learn more about these initiatives, and meet women entrepreneurs who have benefited from them, in the video below.