Despite high cost, banking is above average in Dominican Republic
According to Global Findex, the database on bank accounts around the world, 55% of Dominicans older than 15 years old already has a bank account. This is above the Latin American average of 54% and that in 13 Latin American countries, including all in Central America with the exception of Costa Rica.
Alejandro Fernandez, of Argentarium, says the formal market demands, better banking regulations and the new banking subagents located in pharmacies and corner grocery shops explain the boom in numbers of people with bank accounts.
He said as the income level increases, more Dominicans will open bank accounts. Nevertheless he said across the board Dominicans complain about the high cost of banking services, but only 38% of those who do not have a bank account said it was why they haven’t opened an account.
The study also revealed that 19% of Dominicans kept savings in a financial institution, but the same percentage kept their savings with a traditional “san” or with a relative.
Global Findex is compiled by the World Bank. The database is the world’s most comprehensive data set on how adults save, borrow, make payments, and manage risk. Launched with funding from the Bill & Melinda Gates Foundation, the database has been published every three years since 2011. The data are collected in partnership with Gallup, Inc., through nationally representative surveys of more than 150,000 adults in over 140 economies.
Source: DR1, DiarioLibre
July 11, 2018
Category: DR News |