Spanish
The Superintendency of Banks of the Dominican Republic (SB) issued Circular CSB-REG-2026000008, which establishes the mandatory reporting of data disaggregated by sex on financing to micro, small and medium-sized enterprises (MSMEs). This action supports the global initiative WE Finance Code, whose objective is to increase the financing of women-led MSMEs.
The circular states that all financial entities in the country must report quarterly the composition of the ownership of their micro, small, and medium-sized enterprise (MSME) clients — including the percentage held by women — and the outcome of their credit applications: approved, rejected, and the reasons. The first submission corresponds to the cut-off date of September 30, 2026.
With this measure, the Dominican Republic positions itself as the first country in Latin America and the Caribbean where the private sector drives the integration of disaggregated data into the regulatory framework for the supervision of its financial system.
"Having disaggregated data allows us to identify real gaps and promote a more efficient and equitable financial system. With this circular, we are taking a decisive step towards a more inclusive and evidence-based supervision," said Inés Páez, Director of Innovation and Financial Inclusion of the SB.
In this context, the SB, the Association of Multiple Banks of the Dominican Republic (ABA), and the Inter-American Development Bank Group (IDB Group) met to define the roadmap for the remainder of the year, which includes the first report of disaggregated indicators to the OECD.
"From IDB Invest, we have worked with the Superintendency of Banks and the ABA to make the Dominican Republic the first country in the region to implement the WE Finance Code. The lessons learned from this process are what allow us today to expand the initiative to other countries in Latin America and the Caribbean," said Miguel Baruzze, head of IDB operations in the Dominican Republic.
The process that led to this measure began in 2023, when IDB Invest and the ABA promoted the voluntary implementation of the WE Finance Code. During this stage, the ABA led the technical coordination, developing the reporting infrastructure and a national dashboard.
"This achievement reflects the commitment of the Dominican financial sector to continuous improvement and the generation of key information for decision-making. The collaboration between the entities has been fundamental in building a common standard and advancing towards its adoption at the regulatory level," said Rosanna Ruiz, president of the ABA.
Currently, the WE Finance Code has 26 signatory financial institutions, representing nearly 97% of the assets of the Dominican financial system. In two years, the pilot allowed for the consolidation of standards aligned with the OECD, the conduct of 16 technical workshops, and the establishment of a common definition of women-led SMEs, in line with current regulations on business classification.
This process has been supported by IDB Invest through investments and mobilization of resources for more than US$160 million in the country, linked to operations with financial institutions committed to financing women entrepreneurs.
"The financing gap for women entrepreneurs is not due to a lack of capital, but to a lack of visibility. The WE Finance Code demonstrates that when data exists and the system is committed, capital can flow to where there is real opportunity," said Jennifer Lantigua, executive of IDB Invest and coordinator of the WE Finance Code in the Dominican Republic.
"In 2026, IDB Invest will launch the WE Finance Code in Colombia, becoming the second country in the region to implement it," he revealed.
Additionally, Lantigua detailed that, globally, the WE Finance Code is active in more than 33 countries with more than 460 signatory institutions, and in its scale-up phase (2027-2031), it plans to expand to 60 new countries with more than 2,500 signatory entities.
About the WE Finance Code
The WE Finance Code is a framework of voluntary commitments that invites financial institutions to report gender-disaggregated data on financing to MSMEs and to take concrete actions to close the gender gap. It is a global initiative driven by the Women Entrepreneurs Finance Initiative (We-Fi) and the OECD, with regional implementation led by IDB Invest in Latin America and the Caribbean.About IDB Invest
BID Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. BID Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of US$22 billion in assets under management and more than 400 clients in 25 countries, BID Invest offers innovative financial solutions and advisory services that meet the needs of its clients in various sectors. Visit our website: www.idbinvest.org/es.
