IFC Backs World’s First Digital Gender Bond to Boost Women’s Finance in Türkiye

A Digitally Native Note (DNN) is a financial security that is issued, recorded, and settled entirely on a digital platform using distributed ledger technology (DLT).

The International Finance Corporation (IFC) has invested in Akbank T.A.Ş.’s inaugural Digitally Native Note (DNN)—the world’s first digitally issued gender bond, marking a transformative leap in both financial technology and gender-focused financing. This groundbreaking transaction underscores global momentum toward digital capital markets while directly expanding economic opportunities for women in Türkiye.

What Makes the Digitally Native Note Historic?

A Digitally Native Note (DNN) is a financial security that is issued, recorded, and settled entirely on a digital platform using distributed ledger technology (DLT). Unlike traditional bonds, which require multiple intermediaries and days to settle, Akbank’s DNN achieved T+0 settlement, meaning:

• The bond was issued and settled on the same day.

• Settlement risk was drastically reduced.

• Transaction speed and efficiency were significantly improved.

Issued through Euroclear’s Digital Financial Market Infrastructure (D-FMI)—with Citi serving as dealer and issuing and paying agent—the bond demonstrates the real-world viability of blockchain-based financial markets.

Advancing Women’s Economic Empowerment

In Türkiye, access to finance remains a major barrier for women entrepreneurs. According to the World Bank Enterprise Survey, 63% of women-led firms identify financing constraints as a key obstacle to growth.

Akbank’s digital gender bond aims to directly address this gap. Proceeds will be dedicated to:

• Expanding financing for women-owned small and medium enterprises (WSMEs)

• Increasing women’s access to mortgage loans

• Supporting job creation driven by women-led businesses

By unlocking new capital for WSMEs, the initiative is expected to boost entrepreneurship, fuel local economies, and strengthen women’s participation in the formal financial system.

Leadership Voices on Innovation and Impact

Şebnem Muratoğlu, Executive Vice President of Treasury and FI at Akbank, highlighted the dual significance of the achievement: “This transaction is both a technological breakthrough and a financing model with social impact at its core. By directing proceeds to women-owned SMEs and mortgages for women, we are advancing gender equality and economic empowerment.” She noted that IFC’s investment validates Akbank’s strategy to merge financial innovation with social progress.

Momina Aijazuddin, IFC Regional Industry Head for the Middle East and Central Asia, emphasized the broader implications: “By leveraging digital technology for thematic financing, we are setting new standards for innovation. Expanding access to finance for women-owned businesses is transformative for entrepreneurs and supports sustainable economic growth.”

A World Bank Group Vision for Digital Capital Markets

The initiative builds on the growing expertise of the World Bank Group in digital bonds and emerging financial technologies. Both IFC and the World Bank Treasury have played key roles in:

• Piloting blockchain-based bond issuances

• Developing global standards for digital capital markets

• Supporting innovations that expand market access for underserved groups

The Akbank DNN represents an important step toward mainstreaming digital securities as tools for social and economic development.

A Blueprint for Future Gender-Lens Investing

By combining cutting-edge digital settlement technology with targeted gender financing, the IFC–Akbank partnership sets a precedent for the next generation of sustainable finance instruments. It signals a future where capital markets can become more inclusive, efficient and impactful—supporting women entrepreneurs not only in Türkiye but potentially worldwide as similar models emerge.