Financial Products Targeting Women in El Salvador: trends and Challenges

Abstract

This article presents an analysis of the differences between traditional products and services and those financial products and services focused on womenThe latter had been developed within the context of the implementation of the National Financial Inclusion Policy in El Salvador, as an effort that benefits the insertion of vulnerable groups, including women, into the financial system. The methodology used in this paper included a descriptive mixed research, with a qualitative approach through the identification on the websites of the institutions of the supply of products focused on women and a quantitative approach through a survey of 210 people, including women and men. The results show that the existing products and services aimed at women have limitations on the supply side, which is mostly focused on financing opportunities for women entrepreneurs, and that, despite considering women as a focus, they still do not fully cover the social, economic and/or cultural factors that make up their needs; on the demand side, the greatest impediment to access and use of these products is the lack of knowledge on the part of the user, one of the key factors. It is concluded that, in contrast with the National Financial Inclusion Policy initiative, the approach aimed at supporting women entrepreneurs through financing is covered; however, the offer needs to be extended to cover other types of needs that affect women. In addition, emphasis is placed on the importance of disseminating this type of products and services that, together with financial education programs, promote a favorable ecosystem for the insertion of women into the financial system.

Realidad Empresarial No. 16, 2023: 47-56.