Banco Panama, first bank in Panama to receive the UNDP Gender Equality Seal, sets the grounds for women’s financial inclusion

Public banking is critical to accelerate gender equality by extending financial services to women in rural and historically excluded communities. 

Across Latin America, women continue to face barriers in accessing banking services, credit and savings products, and financial education. Only 66 per cent of women have a bank account, compared to 74 per cent of men, a gap that widens in rural areas and among lower-income populations. These inequalities limit women’s ability to start businesses, invest, and strengthen their economic autonomy. 

Women’s financial inclusion is essential to achieving gender equality and sustainable development. In this context, public banking plays a critical role. With the ability to reach remote territories and design services tailored to different needs, public financial institutions are uniquely positioned to reduce gender gaps and expand economic opportunities for women. 

Panama is among the countries in Latin America with a relatively high proportion of women at advanced levels of financial inclusion, reaching 38 per cent, behind Chile and Argentina (Credicorp Bank 2024). Despite this progress, still 49 per cent of women do not have access to any credit products, compared to 35 per cent of men, continuing to limit women’s full participation in the financial system. 

A Key Milestone: The UNDP Gender Equality Seal 

Promoting women’s full participation in the financial system is not only a matter of justice and equity. Evidence shows that when women have equal access to financial opportunities, productivity increases, local economies grow stronger, and societies become more resilient and prosperous.  

The recognition of the Gender Equality Seal for Public Institutions at the bronze level awarded to Banco Nacional de Panamá (Banconal) in October 2025 represents a significant milestone for the public financial sector in the region. This achievement highlights institutional progress in integrating gender equality into policies, governance structures, and internal practices. 

The Strategic Role of Public Banking 

Public banks play a strategic role in expanding financial access to populations historically excluded from the system, particularly in rural and hard-to-reach areas. They are also well positioned to offer products and services adapted to diverse realities. In this sense, the Gender Equality Seal has become a key tool to promote inclusive solutions, strengthen financial education, and facilitate access to credit and savings. 

By adopting gender-responsive governance frameworks, public financial institutions become essential allies in closing gender gaps and advancing more equitable and sustainable development. Banco Nacional de Panamá is a central actor in this effort at the national level. 

Transformative Actions by Banco Nacional de Panamá 

Through the implementation of the Gender Equality Seal, Banco Nacional de Panamá has introduced transformative actions both internally and in the delivery of financial products and services. Internally, the institution has adopted a Gender Equality Policy and Strategic Plan, along with gender-responsive budgeting and planning tools that guide decision-making. Measures to promote work–life balance further support an inclusive institutional culture. 

The bank has also strengthened mechanisms to prevent and address gender-based violence, workplace harassment, sexual harassment, and all forms of discrimination, while investing in staff awareness and capacity-building on gender-sensitive practices. These internal measures have laid the foundation for a business strategy that responds more effectively to the needs of its clients. 

A concrete example of this approach is the Agro Mujer product, which finances women-led projects in the agribusiness sector. By supporting women entrepreneurs, the initiative promotes financial inclusion and strengthens women’s effective participation in Panama’s national economy. 

Banco Nacional de Panamá’s commitment to gender equality demonstrates how public financial institutions can drive meaningful change. By addressing institutional barriers and expanding gender-responsive financial services, the bank is contributing to more inclusive, sustainable, and equitable development.