What does it take to guide an entire financial system toward gender equality? In Mexico, the emerging answer lies in shared responsibility, institutional reform, and collaborative action.
A 2023 assessment commissioned by Mexico’s Ministry of Finance revealed that progress toward gender equality in the financial sector still faces challenges. Only 41% of financial institutions reported analyzing gender pay disparities, and around 60% said they had equal pay policies in place.
Yet there is growing momentum for change. This International Women’s Day brings renewed optimism as 13 major financial institutions in Mexico—including commercial banks, development banks, microfinance organizations, credit unions, pension funds, insurance companies, and fintech firms—have come together to launch a pioneering Community of Practice (CoP).
Introduced in December 2025 with facilitation from CGAP, this initiative aims to transform how financial institutions serve women by reforming internal systems, policies, and practices. Rather than acting as a marketing campaign or temporary pilot project, the CoP represents a long-term commitment to institutional change and gender equality.
This difference is significant.
Mexico’s Progress Toward Gender Equality
Mexico has made notable strides in strengthening gender equality in recent years. During her inauguration speech before Congress in October 2024, President Claudia Sheinbaum emphasized this momentum by declaring, “It is women’s time.”
Following this statement, Article 4 of the Mexican Constitution was amended to guarantee equal pay and eliminate wage disparities, while also obligating the state to address structural barriers that limit women’s rights.
The financial sector has also taken important steps forward. Mexico stands out as one of the few countries that regularly conducts national financial inclusion surveys. Since 2016, financial institutions have also been required to submit sex-disaggregated data to the National Banking and Securities Commission (CNBV), helping regulators identify gender-related trends and gaps.
Although women in Mexico hold a slightly higher number of deposit accounts than men, deeper financial security remains uneven. For instance:
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Only 34% of women have retirement savings, compared with 51% of men
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Just 18% of women own insurance products, versus 28% of men
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Only 28% of women report owning a home
Mortgage lending patterns reveal similar disparities. Among commercial banks, 38% of mortgages are issued to women, but government-owned development banks allocate only 7% of their mortgage loans to female borrowers.
Interestingly, women consistently demonstrate strong repayment records, yet this performance has not always translated into equal credit access. In response, regulators reduced loan-loss provisions for loans issued to women in 2021. This adjustment led to modest improvements, including slightly larger loan amounts and lower interest rates.
Identifying Gaps in Financial Inclusion
To further address these challenges, Mexico’s Ministry of Finance launched the Committee for Gender Equality in Financial Institutions (CIIGEF) in 2022. This collaborative platform brings together government agencies and financial institutions to promote gender equality in finance.
The data produced through CIIGEF’s research revealed several important insights:
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Only 30% of institutions have a formal gender strategy with measurable indicators
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Just 14% offer financial products specifically designed for women
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Only 43% recognize that women may require financial services tailored to their specific needs
These findings highlight that while progress has been made, significant work remains.
Why Collective Action Matters
Many financial institutions attempt to address inclusion challenges by launching specialized products, such as women-focused loans or savings accounts. However, these initiatives often fail to scale because they treat gender inclusion as a product design issue rather than a systemic institutional challenge.
To address this gap, CIIGEF requested that CGAP and the World Bank Group develop ten guidelines aimed at helping financial institutions integrate gender perspectives throughout their organizations.
These guidelines encourage institutions to go beyond product development by addressing factors such as:
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Organizational culture
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Data collection and analysis
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Staffing practices
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Governance structures
They recognize women as a distinct and underserved customer segment with significant economic potential.
However, experience from around the world shows that guidelines alone are rarely enough to drive real change. Implementation requires resources, commitment, and consistent monitoring.
Lessons from Global Approaches
Several countries have already experimented with different strategies to promote gender equality within financial systems.
For example, in Ecuador, community-based financial institutions are required to adopt gender strategies with measurable goals and publicly disclose indicators such as loan distribution and internal promotions by gender.
Meanwhile, in Zambia, financial regulators train banks and digital financial service providers on the International Labour Organization’s FAMOS tool, incorporating gender-focused assessments into their regular supervisory processes.
Mexico has chosen a different approach—one centered on gradual progress and collaborative learning. This strategy led to the creation of the Community of Practice.
The Community of Practice: Learning Together
The Community of Practice provides a collaborative environment where financial institutions can exchange ideas, discuss challenges, and develop practical solutions.
By working together, institutions can build momentum that would be difficult to achieve individually while also creating a sense of shared accountability.
According to Judith Nieto, Senior Manager of Industry Relations at Clip and a CoP participant, addressing gender inequality in finance requires a clear strategy and intentional effort.
She explains that her goal is not only to improve the workplace environment within her own organization but also to help create a roadmap that allows other financial institutions to accelerate their progress toward equality.
Priority Areas for Reform
All thirteen participating institutions have already completed a self-assessment to evaluate their current policies and identify improvement areas.
From this process, five priorities emerged as particularly urgent:
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Establishing a comprehensive gender policy
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Conducting deeper analysis of women’s financial needs
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Implementing gender policies across institutional practices
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Designing or adapting financial products for women
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Training staff to apply gender-sensitive approaches
Over the next 18 months, the Community of Practice will address these areas through expert workshops, case studies, and collaborative design sessions aimed at developing practical solutions that institutions can implement directly.
The knowledge gained through this process may also serve as a model for other countries across Latin America and beyond.
Building Lasting Change
Perla Martínez, Senior Chief of Culture at Caja Popular Mexicana and another member of the CoP, emphasizes that women’s financial inclusion requires deliberate and coordinated action.
She notes that participation in the Community of Practice strengthens her institution’s commitment to building a workplace where equity becomes a daily practice rather than simply a statement of intent.
True institutional reform may not generate headlines as quickly as launching a new financial product. However, it is this behind-the-scenes work that ensures long-term progress.
With the leadership of Mexico’s Ministry of Finance and the commitment of the thirteen participating institutions, the country’s financial sector is taking meaningful steps toward a more inclusive future. Their efforts are especially worth recognizing on International Women’s Day.
Looking Beyond Mexico
The lessons from Mexico’s initiative could influence broader global efforts to promote women’s financial inclusion.
Organizations like CGAP are already supporting similar national coalitions in countries such as Morocco and India, where each nation is developing its own strategies to address structural barriers and expand women’s participation in the financial sector.
These collaborative approaches demonstrate that achieving gender equality in finance requires not only policy changes but also collective commitment and sustained institutional transformation.
