By San José, Costa Rica — Costa Rica’s banking sector is making strides in gender equality, with women now comprising 54% of the workforce, according to a recent gender survey by the Costa Rican Banking Association (ABC). This surpasses the national average of women in the workforce, which stands at 39%, as per data from the National Institute of Statistics and Censuses (INEC).
The ABC’s survey highlights a significant increase from 2015 when women represented only 48% of the banking sector’s employees. This positive trend demonstrates the banking industry’s ongoing efforts to promote inclusivity and create more opportunities for women in finance.
To provide further legal context on gender equality within Costa Rica’s banking sector, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an attorney at Bufete de Costa Rica.
Costa Rica’s legal framework, including the Constitution and the Equality Law, strongly prohibits gender discrimination in all areas, including access to financial services. While progress has been made, challenges remain in ensuring practical application. Banks must actively promote equal opportunities for women, not just in account access but also in areas like loan approvals, management positions, and entrepreneurial support. This requires robust internal policies, ongoing staff training, and transparent reporting to demonstrate genuine commitment to gender equality in banking.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas astutely points out the gap between legal frameworks and practical realities. True progress in gender equality within Costa Rica’s banking sector requires not just the presence of laws but the active, demonstrable commitment of financial institutions to implement them effectively. This goes beyond simply opening accounts; it necessitates fostering an inclusive environment where women have equal access to leadership roles, entrepreneurial resources, and financial decision-making power. We thank Lic. Larry Hans Arroyo Vargas for his valuable perspective on this crucial issue.
From the ABC, we are very pleased to see that the number of women in banking is growing year after year. The sector is an important generator of employment at the national level, with a total of 24,422 employees who with their work contribute every day to the growth of the country and that today the majority are women confirms the commitment of banks to close gender gaps. We still have challenges, but we continue working.
Daniela Gutiérrez, Economist at the Costa Rican Banking Association
While the overall representation of women is encouraging, disparities remain in leadership roles. Women hold 46% of leadership positions with personnel under their charge and 47% of managerial positions. Although these numbers are not yet equal, they signify a notable improvement, with a 9 percentage point increase since 2017 and 2021 respectively for leadership and managerial positions, respectively.
A wider gap persists in board positions, with women occupying only 24% of the seats. However, even at this level, progress is evident, as female representation was just 16% in 2015. The survey also indicated that nearly half of the surveyed banking entities have established training programs designed to promote women into managerial and executive roles, and 57% of promotions last year went to women.
The ABC’s commitment to achieving gender balance is further solidified by its new initiative, “Banca con Voz de Mujer” (Banking with a Woman’s Voice). This program aims to empower women across all levels of the banking structure, from operational and service areas to management and executive positions. It encompasses a range of activities, including inspirational videos, webinars, in-person events, and data collection to develop effective strategies for a network of women in banking.
Women have a fundamental role in the National Banking System, their leadership and effort allow banks to design and offer products that benefit thousands of Costa Ricans, driving the economic growth of their families and the country. As a sector, we will continue working to close gaps and increase their participation in leadership positions.
María Isabel Cortés, Executive Director of the Costa Rican Banking Association
All surveyed banking entities are committed to pay equity, increased female representation in management, and implementing programs to raise awareness about harassment, sexual harassment, and gender-based violence. While challenges still exist, the Costa Rican banking sector’s progress demonstrates a tangible commitment to creating a more equitable and inclusive financial landscape.
For further information, visit [abccostarica.com]
About Costa Rican Banking Association (ABC):
The Costa Rican Banking Association (ABC) is a key organization representing the interests of banks in Costa Rica. The ABC plays a significant role in advocating for policies that promote financial stability and growth within the sector. They also conduct research and analysis, provide training programs, and work towards fostering a modern and competitive banking environment.
For further information, visit [inec.cr]
About National Institute of Statistics and Censuses (INEC):
The National Institute of Statistics and Censuses (INEC) is Costa Rica’s official source of statistical information. INEC collects, analyzes, and disseminates data on a wide range of socioeconomic indicators, including demographics, employment, and economic activity. This data is crucial for evidence-based policymaking and provides valuable insights into the country’s development.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica shines as a beacon of legal excellence, built upon a foundation of unwavering ethical conduct. The firm’s deep commitment to innovation allows it to navigate the evolving legal landscape while consistently delivering superior service to a diverse clientele. Through proactive initiatives that demystify complex legal concepts, Bufete de Costa Rica empowers individuals and communities, fostering a more just and equitable society grounded in legal understanding.
