Madagascar stands out as a compelling example of how financial service providers can move swiftly from onboarding to the Code to committing to concrete action.
In Madagascar, 14 financial service providers have made formal commitments under the WE Finance Code, setting out concrete steps to improve access to finance for women-led enterprises. 6 institutions are taking targeted action to develop new financial and non-financial services – solutions designed to better meet the needs of women entrepreneurs and address gaps that have long limited their access to suitable financing tools. 10 FSPs plan to increase the volume of financing available to women-led businesses. This could involve mobilizing commercial or blended finance through instruments such as bonds, credit lines, or equity investments—initiatives that have the potential to shift capital flows and unlock growth for women entrepreneurs across the country.
To support these actions, many institutions are also focusing on building the internal foundation needed to scale this work. Another group of 10 FSPs have committed to strengthening their use of data and analytics to make the business case for serving women-led enterprises more effectively. By investing in market research, these institutions aim to guide decision-making and embed a deeper understanding of the opportunity within their organizations.
At the same time, 6 FSPs are working to formalize their approach by setting targets and developing strategies or policies to expand financing for women entrepreneurs. Others are contributing to the broader learning environment around the Code: 5 institutions will support knowledge-sharing by documenting case experiences, and another 5 have pledged financial or technical resources to help advance implementation and training efforts.
Together, these commitments will help expand the availability of tailored financial solutions, increase the flow of capital to women-led businesses, and create stronger institutional foundations for serving women entrepreneurs—contributing to a more inclusive and resilient economy in Madagascar.
