According to studies by the Inter-American Development Bank (IDB), in several Latin American countries women have a lower default rate than men in loans granted by formal financial institutions. Likewise, RapiCredit, an online credit company in Colombia, decreased that in 2022 women showed better payment behavior, with a delinquency rate 13% lower than that of men.
(Health services, the sector with the most female presence).
Although to access a loan at RapiCredit, both men and women must meet the same requirements, it is evident that when paying, women are more committed. Currently the company’s portfolio rate, i.e. the percentage of people who have not met their payment obligations is 6.5%, of which 58% are men and the remaining 42% are women.
Despite this panorama, gender inequality continues to be evident in aspects such as financial inclusion, since there is still a gender gap in access to financial services. Women today are still less likely than men to have a bank account, a credit card or access to traditional banking. According to the 2019 report of the National Survey of Financial Inclusion (ENIF), 79% of adult men in Colombia have at least one bank account, while only 69% of women have one.
(51% of women who work in companies are under 23 years old).
This responds to factors such as: cultural and social barriers, lack of financial education, lack of ownership of assets and gender discrimination in the labor market and in access to credit. However, and according to research by RapiCredit, this situation is also due to the fact that the level of trust on the part of women with banks is low, for the same reason, and they are less likely than men to use credit cards, loans and other financial services.
There are currently financial organizations that are working to reduce this gap. According to company figures, 44% of the loans are requested by women between the ages of 26 and 35 and they are also the ones who have the best behavior when it comes to catching up on their financial obligations.
(Economic violence, the other problem of women).
“RapiCredit was born precisely for these reasons. We identified unresolved needs in families of strata 1, 2, and 3, mainly in households headed by single mothers and heads of household, who saw credit as an opportunity for investment, growth, and relief. We wanted to get there and we did. Today we see that it is women who have the best payment behaviour”, said Daniel Materón, CEO of RapiCredit.
Regarding the destination of the credit, according to company figures, women allocate their credits in the first place to contingencies for their children, such as clothes and school supplies (15%). Secondly, these resources go to the payment of public services (12%). In the third step is the payment of other loans (10%), and finally, for health, market or own business issues (8%).