Romania has made impressive economic progress in recent years, yet structural challenges continue to constrain sustainable and inclusive growth. With GDP per capita still at just 78 percent of the EU average, one major factor holding back further progress is the untapped potential of half the population—women.
Representing 52 percent of Romania’s population, women’s participation in the labor market and entrepreneurial space lags significantly behind that of men. Only 42 percent are employed, and fewer than 5 percent are engaged in early-stage entrepreneurial activity, compared with nearly 7 percent of men. Lower financial and digital literacy further limits access to finance, leaving many women excluded from formal financial systems. This is not only a question of equity; it is a missed economic opportunity.
The Gender Finance Gap
A recent IFC study sheds light on the scale of Romania’s gender finance gap: unequal access to financial services and products such as savings, credit, insurance, and investment opportunities. Based on surveys and interviews with 800 women and 200 women-owned businesses, the research reveals deep-rooted structural and cultural barriers that limit women’s financial inclusion.
While 96 percent of women are bank account holders, far fewer use more advanced financial services. Fewer than one in four women save regularly, and the majority of those who do save, do so informally. Borrowing patterns tell a similar story: although 53 percent of women borrowed money in the past 12 months—comparable to the EU average—most surveyed women turned to informal sources such as family and friends. In the EU, only 12 percent of women borrow informally. The gap underscores both a lack of trust in formal financial systems and limited access to affordable credit.
Seventy percent of Romanian women say financial institutions do not adequately support their financial well-being. However, 41 percent of women express interest in receiving financial advice, indicating both a willingness to engage and a need for a better understanding of available financial products.
Women entrepreneurs—owners of micro, small, and medium enterprises—face similar hurdles. Although nearly all have business accounts, most avoid bank loans, preferring to rely on personal funds or retained earnings. Regulatory red tape, lack of tailored financial products, and limited access to business development support keep many from expanding their businesses.
A $27 Billion Opportunity
Closing the gender finance gap is not only a development imperative, it is smart economics. The IFC study estimates that improving financial access for women in Romania could unlock a $27 billion market: $16 billion in deposits and $11 billion in credit. For financial institutions, offering services that meet the specific needs of women consumers and entrepreneurs represents a significant growth opportunity.
Women prioritize financial security and seek simple, transparent, and affordable products along with tailored advice and support. Women-owned businesses, in particular, express strong demand for flexible credit, cash flow management tools, mentorship programs, and training opportunities.
Towards Gender-Inclusive Finance
Seizing this opportunity requires a shift in how financial institutions design and deliver their services. A one-size-fits-all model is no longer sufficient. Gender-responsive financial strategies, anchored in data, insights, and inclusive design, are essential to create more equitable financial systems.
This also means greater collaboration between banks, policymakers, development partners, and civil society to improve financial education, simplify access, and build trust. Targeted support for women-led smaller enterprises—through credit programs, grant schemes, and capacity building—can drive entrepreneurship and job creation across Romania’s urban and regional economies.
The Time to Act is Now
Inclusive finance is not just about women; it is about stronger families, resilient communities, and a more dynamic economy. As Romania seeks to align more closely with EU standards and global development goals, closing the gender finance gap is a clear pathway to inclusive growth.
By investing in women, financial institutions can not only do good—they can do well. Women are not a niche market—they are a powerful engine for Romania’s future economic success.
By Marcelo Castellanos, IFC’s Senior Country Manager for Southeastern Europe. IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets.