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ConsumerCentriX (CCX) had the privilege of co-organizing a two-day workshop in partnership with the European Bank for Reconstruction and Development (EBRD) and the National Bank of Georgia (NBG). The workshop focused on advancing financial inclusion for women-led enterprises in Georgia, an important step towards improving access to finance for Women-Owned Small and Medium Enterprises (WSMEs).

Day 1: Leveraging Data for Advancing Finance to Women Entrepreneurs

The first day began with a comprehensive analysis of Georgia’s WSME Finance Landscape. High-level representatives from the private sector and key ecosystem stakeholders attended the session, which opened with welcoming remarks by Ms. Natia Turnava, Acting Governor of NBG, and Mr. Alkis Vryenios Drakinos, Regional Head of Caucasus at EBRD.

Anna Gincherman from CCX set the stage by providing an insightful overview of international developments in gender-disaggregated data. She highlighted the business case for collecting and analyzing this data, revealing that while women-owned enterprises constitute around 32% of all SMEs in Georgia, they account for only 7.5% of formal credit access. This gap underscores the importance of developing targeted financial solutions for women entrepreneurs.

David Taylor of CCX followed by introducing the WSME Dashboard (https://www.wefinancegeorgia.ge/), an analytical and data visualization tool designed to provide insights into the financial landscape for WSMEs. The Dashboard sparked lively discussions among participants, who explored its potential applications for their own institutions.

Later in the day, Ms. Aurica Balmus, Principal of Gender and Economic Inclusion at EBRD, gave an in-depth presentation on the WE Finance Code and its potential impact on Georgia’s financial sector, particularly in improving access to finance for women-led businesses.

The session concluded with a presentation by Mr. David Utiashvili, Head of the Financial Stability Department at NBG. Mr. Utiashvili shared the regulator’s vision for the future of the WSME Dashboard, calling for collaboration between financial service providers (FSPs) and other stakeholders to enhance its capabilities. His remarks emphasized the need for collective efforts to ensure that the Dashboard becomes a valuable tool for increasing financial inclusion for WSMEs in Georgia.

Day 2: WE Finance Code – Data-Driven Strategies for Financing Women-Led Enterprises

The second day took a more interactive approach, with participants from financial institutions, including data, product, and ESG managers, as well as representatives from the Georgian Bankers Association. The discussion centered on their experiences working with the WSME segment and sex-disaggregated data.

Istvan Szepesy and Anna Gincherman from CCX led the morning session, focusing on strategies for capturing and managing gender data. They encouraged participants to critically assess their current data collection and analysis methods and offered practical recommendations for improvement.

David Taylor returned to share emerging insights from the WSME Dashboard, illustrating how the tool can inform data-driven decisions for financial service providers. Participants actively engaged in discussions on how the Dashboard can be further integrated into their day-to-day operations.

The workshop concluded with a presentation by Ms. Dana Kupova, Head of Inclusive Finance at EBRD, who outlined how EBRD could support banks in Georgia as they work to better serve women-led enterprises. Her remarks highlighted the growing opportunities for financial institutions to create tailored products and services that address the unique needs of WSMEs.

Looking Ahead

The two-day workshop demonstrated the power of collaboration between public and private sector stakeholders in advancing financial inclusion for women-led businesses. It also underscored the importance of data-driven strategies in fostering sustainable growth and access to finance for WSMEs.

We extend our heartfelt thanks to all participants for their active involvement and to the National Bank of Georgia, especially Salome Tvalodze and David Utiashvili, for their ongoing support and collaboration in developing the WSME Dashboard and organizing this impactful event.

As part of the ongoing implementation of the WE Finance Code in Georgia, CCX, EBRD, and NBG remain committed to working together to enhance financial access for women-led MSMEs and support their continued growth and success.

Press Release: Workshop on WE Finance Code