To celebrate Women’s World Banking’s 45th anniversary, we are showcasing the voices of individuals from around the world who have shaped and touched Women’s World Banking journey since its inception in 1979 to today!
These are stories from across Women’s World Banking’s reach from the women we serve and our customers, to allies and women in leadership who have contributed to women’s economic empowerment and financial inclusion.
Verónica Gavilanes Véjar’s journey in banking is a powerful testament to her belief in the transformative power of financial services. As the first-female CEO of BancoSol Bolivia, a leading financial institution in financial and digital inclusion, Verónica’s leadership is not only reshaping the bank but also setting a precedent for the entire financial sector. With over three decades of experience, her vision for a more inclusive financial world has been a driving force in the success of BancoSol.
Her journey into banking began at an early age. “From a young age, I understood that access to financial resources is essential for people to realize their projects and achieve their dreams,” she shares. Verónica’s drive for banking came from a deep understanding that lack of access to capital is a major barrier to progress, especially for women. Her career began when she was just 19, balancing university studies with her professional passion. By 25, she was already leading a business unit at a major bank. “Having started so young allowed me to build a solid career,” she reflects, underscoring how her early exposure shaped her values as a leader.
Verónica’s leadership of BancoSol is a defining moment, not only in her career but also for the institution itself. “Leading BancoSol is a deep honor for me,” she says. “The institution was founded with a purpose that mirrors my own: to contribute to a more sustainable world through inclusive finance.” Her vision for BancoSol is centered on creating a financial system that serves people, with a deep commitment to empowering women and promoting gender equity.
A Commitment to an Inclusive Workplace
Since taking the helm, Veronica has worked relentlessly to create a culture of gender equality within BancoSol. In 2022, she launched a strategic initiative focused on achieving measurable progress in gender equality. “We have a robust sustainability strategy that promotes gender equality at every level of the organization,” Verónica notes. This strategy includes ambitious goals tied to the UN’s Sustainable Development Goals ensuring that gender equality (SDG5) is prioritized across the institution’s operations.
Under her leadership, through the creation of the Avanza Mujer program, which covers both internal and external areas, the organization continues to promote a culture of respect and equal opportunities for everyone within a diverse and inclusive work environment.
Verónica emphasizes that gender equality is not just about metrics—it is about embedding intentionality into every aspect of the organization. “Gender equality is not the responsibility of any single department; it’s a collective commitment,” she asserts. “Because when a woman advances, we all advance.” This mindset is woven throughout BancoSol’s culture, with gender equality mainstreamed in everything from hiring processes to leadership development.
Verónica’s strategic approach to gender inclusion isn’t just about policy. It’s about a cultural shift within the bank. “At BancoSol, gender intentionality must be experienced as a cross-cutting value in organizational culture,” she explains. “Real change occurs when the gender perspective is actively and consistently integrated at all levels.” This commitment extends to employee training, vendor selection, and leadership development programs—ensuring that BancoSol is not just meeting quotas but genuinely fostering an inclusive environment.
The Power of Avanza Mujer
The Avanza Mujer program is a gender-smart banking model designed to promote the growth of women-led businesses and close economic gaps in the financial system. This program demonstrates that focusing on gender can drive both social impact and financial returns. “By listening to our clients, understanding their barriers, and creating tailored solutions, we’ve developed a program that’s both transformative and financially sustainable,” Verónica shares proudly.
The program’s success lies in its holistic approach, blending gender-specific strategies with measurable business outcomes. Verónica highlights that aligning gender diversity goals with business performance has given BancoSol a competitive edge. “This integration has been both challenging and rewarding,” she reflects.
BancoSol’s program offers specialized financial products and also provides free value-added services, such as support in building business skills and capabilities to support women entrepreneurs in Bolivia. In June 2024, BancoSol became the first Bolivian bank to issue a gender-themed bond, raising approximately USD 30M in the local capital market with backing from BID Invest. By March 2025, the bond funded over 3,200 operations for women-led businesses across the country. Early results are promising: since the program’s launch, the gender gap in average loan sizes has narrowed by 0.9%, and women’s loan portfolios have grown 37% faster each month compared to men’s, particularly in the SME sector, which has historically been underserved for women.
A Valued Women’s World Banking Asset Management Portfolio Company
Verónica attributes much of BancoSol’s success to its partnership with Women’s World Banking Asset Management (WAM).This collaboration has helped BancoSol strengthen its model and consolidate its position as a leader in inclusive finance. “The support and strategic vision of our shareholders, especially WAM, have been crucial,” she affirms. “This partnership has allowed us to consolidate our business model, and today we’re recognized as a leader in the sector.”
Verónica emphasizes that it’s not just about financial support; it’s about shared values. The partnership with WAM has provided BancoSol with a broader vision and a sense of solidarity in its mission to empower women. “The commitment of our shareholders has been absolutely key,” she says. “Their support has been a lever for our sustainability and competitiveness.”
Empowering Women Entrepreneurs
Beyond internal policies, BancoSol is working to create a profound impact in the Bolivian community by empowering women entrepreneurs. Verónica shares a powerful story of one such woman, Soledad García, an entrepreneur from Potosí who exemplifies the resilience of women in the country. “My job is to work and support my family,” Soledad says, a sentiment that Veronica believes captures the essence of BancoSol’s mission: “In each of them, BancoSol finds inspiration to continue building a more inclusive financial system.”
BancoSol’s commitment to supporting women entrepreneurs through training programs, mentorship, and access to capital is central to its mission. “We firmly believe that serving women entrepreneurs is a commitment to the country’s development,” Verónica says. “Women boost the well-being of their families, energize their communities, and contribute to sustainable and inclusive growth.” This commitment is driving both the economic and social development of Bolivia.
Looking Ahead: A Sustainable Future
As Verónica looks to the future, she remains committed to continuing BancoSol’s leadership in the realm of gender-smart finance. BancoSol has been a trailblazer in creating the first gender social bond in Bolivia, and this year, the bank is preparing to launch its second issue, further solidifying its position as a leader in sustainable finance. “We will continue to lead the way in making finance work for women,” Verónica affirms, her voice full of confidence and purpose.
Verónica’s leadership at BancoSol serves as an inspiring example of how intentional gender inclusion, when aligned with business strategy, can not only transform an organization but also drive broader societal change. With her at the helm, BancoSol is not just a bank—it is a force for social progress, a beacon for other financial institutions to follow, and a leader in empowering women both as customers and leaders.
Women’s World Banking is dedicated to economic empowerment through financial inclusion for the nearly one billion women in the world with no or limited access to formal financial services. Using our sophisticated market and consumer research, we turn insights into real action to design and advocate for policy engagement, digital financial solutions, workplace leadership programs, and gender lens investing.
As part of our current strategy, we’ve helped provide over 86 million women in emerging markets – targeting 100 million by 2027 – access and use of financial products and services that are transforming women’s lives, households, businesses and communities, and driving inclusive growth globally.
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