ABA highlights progress in financial inclusion

The progress made by the country in financial inclusion , according to the latest data from the World Bank 's Global Findex 2025 , are a direct result of the efforts of monetary authorities and commercial banks to promote access to formal financial services , stated the Association of Commercial Banks of the Dominican Republic ( ABA ).

The ABA noted that, in the Dominican Republic, the latest data from the study show significant progress for the country. One of these is that, between 2011 (the year of its first publication) and 2025, the percentage of people with a savings account at a formal financial institution increased from 38% to 63%.

• It also reveals that the number of people who saved during the last 12 months increased from 16 to 27%, surpassing the Latin American average (24%). Similarly, the number of people who borrowed from a formal institution in the last year increased from 24 to 29%, surpassing the regional average (27%).

The ABA considered that these results demonstrate the banking sector 's sustained and strategic commitment to modernization , digitalization , and widespread citizen access to formal financial services .

"These advances would not have been possible without banks ' commitment to digitizing their services and transforming their business models, relying on technology to enable alternative service channels to traditional bank branches ," the ABA stated.

Among the advances, he highlighted internet banking , mobile applications, instant messaging services, and processes such as digital onboarding .

Encouraging formality

In order to promote formality and greater access to banking services , including for micro, small, and medium-sized enterprises , the association has encouraged the establishment of the Secured Transaction System for this sector; the We Finance Code , to disaggregate banking access data with a gender perspective; the Alternative Data Score , for the unbanked, among other initiatives.

The ABA explained that financial inclusion is defined as the degree of access that people and companies have to financial products and services , such as transactions , payments , savings , credit , insurance , among others.

"For this reason, the positive results observed in the Global Findex indicate that the national financial-banking system is on the right track and should be an incentive for financial intermediation entities, regulators and supervisors to continue paving the way for more and more households and businesses to access the formal system and undertake their consumption or investment projects" Association of Multiple Banks of the Dominican Republic "

TOPICS -