Member Spotlight: Joanna Romero

FinEquity: Tell us a little bit about yourself and the work you do? What does your work involve? 

Joanna Romero: My name is Joanna Romero. I am the Lead Gender Finance Expert at the Women's Finance Exchange (gWFX), the Asian Development Bank’s (ADB) Private Sector Operations Department’s initiative that aims to expand access to finance, especially green finance, among women entrepreneurs in Asia and the Pacific. gWFX supports financial institutions with technical assistance, capacity building and sourcing technology solutions to enable them to better serve their women entrepreneur clients.

FinEquity: What's something about yourself that might surprise most people? A fun fact? Your superpower?

Joanna Romero: When I am not advocating for women entrepreneurs’ access to finance, I can be found tinkering with my backyard. I’ve recently joined a small but growing native gardening movement which aims to recreate the natural habitat that supports local wildlife in urban and suburban gardens and parks. Native gardens are low maintenance and have several positive environmental benefits including water conservation, increased biodiversity and ecological balance.

FinEquity: What originally drew you to the women’s financial inclusion and economic empowerment sector? What has kept you here?

Joanna Romero: My journey into women’s financial inclusion began by chance. I started working in SME finance in 2011 at the IFC, focusing broadly on improving financial institutions’ outreach to small and medium enterprises. Around 2014, I began dabbling in women-specific SME finance initiatives, though I was initially sceptical about the need for targeted programs for women. My first exposure was on a project in Mongolia, where I observed the unique challenges women face in accessing finance. Over time, I became convinced of the undeniable need for tailored financial solutions, especially after seeing the data and the impact such programs could have.

My deeper involvement came when I moved to Viet Nam in 2015 to lead advisory projects focused on women’s SME finance. That was when I fully embraced the field, driven by the realization that financial inclusion for women isn’t just about doing the right thing—it also makes strong business sense for financial institutions. I realised that presenting the business case for targeting women—not just framing it as a moral imperative—was key to gaining financial institutions’ buy-in. I continue to champion the integration of women’s financial inclusion into core business strategies, emphasizing that a strong business case ensures sustainability beyond corporate social responsibility initiatives. This combination of social impact and economic rationale has kept me passionate and committed to working in this space ever since.

FinEquity: Any current projects you’re working on/or recently worked on that you find particularly exciting/engaging?

Joanna Romero: At gWFX, we have been focusing on leveraging FinTechs to address critical challenges in women's financial inclusion. One initiative I would particularly like to highlight was our pilot project in Papua New Guinea, where we partnered with a financial institution in using alternative data to assess creditworthiness for female borrowers. Through a technology innovation challenge, we worked with a FinTech to pilot a Bookkeeping App, which could generate data to supplement existing creditworthiness assessments of MSMEs, especially women-owned businesses. The App helped women track their cash flows and also created a new data source for the financial institution to use in its credit assessment process. By leveraging transaction data to evaluate payment behaviours, this approach helped to address some of the barriers that women often face, such as a lack of traditional collateral or credit history. In parallel, we provided financial and digital literacy training to pilot participants.

The pilot has been impactful, resulting in 31 successful loan disbursements out of the 50 pilot participants and repayment rates meeting targeted goals. The financial institution partner is working to commercialize the technology solution. We have since replicated the technology innovation challenge approach in Thailand, Nepal, and Pakistan which are now at various stages of implementation. ADB has documented this initiative in a case study and we are exploring further opportunities to replicate and scale this approach regionally. 

In one of ADB’s recent publications, we highlighted innovative approaches FinTechs are using to bridge gaps, such as leveraging alternative data to assess creditworthiness and designing products tailored to women entrepreneurs. We also recently conducted a gWFX Knowledge Series for member financial institutions on integrating gender and green finance into their operations. 

FinEquity: What have been some of the most impactful findings you’ve come across in your career? 

Joanna Romero: One of the most impactful findings has been the potential of data to address gaps in women entrepreneurs’ access to finance. First, in establishing the business case for financial institutions in tailoring approaches to women entrepreneurs because it is in fact a profitable segment. Second, in using alternative data to assess women’s creditworthiness and help overcome barriers like the lack of credit history or collateral, which disproportionately affect women. Another key insight is the importance of meeting women where they are by making financial services affordable, accessible, relevant and secure. Lastly, integrating non-financial services, such as financial literacy and business management training, alongside financial products, can significantly enhance women’s ability to grow their businesses and engage with formal financial systems.

FinEquity: What are your top priorities for the remainder of 2024 (and beyond) for your work?

Joanna Romero: Our priorities will continue to be supporting ADB’s financial institution clients in expanding their outreach to women entrepreneurs with technical assistance, capacity building and sourcing technology solutions. Given the importance of data in women entrepreneurs’ access to finance, a related priority for gWFX is supporting the implementation of the Women Entrepreneurs Finance Code pilots in Fiji, Indonesia and Sri Lanka. 

FinEquity: What can our members connect with you about/what can they ask you about?

Joanna Romero: FinEquity members can connect with gWFX about advancing women entrepreneurs' access to finance in Asia and the Pacific, particularly around leveraging data and technology solutions. gWFX is also happy to collaborate on green finance that benefit women entrepreneurs.

FinEquity: What role does FinEquity play in your work? Where do you see value in this community? How has being a member shaped your work?

Joanna Romero: FinEquity serves as a critical channel for amplifying the work we do at gWFX, particularly in knowledge sharing and connecting with a broader audience. The community provides an invaluable platform for exchanging insights, amplifying ADB’s work through its networks, and creating synergies with like-minded individuals. By engaging with FinEquity, gWFX can share experiences and learn from others and ensuring that impactful case studies and best practices are widely accessible to support women’s financial inclusion.