Garanti BBVA's Selin Oz: Empowering Womenpreneurs for Economic Growth

• Selin Öz of Garanti BBVA talks of the need to support woman entrepreneurs, which is important for the growth of the economy
• It has become a world-class model that generates impact and business value

Selin Öz, the Manager for Entrepreneurship Banking at Garanti BBVA, explains the importance of supporting women entrepreneurs, which, in the view of the company, represents not only a question of corporate social responsibility but a source of valuable contributions to the overall economic growth of the world.

What started 20 years ago in the Turkish market as a project addressing the underserved in the Turkish market has turned into a worldwide best practice model.

Even though Turkey’s economy is among the top 20 in the world, women, who account for 49.8 percent of the total population, are not adequately utilized in the country’s workforce. The labor participation rate of women in Turkey is only 34.3 percent, compared with the OECD average of 63 percent.

Realizing the gap that existed in the market, Garanti BBVA began the journey with the vision of becoming the bank of choice for women entrepreneurs in the year 2005.

This is as the bank's efforts extend beyond giving women access to finance to redefining the role of banking in helping women achieve success in business through their contributions.

Garanti BBVA created a distinct definition for female entrepreneurs, who included business entities with over 50 percent of shares owned by women, as well as self-employed professionals and entrepreneurs.

By creating such a distinct category, Garanti BBVA was able to monitor their performance as they would any other business unit.

This has been paramount in the development of a support model that is suited to the distinct requirements that women entrepreneurs have at every stage of their journey.

The support of women start-ups by Garanti BBVA stands out in the Türkei as a model that has been recognized by the IFC, EBRD, and the United Nations.

More importantly, this movement started and grew within the company and not imposed on the company from the outside. Relationship managers in the company urge women to participate in the competition, while women serve as mentors in the process.

Currently, the world is facing issues relating to climate change, equality, or technological change, making inclusive finance based on gender values not only an ethical requirement but also a mechanism of resilience.

The women entrepreneurs’ initiative initiated by Garanti BBVA enhances the Sustainable Finance structure of the bank, where social inclusion and economic empowerment represent fundamental elements of the added value of the bank itself.

According to a statement made by Selin, "It is no longer the right thing to do, but the smart thing to do. By making it their goal to empower women around the world, businesses can help bring about an economic revolution."