Thursday, December 1, 2022

Financial inclusion, a way out of poverty in the Dominican Republic

In a country like the Dominican Republic where 51% of the population lacks access to banking services, financial inclusion emerges as a tool to increase it, promote access to credit and reduce the financial gap.

This is what the vice president of Banco Popular’s Digital Banking Area, Isael Peña, referred to, stressing that placing the person at the center of the business means, for example, placing bank sub-agents in communities where levels of access to banking services are low.

“Businesses that operate under this modality (subagents), in many cases see an increase in the flow of people who visit their premises, influencing this in a potential increase in their sales,” said the executive.

In addition, he argued that this action also reduces the levels of informality in the local economy. However, he affirmed that the country must work on financial education that will favor trade, banking and Dominican society.

“Businesses will increase their sales and transactions, while banks will offer alternative financing for those people who enter banking,” he said.

The executive noted that the plan is to make life easier for the client so that they can meet their needs from a technological device with Internet access.

He stressed that the diversification of services to carry out digital transactions encourages a client to streamline banking processes through technology.

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