Montenegro’s experience underscores how early and proactive stakeholder engagement can serve as a foundation for broad-based support and successful Code implementation.
From the outset, Montenegro’s proactive and inclusive approach to stakeholder engagement has been a cornerstone of its success. With support from the EBRD and its implementing consultant, the Central Bank of Montenegro engaged early with financial institutions, policymakers, and industry associations to align priorities and establish clear expectations. An introductory workshop convened the entire financial sector to present the goals of the WE Finance Code, outline the implementation roadmap, and explore the business case for expanding access to finance for women entrepreneurs. This early collaboration fostered open dialogue and generated strong enthusiasm for participation in the Code. Importantly, the discussions also underscored the absence of national-level sex-disaggregated data, reinforcing the need for collective action to close existing data gaps.
From the beginning, CBCG, EBRD, and the consulting team set clear expectations about the roles of stakeholders within the Code National Coalition and the benefits of becoming WE Finance Code signatories. As CBCG noted, it was essential for financial service providers to “truly understand their role in the Code and how to act.” These engagements and dialog allowed every stakeholder to see their place in the process.
